UNDERSTAND HOW ILLEGAL THE GENERAL MOTORS BAILOUT WAS..You will Understand Obama's not so Secret Connection with the UNIONS

ONCE YOU UNDERSTAND HOW ILLEGAL THE GENERAL MOTORS BAILOUT WAS..You will Understand Obama's Not So Secret Connection with the UNIONS

 

 

 

 

 

THIS IS RICHARD TRUMKA...GOOGLE HIM !!

How did he get behind that podium ?

 

ONCE YOU UNDERSTAND HOW ILLEGAL THE GENERAL MOTORS BAILOUT WAS..You get an Understanding of the Obama Not So Secret Connection with the Unions and the Left is!! Please take the time to read this!!
Obama's General Motors [GM] Tarp Bailout - The Untold Details
Regardless of the GM bailout headlines proclaiming the staggering numbers, the real story of the government's bailout of GM, using TARP funds, is much more than just the billions of dollars involved. It is more importantly a story of governmental hubris that started with President Bush and the Republican Congress panicking and pandering to public fears, followed by President Obama and his administration - the Treasury Department in particular, skirting, or ignoring the rule of law to pursue a plan that was formulated based on political considerations rather than established contract law and sound economic procedures.
As a nation of laws, our problems with the GM bailout shouldn't be just the billions of taxpayer dollars used, they should also include the governmental bailout actions that broke whatever rules got in the way of their agenda, and, their intended efforts to deceive the public though misinformation and factual omission.
Bailing Out General Motors - The Background
First it should be noted that the General Motors bailout efforts also included Chrysler Corp. Although each have their own story details, the government actions to save the auto industry addressed many of the problems as being intertwined, and applied many solutions as common to both entities.
In late 2007, GM's financial situation was getting so bad that economists were ringing the alarm bells - warning of a possible collapse of the company. In 2008 those alarms became emergency sirens. General Motors could no longer avoid filing for bankruptcy, and it was doubtful that it could be a Chapter 11, or even a chapter 13 filing that would allow General Motors to reorganize and re-emerge as a new company - it would be a Chapter 7 filing - complete company liquidation; GM would perish as just one more failed company.
Americans, (and the world), were bombarded with Doomsday headlines: GM BANKRUPTCY TO COST 100,000's OF AMERICAN JOBS, GM COLLAPSE MEANS DEATH OF U.S. AUTO INDUSTRY, GOVERNMENT MUST SAVE GM TO SAVE U.S. ECONOMY
Bush was a lame-duck president when TARP, (Troubled Assets Relief Program), was created, (Bush's Treasury Secretary Henry Paulson's plan), to fight the crisis in the U.S. financial market. But he supported it, as did Congress, and incoming President Obama. It would be Obama's administration that would take over and administer the government's TARP efforts for the General Motors bailout.
Using TARP was seen as the only option to save GM. But there was a problem - this was the start of government's shenanigans in the GM bailout saga - TARP was legislatively created specifically for the financial market's crisis, and its use of funds was mandated for the purpose of buying troubled assets from financial institutions that would fail if they could not get rid of those toxic assets. Hence TARP. There were no provisions or authorities that would allow TARP to be used for a GM bailout. It would take more legislation from Congress to authorize such use.
But... there is always a but, the public was already screaming foul at Congress and the President over the daily headlines of how billions of dollars of TARP funds were going to favored financial institutions, overseas banks and investors, and worse - executive bonuses.
Both administrations knew Congress would not approve the needed legislation in the face of such a public outcry. So essentially, they agreed to just do it anyway. Of course they pointed to this paragraph or that in the TARP mandate, and stretched the meanings to, perhaps, technically authorize their use of TARP for a GM bailout. Several legal challenges were raised, (more on that later), and many legal experts opine that a court test would go against the administration's use of the funds.
Under the direction and control of Treasury Secretary Timothy Geithner, the Obama administration proceeded with the governmental bail-out plan for GM, (and Chrysler).
$51/$71/$81 Billion Taxpayer dollars go to save GM
Experts are still quibbling over the exact amount of taxpayer money that went into the GM bailout - but what's a few 10's of billions of dollars here and there.
Now we were bombarded with headlines touting the numbers: TARP TO SPEND $8 BILLION TO SAVE GM - GOVERNMENT GIVES GM $51 BILLION... and on and on.
Everyday was a new "billions" number - with a different explanation for its need or use: $11 billion to keep small parts supply-chain companies in business, $21 billion to see GM through bankruptcy proceedings, $10 billion for this, $20 billion for that... pretty soon we were inured to the numbers. A billion dollars used to be a bunch of money, period! But with these kind of numbers in the headlines weekly - they seemed to become just more scoreboard entries than actual dollar amounts.
Some generally excepted Tarp Fund Bailout numbers...

