Saturday, March 10, 2012

The Obama Business Failures Keep Piling Up

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There's never been an administration that has been as anti-business as the current one. From collusion with unions in the GM/Chrysler debacle to Solyndra and the myriad other "green" entities that have squandered billions and crashed and burned leaving us holding the bag, it seems that everything the Obama folks touch turns to shit.

The latest example comes to us from Consumer Reports' testing facility:

DETROIT (Reuters) -- A $100,000-plus Fisker Automotive luxury car died during Consumer Reports speed testing for reasons that are still unknown, leaving the struggling electric car startup with another blow to its image.

"It is a little disconcerting that you pay that amount of money for a car and it lasts basically 180 miles before going wrong," David Champion, senior director for the magazine's automotive test center, told Reuters.

Fisker has benefited from the publicity generated when actor Leonardo DiCaprio was handed the first Karma last summer and pop idol Justin Bieber received one as a gift this month.

The breakdown of the Consumer Reports car is more bad news for a company that already recalled some Karmas. Fisker also has changed its CEO and halted production over the past month as it seeks to renegotiate the terms of a $529 million loan from the U.S. Department of Energy.
I'm guessing that the word "renegotiate' will mean what it did with the aforementioned Solyndra and Jon Corzine: It means give bonuses to execs and claim bankruptcy. There's no way they can survive this and not enough bleeding heart actors like Leonardo DiCaprio to keep them in business. And note that Fisker is a foreign company seeded with American tax dollars. Not that Obama's results have been any better at home.

But no, the Obama failures don't end there, we also have example #204,986,835 showing that government has no business intruding in business:

The U.S. government has awarded appliance-maker Philips $10 million for devising an “affordable” alternative to today’s standard 60-watt incandescent bulb. That standard bulb sells for around $1. The Philips alternative sells for $50.

Of course, the award-winner is no ordinary bulb. It uses only one-sixth the energy of an incandescent. And it lasts 30,000 hours–about 30 times as long. In fact, if you don’t drop it, it may last 10 years or more.

But only the U.S. Government (in this case, the Department of Energy) could view a $50 bulb as cheap.
See how that works? Your hard-earned tax dollars were paid to a company to design a lightbulb that will cost you 20-times what you paid for your last one while helping solve an environmental crisis that may or may not actually exist. That's called Obamanomics and it's the reason we're in the fiscal shape we are in today.


Anonymous said...

I cant believe I clicked a link on New York Times to get to this article. Cool.

Scott said...

You have to read your enemy to know your enemy.