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Old 01-27-2012, 08:40 AM
 
Location: Austin
30,837 posts, read 18,724,731 times
Reputation: 8924

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Here is another reason whey Crony Capitalism does not work. We do not need our government deciding which companies should fail and which ones should be subsidized. We should stop ALL government subsidies and let the market select winners and losers. Oh, and what a stupid statement "yesterday's energy"?????? I'm quite sure oil and gas will be around much longer than our president.

(CNSNews.com) - Ener1--a company that manufactures batteries for electric cars, and that received $118.5 million in federal stimulus money, and that Vice President Joe Biden visited last year the day after President Obama’s State of the Union Address—announced today that it has filed for Chapter 11 bankruptcy protection.

In last year’s State of the Union Address, delivered Jan. 25, 2011, President Obama set a national goal of having a million electric vehicles on the road in the United States by 2015—a goal that would be achieved, Obama said, by taking money out of the oil industry and “investing” it in new technology.

“With more research and incentives, we can break our dependence on oil with biofuels and become the first country to have a million electric vehicles on the road by 2015,” said Obama.

“We need to get behind this innovation,” he said. “And to help pay for it, I'm asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies. I don't know if you've noticed, but they're doing just fine on their own. So instead of subsidizing yesterday's energy, let's invest in tomorrow's.”


Electric-Car Firm That Received Biden Visit and $118M in Stimulus Funds Files for Bankruptcy | CNSnews.com
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Old 01-27-2012, 08:42 AM
 
Location: Great State of Texas
86,067 posts, read 78,628,887 times
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They won't stop until we're back to riding horses for transportation and then they'll try to take over the hay market.
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Old 01-27-2012, 08:50 AM
 
37,836 posts, read 20,279,592 times
Reputation: 17531
Quote:
Originally Posted by Roadking2003 View Post
Here is another reason whey Crony Capitalism does not work. We do not need our government deciding which companies should fail and which ones should be subsidized. We should stop ALL government subsidies and let the market select winners and losers. Oh, and what a stupid statement "yesterday's energy"?????? I'm quite sure oil and gas will be around much longer than our president.
We may need to change the argument here.

The market still decides who succeeds and fails. The government throws money at the green companies and they are still failing. The government throws money at oil companies and they succeed.

So what is really going on here?
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Old 01-27-2012, 08:55 AM
 
37,836 posts, read 20,279,592 times
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Concerning subsidies...

I am for subsidies if someone has a product deemed important enough to advance the country - on a one time basis.

If it is truly beneficial, the company will be able to stand on its own because people will purchase the product.
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Old 01-27-2012, 09:54 AM
 
Location: OCEAN BREEZES AND VIEWS SAN CLEMENTE
19,894 posts, read 17,206,138 times
Reputation: 6460
Quote:
Originally Posted by DRob4JC View Post
We may need to change the argument here.

The market still decides who succeeds and fails. The government throws money at the green companies and they are still failing. The government throws money at oil companies and they succeed.

So what is really going on here?
Fair enough arguement here. Right about the market also. The government throws money away left and right.
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Old 01-27-2012, 10:07 AM
 
Location: USA
25,186 posts, read 17,737,551 times
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Yep, The benefit to this country and our jobs should be the #1 priority when choosing where money comes from. Thats the way the Japenese, Chinese and Germans do it and we hold those countries up as models of Industry!
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Old 01-27-2012, 10:10 AM
 
Location: Great State of Texas
86,067 posts, read 78,628,887 times
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Wait..only the Repubs practice crony capitalism. We have a Dem administration so you have to be wrong about that. Dems don't practice crony capitalism or do they now ????
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Old 01-27-2012, 01:28 PM
 
Location: Austin
30,837 posts, read 18,724,731 times
Reputation: 8924
Quote:
Originally Posted by DRob4JC View Post
We may need to change the argument here.

The market still decides who succeeds and fails. The government throws money at the green companies and they are still failing. The government throws money at oil companies and they succeed.

So what is really going on here?

No, the market does not decide when government intervenes. Obama decided that GM should not fail, but thousands of other businesses fail every year and he thinks that is OK.

Any time you have government subsidies for selected companies, you have government deciding who will have a huge edge over the competition.
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Old 01-27-2012, 01:41 PM
 
Location: Texas
14,076 posts, read 19,092,107 times
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Quote:
Originally Posted by Roadking2003 View Post
No, the market does not decide when government intervenes. Obama decided that GM should not fail, but thousands of other businesses fail every year and he thinks that is OK.

Any time you have government subsidies for selected companies, you have government deciding who will have a huge edge over the competition.

Were you as outraged when Gerald Ford bailed out New York City? Or, when Ronald Reagan bailed out the Continental National Bank? Or, when Bush senior bailed out the savings and loan industry? Or, when Bush Jr. bailed out the airline industry, Bear Stearns, AIG, Fannie Mae/Freddie Mac, Citigroup and TARP which...get ready for it....included GM and Chrysler?
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Old 01-27-2012, 02:01 PM
 
Location: Great State of Texas
86,067 posts, read 78,628,887 times
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Quote:
Originally Posted by stillkit View Post
Were you as outraged when Gerald Ford bailed out New York City? Or, when Ronald Reagan bailed out the Continental National Bank? Or, when Bush senior bailed out the savings and loan industry? Or, when Bush Jr. bailed out the airline industry, Bear Stearns, AIG, Fannie Mae/Freddie Mac, Citigroup and TARP which...get ready for it....included GM and Chrysler?
You forgot about passenger rail. We couldn't bail them out so we took them over and continue to this day operating in the red.
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