• $49.5 Billion - Conservative agreement of total TARP funds loaned or given to GM
• $30.1 Billion - Government purchase of GM stock - GM did not have enough financing to support a re-organization plan a bankruptcy court could accept, (or so it was stated), so to get the money, the U.S. Government gave GM $30.1 billion dollars in exchange for 60% ownership of the New GM company
• *note: many sources add this to the TARP GM loans amounts to arrive at a total of taxpayer-funded loans to the GM bailout - to come up with the big $77 or $81 billion dollar numbers, but this is not correct, the $30.1 billion is not a loan that can be repaid - it can only be recovered through the sale of the government's interest in GM ownership.

This explanation isn't intended to detail the timeline or trail of TARP funds to GM, there are other sources for those details. The only purpose here was to paint a general image that it is BIG Money - regardless of the exact amount, as mentioned the $49.5 billion is the conservative number that GM and the government acknowledge.
The General Motors Bankruptcy Plan
Details of the government's involvement in, and approval of, GM's bankruptcy plan, (formulated by Treasury Secretary Geithner, the Auto Worker's Unions, (UAW), and technically GM's management), that was submitted to the Bankruptcy Court for approval, were the determining factors deciding whether GM would be forced to liquidate, or allowed to file under Chapter 11 terms and emerge from the filings as a new company - to continue business.
But in fact, it was a completely new process that the bankruptcy courts had never dealt with before - a government-subsidized reorganization plan that the court could only tinker with, and then rubber-stamp its approval.
The winners and losers of the Government's plan for GM bankruptcy hearing
This is where the administration shows its true colors.

1. U.S. Government buys 60% share of the New GM company for $30.1 billion - giving GM the necessary "debtor in possession" funds reserve that the court required in order to consider a Chapter 11 filing
2. The AWU's, (UAW), received a 17% ownership stake in GM, (65% in Chrysler), in lieu of the money GM owed for union health and pension commitments. At the time this equated to about 40 cents on the dollar, but in reality stock shares could be sold at levels that would not only make the health and pension funds whole - but possibly generate a profit. *Note: Unions made an initial stock sale, (a portion of their shares), right after the IPO, at a rate that generated a $4 billion profit to the funds
3. Private secured investors were given a settlement agreement at the rate of 29 cents on the dollar *Note: these "private investors" also included investment funds composed of other union pension funds, like the Federated Teachers Association - which naturally screamed murder and went to court - where they failed to find relief - looks like the Obama administration and the UAW had more clout. THIS WAS UNPRECEDENTED IN CONTRACT LAW WHERE SECVURED CREDITORS WERE GIVE SECOND POSITION!!
4. **It should be noted that established contract law required secured creditors be paid first, but Obama's administration simply ignored this legal requirement and gave the unsecured union creditors first position - leaving whatever might be left for the secured investors.
5. Common-share stock holders were completely wiped out, when GM emerged from bankruptcy, all shares in the "old" GM were worthless since the "old" GM didn't exist anymore
6. GM was allowed to retain a $45 billion business-loss tax credit, carried forth from the "old" GM to the "New" GM - a practice unheard of in bankruptcy proceedings, essentially adding a $45 billion "gift" to off-set tax liabilities of the new company.
7. Delphi, a parts supplier network and GM spinoff, had all GM debt to it cancelled. Treasury Secretary Timothy Geithner also decided to cut pensions liabilities for salaried non-union employees to expedite GM’s emergence from bankruptcy.

