The Media’s Love Affair with President Obama and Crony Capitalism!

 Fool me once shame on you, Fool me twice we deserve what we get!

I am not surprised that the main stream media especially the New York Times and the three broadcast networks have carried the water for this administration. What really surprises me is how blatantly they do so. These media outlets never vetted then Senator Obama in 2008 or even discussed the information that was in his autobiography. A case in point was two weeks ago when the Washington Post printed the story of an alleged bullying incident that Governor Romney did on a high school classmate nearly 50 years ago.  This alleged incident was widely reported even after the victim’s family disputed the story.  In contrast the mainstream media never brought up a bullying incident that the president himself admitted to in his autobiography “Dreams from My Father “where he shoved a girl classmate. I personally think school yard hi jinks that took place decades ago should have no bearing in deciding who to vote for there are plenty of important issues between the President and his challenger that deserve media attention; but what about drug use? In his same autobiography the President says he “Enthusiastically” used Marijuana and Cocaine but that was hardly ever brought up by the media during the 2008 campaign.

There are numerous news stories that the mainstream media are selectively choosing not to report that might hurt the administration. One example is the lawsuit filed by more than 40 Roman Catholic organizations against Obamacare’s insurance coverage requirement for birth control and abortive drugs. The same media outlets (ABC, NBC) who broadcast the progressive charge of the “Conservatives War Against women” did not have one story in their network news programs mentioning the biggest lawsuit in US history of a religious domination suing the federal government.

Another recent example is the ATF’s “Fast & Furious”  scandal out of the three major broadcast networks only CBS did a feature on their nightly news broadcast. One would think that a story where the House of Representatives is contemplating issuing a sitting Attorney General a contempt citation that would be considered a newsworthy item.

This selective editing by the networks news desk of what stories should air is not a recent phenomenon remember the ACORN undercover video tape investigation as well as the rising death toll in Afghanistan which were both under-reported. Much was made in the past few weeks about Governor Romney’s tenure at the private equity firm: Bain Capital in terms of the number of layoff and businesses closed after Bain took them over and in some cases liquidated them. The president even called it “Vampire Capitalism”. The mainstream media so eager to report this seems to downplay the President’s record on public equity since he took office.

 

As reported in Peter Schweizer’s recent bestselling book, “Throw Them All Out”an overwhelming majority (71 percent)  of the Energy Department’s grants and loans under the Obama administration were for people who were  bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party. These Obama campaign bundlers raised $457,834 for the Obama campaign, and were given grants or loans totaling nearly $11.35 billion. Whatever happened to “Hope and Change”? At least Governor Romney used private investor money and the majority of Bain Capital investments made a profit.

The following are a partial list of recent failures of this administration’s Public Equity investments:

Raser Technologies,

Given 33 million Dollar Grant, in 2009. -The company filed for bankruptcy protection in 2012 and owes $1.5 million in back taxes.

ECOtality.  

Given  $126.2 million in 2009.  -According to ECOtality’s own SEC filings, They have incurred $45 million in losses and notified the federal government, “We may not achieve or sustain profitability on a quarterly or annual basis in the future.”

First Solar.

The Obama administration gave $3 billion in loan guarantees. -A few weeks ago First Solar reported  $401 million in restructuring costs tied to firing 30 percent of its workforce.

Abound Solar, Inc.

Granted a  $400 million loan guarantee by the Obama Administration. -Forbes reported in February the company halted production and laid off 180 employees.

 Beacon Power.

The Obama administration gave them a  $43 million loan guarantee.  -Late last year they filed for Bankruptcy.

The President finds it easy to hand out money that’s not his own and when he gives it to his political allies when taxpayer’s are putting up the bill. The media by in large has not reported on these debacles.  The administration has also laid off employees with the implementation of the GM & Chrysler reorganization in the closing of hundreds of car dealerships which were cited as necessary to save those companies I guess this only is appropriate when the government does it.

This is why the founders were against the federal Government from opening thepublic purse for private investment. The founders knew by their experience with a corrupt monarchy that governmental subsidies lead to crony capitalism.  The only cure for this is for a return to constitutional principles with a Federal Government staying within its enumerated powers and a media that does its job by reporting fairly and without bias.

-Just My Opinion D.B.

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2 Comments

  1. June 16, 2012    

    “To win in this country these days you have got to campaign down to a thirteen year-old’s level of mental development .”

  2. August 13, 2012    

    “Do not run a campaign that would embarrass your mother.” Robert C. Byrd

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