There are many more GM bankruptcy plan details of course, but these are the biggies, and as with the TARP bailout amounts, more information is readily available from other sources.
The deception and misinformation begins
It all started with a statement by President Obama, to paraphrase: We do not want to be involved in the day to day operations and decisions of the New GM, and we have no intention of micro-managing their new executive team.
But....
The administration forced out the CEO of General Motors, Rick Wagoner
FOIA, (Freedom of Information Act), filings found that GM’s TV ad campaign last year that misleadingly* claimed that the company had paid back its government loan in full was approved by the administration. They also uncovered e-mails between GM CEO Ed Whitacre and various Treasury and other federal officials a month in advance of GM’s announcement of TARP loan repayments. These emails included draft schedules, draft remarks to be given by Mr. Whitacre, and draft press releases from both GM and the Treasury Department.
*GM did not payback the TARP loans as their announcement appeared to say. They only paid back one particular loan package of $6.7 billion - not the $49.5 billion the announcement implied. Even worse was that GM also did not repay the loan with monies and profits from the newly invigorated company - they paid it back with more TARP funds from another TARP escrow account, none of the repayment funds came from GM monies.
And Obama's administration knew this, and as shown above, actually helped compose and orchestrate the public announcements that deceived the public.
The Obama administration also took to the airwaves, proclaiming GM's announcement of 2011 1st quarter profits of $3.7 billion dollars, as proof of the success of their bailout efforts in saving the auto industry. President Obama even held a press conference to proclaim this as a sign of of the success of his administrations bailout efforts.
But, it wasn't true. $1.5 billion of that $3.7 billion came directly from the spin-off sale of GM's Delphi group, and a couple other smaller business units, and had nothing to do with sales and operational profits.. Leaving a real operational profit of only $1.2 billion, which was less than Ford's "non-government" assisted profits for the same quarter. The $1.2 billion number was even more misleading because it did not include any tax costs, (but Ford's numbers did), due to the $45 billion tax-loss "gift" the bankruptcy court allowed GM to carry forward onto the new company's books.
Finally - was the bailout really needed....
There has been much said for and against the need for the General Motors bailout.
Public officials from many auto industry-related organizations, the Obama administration - from the top down, and with very few exceptions - most members of Congress, all proclaimed that GM was too big to be allowed to fail. Too many jobs, (100,000's, and hundreds of small support businesses), would be lost, and too much of our economy depended on the survival of GM. Failure would be so catastrophic that not only would it undo all that had been done to save our financial markets, it would topple other segments of our economy - like dominoes, right down to the mom and pop diners that depended on auto industry worker's lunch money.
This may be true, had GM been forced to liquidate, and completely cease operations.
Maybe, but, there are other very knowledgeable business and bankruptcy experts that have different opinions. Many believe GM would have been granted Chapter 11 status without government intervention. They believe this would have been much more beneficial to both the company and our economy.
They believe bankruptcy would have allowed GM to:

• Start with a clean slate in union negotiations - relieving them of the legacy burdens of unaffordable union health and benefits costs that were one of the major contributors to their need for bankruptcy protection
• Negotiate new union wage contracts that were more realistic and in-line with other auto maker's cost - thus allowing them to be better positioned to be competitive. Industry average union wages are $56-$58 per hour, (including benefits costs), GM's union wage costs were $70 per hour
• Follow other typical Chapter 11 re-emergence efforts, like; shedding unprofitable parts of the company, (lie. streamlining it's bloated dealerships program), re-negotiate cost-prohibitive contractual obligations, and more...

The point being, the same options afforded any other business that seeks Chapter 11 protection in order to reorganize into a profitable company - would have been available to GM.
Todd Zywicki, a bankruptcy expert at George Mason University, highly doubts that GM would have faced liquidation. Because the company was financially distressed—after years of poor management—but not economically nonviable, in short - just the type of situation the bankruptcy laws were designed for. If GM had put together a credible restructuring plan, it would have been able to obtain debtor-in-possession financing under which, as the name suggests, the debtors would have essentially possessed the company. But it would have been allowed to emerge as a more streamlined entity. Without needing $49.5 billion +/- of the taxpayer's dollars.
If Todd, and other similar bankruptcy law experts are correct, then why was the Obama administration so focused on a bailout-only solution?
Could it be because the unions would have stood in line just like the rest of the creditors? Or because the bankruptcy court would have voided all labor union contracts, allowing GM to start fresh negotiations with the unions - without the legacy burdens already in the contracts, ($70 per hour, $12-$14 per hour more than GM's competitors)? Or because it would have allowed GM to streamline and re-negotiate its dealership program contracts, (almost ALL auto industry experts agree GM's dealership program was over-saturated - supporting too many dealerships was another major cost driving the company's profits down), which realistically GM could not accomplish due to local political influence that in turn became Congressional political influence?
We may never know for sure. Or as the bankruptcy experts indicated, when more behind-the-scenes details are discovered, we may find out this was a case of political manipulation and deception on the grandest scale ever seen in our country's economic history.
But of course, you may have a different perspective, especially if you are a member of one of the AWU's, (like the UAW).
Footnote: As of the 2011 4th quarter, the New GM has made no further TARP loan repayments.
Source http://gaanderson.hubpages.com/hub/Obama-General-Motors-GM-Tarp-Bailout-Untold-Details
So much of the GM bailout effort was done behind political doors that it really wasn't clear what was what - until after the fact. As more details became public, and more contract and bankruptcy lawyers and experts weighed in it became less certain that the "Doomsday" scenario was accurate.
1. GM's position did not meet the criteria of a nonviable business - which would only merit a Chapter 7 filing
2. previous bankruptcy rulings indicate pension obligations would have received priority consideration, but behind secured creditors (as required by contract law - not just tossed out the door
3. A viable reorganization plan would have merited government-backed loan guarantee support, just not the massive hand-outs the bailout provided
4. Many experts point to the numerous successful major airlines bankruptcy reorganizations as examples of how the proceedings could have worked - almost an apples to apples comparison.
but alas, now it just stands as one more example of inept government meddlingTHIS IS THE SOCIALIST MEDDLING BY THE OBAMA CABNAL IN CAHOOTS WITH THEIR INION THUG BOSSES !!

Calll in the PATRIOT POSSE...WE CAN CHANGE THIS !!

We Can Learn About Shortages And Preparation From The Economic Collapse ...and it is coming!

10 Things That We Can Learn About Shortages And Preparation From The Economic Collapse In Greece

10 Things That We Can Learn About Shortages And Preparation From The Economic Collapse In GreeceIT WILL START IN CALIFORNIA...PLEASE BE PREPARED. ROMNEY WILL NOT BE ABLE TO STOP THE INITIAL DISASTER!!When the economy of a nation collapses, almost everything changes.  Unfortunately, most people have never been through anything like that, so it can be difficult to know how to prepare.  For those that are busy preparing for the coming global financial collapse, there is a lot to be learned from the economic depression that is happening right now in Greece.  Essentially, what Greece is experiencing is a low level economic collapse.  Unemployment is absolutely rampant and poverty is rapidly spreading, but the good news for Greece is that the global financial system is still operating somewhat normally and they are getting some financial assistance from the outside.  Things in Greece could be a whole lot worse, and they will probably get a whole lot worse before it is all said and done.  But already things have gotten bad enough in Greece that it gives us an idea of what a full-blown economic collapse in the 21st century may look like.  There are reports of food and medicine shortages in Greece, crime and suicides are on the rise and people have been rapidly pulling their money out of the banks.  Hopefully this article will give you some ideas!that you can use as you prepare for the economic chaos that will soon be unfolding all over the globe.

The following are 10 things that we can learn about shortages and preparation from the economic collapse in Greece....
#1 Food Shortages Can Actually Happen

Most people assume that they will always be able to run out to their local supermarket or to Wal-Mart and get all of the supplies they need.

Unfortunately, that is a false assumption.  The truth is that our food distribution system is extremely vulnerable.

In Greece, many people are starting to totally run out of food.  Even some government institutions (such as prisons) are now reporting food shortages.  The following was originally from a Greek news source....

The financing for many prisons has decreased to a minimum for some months now, resulting in hundreds of detainees being malnourished and surviving on the charity of local communities.

The latest example is the prison in Corinth where after the supply stoppage from the nearby military camp, the prisoners are at the mercy of God because, as reported by prison staff, not even one grain of rice has been left in their warehouses. When a few days earlier the commander of the camp announced to the prison management the transportation stoppage, citing lack of food supplies even for the soldiers, he shut down the last source of supply for 84 prisoners. The response of some Corinth citizens was immediate as they took it upon themselves to support the prisoners, since all protests to the Justice ministry were fruitless.

#2 Medicine Is One Of The First Things That Becomes Scarce During An Economic Collapse
If you are dependent on medicine in order to survive, you might want to figure out how you are going to get by if your supply of medicine is totally cut off someday.
In Greece, medicine shortages have become a massive problem.  The following is from a recent Bloomberg article....

Mina Mavrou, who runs a pharmacy in a middle-class Athens suburb, spends hours each day pleading with drugmakers, wholesalers and colleagues to hunt down medicines for clients. Life-saving drugs such as Sanofi (SAN)’s blood-thinner Clexane and GlaxoSmithKline Plc (GSK)’s asthma inhaler Flixotide often appear as lines of crimson data on pharmacists’ computer screens, meaning the products aren’t in stock or that pharmacists can’t order as many units as they need.
“When we see red, we want to cry,” Mavrou said. “The situation is worsening day by day.”
The 12,000 pharmacies that dot almost every street corner in Greek cities are the damaged capillaries of a complex system for getting treatment to patients. The Panhellenic Association of Pharmacists reports shortages of almost half the country’s 500 most-used medicines. Even when drugs are available, pharmacists often must foot the bill up front, or patients simply do without.

#3 When An Economy Collapses, So Might The Power Grid
Try this some time - turn off all power to your home for 24 hours and try to live normally.
Sadly, most people simply do not understand just how dependent we are on the power grid.  Without power, all of our lives would change dramatically.
In Greece, authorities are warning of an impending "collapse" of the power grid.  If it goes down for an extended period of time in Greece, the consequences would be catastrophic....

Greece’s power regulator RAE told Reuters on Friday it was calling an emergency meeting next week to avert a collapse of the debt-stricken country’s electricity and natural gas system.
“RAE is taking crisis initiatives throughout next week to avert the collapse of the natural gas and electricity system,” the regulator’s chief Nikos Vasilakos told Reuters.
RAE took the decision after receiving a letter from Greece’s natural gas company DEPA, which threatened to cut supplies to electricity producers if they failed to settle their arrears with the company.

#4 During An Economic Collapse You Cannot Even Take Water For Granted
If the power grid goes down, you will soon no longer have clean water coming out of your faucets.  That is one of the reasons why it is absolutely imperative that the power grid stay operable in Greece.
Sadly, most people don't understand just how vulnerable our water system is.  In a previous article, I quoted from a report that discussed how rapidly our water supply would be in jeopardy in the event of a major transportation disruption....

According to the American Water Works Association, Americans drink more than one billion glasses of tap water per day. For safety and security reasons, most water supply plants maintain a larger inventory of supplies than the typical business. However, the amount of chemical storage varies significantly and is site specific. According to the Chlorine Institute, most water treatment facilities receive chlorine in cylinders (150 pounds and one ton cylinders) that are delivered by motor carriers. On average, trucks deliver purification chemicals to water supply plants every seven to 14 days. Without these chemicals, water cannot be purified and made safe for drinking. Without truck deliveries of purification chemicals, water supply plants will run out of drinkable water in 14 to 28 days. Once the water supply is drained, water will be deemed safe for drinking only when boiled. Lack of clean drinking water will lead to increased gastrointestinal and other illnesses, further taxing an already weakened healthcare system.

What will you do when clean water stops coming out of your faucets?
You might want to start thinking about that.
#5 During An Economic Crisis Your Credit Cards And Debit Cards May Stop Working
Most people have become very accustomed to using either debit cards or credit cards for almost everything.
But what would happen if the financial system locked up for a period of time and you were not able to use them?
This is something that the citizens of Greece are potentially facing in the coming months, and this is something that all of us need to start thinking about.
#6 Crime, Rioting And Looting Become Commonplace During An Economic Collapse
Big corporations are already making extensive plans for how to protect their stores in the event that Greece switches from the euro to the drachma.
The following is from a recent Reuters article....

British electrical retailer Dixons has spent the last few weeks stockpiling security shutters to protect its nearly 100 stores across Greece in case of riot.
The planning, says Dixons chief Sebastian James, may look alarmist but it's good to be prepared.
Company bosses around Europe agree. As the financial crisis in Greece worsens, companies are getting ready for everything from social unrest to a complete meltdown of the financial system.

#7 During A Financial Meltdown Many Average Citizens Will Start Bartering
During this economic depression, alternative currencies have already been popping up in Greece.
When things fall apart on a global scale, will you have things to barter for the things that you need?
#8 Suicides Spike During An Economic Collapse
When you think of the Great Depression of the 1930s, what do you think of?
Many people think of images of people jumping out of buildings.
Well, something similar has been happening in Greece.  Suicide statistics in Greece have been absolutely soaring during the last couple of years.
Once prosperity disappears, many people feel as though life is not worth living anymore.
#9 Your Currency May Rapidly Lose Value During An Economic Crisis
Just remember what happened in Germany during the Weimar Republic and what has happened recently in places like Zimbabwe.
The truth is that it can happen anywhere.
Right now, Greeks are pulling their money out of the banks because they are worried that their euros will be turned into drachmas which would rapidly lose value.
If I was living in Greece I would definitely be concerned about that.  The return of the drachma seems to get closer with each passing day.  Just check out these screenshots.
#10 When Things Hit The Fan The Government Will Not Save You
Has the government of Greece come to the rescue of all of those that are deeply suffering right now?
Of course not.  The truth is that the Greek government can barely take care of itself at the moment.
History has shown us that governments simply cannot be counted on when things hit the fan.
Just remember what happened during the aftermath of Hurricane Katrina.
In the end, the only one that can be counted on to take care of you and your family is you.
So you better start preparing.
Unfortunately, as I wrote about the other day, time is rapidly running out for the global financial system.
Even some of the top economic officials in the world are warning that another major crisis could be on the way.
Just check out what World Bank President Robert Zoellick said the other day....

"Events in Greece could trigger financial fright in Spain, Italy and across the eurozone. The summer of 2012 offers an eerie echo of 2008."

He also compared a potential exit of Greece from the eurozone to the collapse of Lehman Brothers back during the last financial crisis....

"If Greece leaves the eurozone, the contagion is impossible to predict, just as Lehman had unexpected consequences."

So what are some things that the average person can do to get prepared?
Well, a recent article on SHTFplan.com entitled "The List: A to Z Survival for the Abysmal Times Ahead" contains hundreds of ideas for preparing for the chaotic economic environment that we are heading into.
Preparation is going to look different for every family.  No two situations are exactly the same.
But there are some practical steps that nearly all of us can take to better position ourselves for what is coming.  Now is the time to get educated and now is the time to take action.
Or you could be like all of those that laughed at Noah while he was building that big boat.
In the end, things did not work out too well for those folks.PREPARE FOR THE WORST EXPECT THE BEST...GOD BLESS AMERICA!!

Riots IN GREECE, same picture in METRO AREAS OF THE USA !!

Obama OUTSOURCING...... A Record Of Failure Spanning The Globe ..Hey Obama... "The Fu*k"...(I mean) The Buck stops with you...( Hell!...WTF... I mean BOTH Asshole!)

A Record Of Failure Spanning The Globe

Over his four years in office, Obama promised that he would focus on creating "jobs that pay well and can't be outsourced." However, as he racked up trillions in new debt, billions of dollars did go to create jobs that were outsourced or spent overseas. Whether it is electric cars made in Finland or solar panels in Mexico,

taxpayers would be astonished to learn that their hard earned money went abroad for jobs that weren't created in the United States.

"And I will invest $15 billion a year in renewable sources of energy to create five million new energy jobs over the next decade - jobs that pay well and can't be outsourced; jobs building solar panels and wind turbines and a new electricity grid; jobs that will help us eliminate the oil we import from the Middle East in ten years and help save the planet in the bargain. That's how America can lead again."

President Barack Obama, October 30, 2008

 

 

 

Tracing Obama's Overseas Investments

 

CLICK HERE TO SEE DYNAMIC DISPLAY: http://www.obamanomicsoutsourced.com/

Electric Cars

Obama handed over billions of dollars in loan guarantees and stimulus awards pursuant to his goal of putting one-million electric vehicles on the road by 2015. Much of that money ended up leaving our shores. A $2.4 billion stimulus program to support battery production sent nearly half of its money to foreign firms, including two South Korean companies that used their awards to hire foreign nationals in Michigan to do work that Americans easily could have done. In the end, despite all the money Obama handed out, electric vehicle sales have lagged and The Washington Post deemed his goal of one million electric cars "overly optimistic."

Wind Farms

Obama's stimulus included over $8.5 billion in grants for wind farms that flowed overseas, despite Congressional criticism from both sides of the aisle. In total, over half of the money went to either foreign developers or foreign wind turbine manufacturers, creating thousands of jobs overseas with money that was supposed to create jobs within the United States. Even worse, hundreds of millions of dollars went to wind farms that began construction before the stimulus was passed. The end result of all this spending: the wind energy industry lost 10,000 jobs last year.

Manufacturing TaxCredits

As Obama was doling out over $2.3 billion in clean energy manufacturing tax credits that were supposed to create jobs in America, $880 million went to foreign firms. Worse still, some of those same recipients are now closing up shop and shipping jobs overseas.

Loan Guarantees

Remember Solyndra? The problems with Obama's loan guarantee program don't end there. The largest recipient of Obama's program to jumpstart green energy projects was the Spanish Company Abengoa, which took in $2.7 billion in loan guarantees for three of its projects. Other projects importing foreign-made solar panels are, much in the same way as Fisker Automotive, choosing to make their products overseas.

Switzerland

Cronyism

Swiss-Based Landis+Gyr Received Over $50 Million In Stimulus Contracts For Their Smart Grid Meters. Cathy Zoi, A Former Obama Energy Department Official, Held Over $250,000 Worth Of Stock In The Company As They Profited From Her Department's Policies. Zoi Had Previously Served As An Executive Director At Landis+Gyr Before Joining The Obama Administration.