Sarah Palin: Crony Capitalism on Steroids from GE to Solyndra

By Gary P Jackson

Sarah Palin ripped Barack Obama for the massive corruption surrounding his relationships with General Electric and Solyndra:[emphasis mine]

In my recent speech in Iowa, some eyebrows were raised when I took on our government’s enormous economic problems caused by crony capitalism. As if on cue, just days later President Obama selected someone who exemplifies a major crony capitalism problem to sit next to the First Lady when he delivered his “jobs plan” speech before Congress. He selected General Electric CEO Jeffrey Immelt as his honored guest.

Having grown up with great respect for GE thanks to stories my grandfather shared with us about his days working for the company and even meeting GE spokesman-at-the-time Ronald Reagan during a company event, I am saddened at GE’s leadership evolution. This corporation is now the poster child of corporate welfare and crony capitalism.

This icon of American industry is a company full of good employees who make some good products (and is the parent company of a huge media outlet), but GE is also a large American corporation that pays virtually no corporate income taxes despite earning worldwide profits of $14.2 billion last year, $5.1 billion of it in the United States. In fact, they claimed a tax benefit of $3.2 billion, meaning they received more of our hard earned tax dollars than they contributed. How is that possible? It’s because not only do they shelter their money from taxes, but they also get many tax credits, loans, government grants, and other benefits from the federal government that our smaller businesses couldn’t even imagine being able to profit from.

Joining GE in the pantheon on crony capitalism is another Obama favorite that has been in the news of late: Solyndra. The President hailed this “green energy” company in a speech last May as “the true engine of economic growth.” When he announced the $535 million guarantee to Solyndra, Vice President Biden said that investments like this are “exactly what the Recovery Act is all about.” (Dear God…If the failed Solyndra venture has been what it’s “all about,” then that explains a lot.) As I pointed out in my speech at the Reagan Ranch Center last February: “History has proven again and again, when government picks the winners and losers, we’re stuck with the losers, and we the taxpayers subsidize failure!” And that’s what we’re seeing now, as the FBI raids the solar energy company’s headquarters to glean more information after the company was handed half a billion dollars in “green energy” Stimulus funds from the American taxpayer only to later declare bankruptcy. More than one thousand Solyndra workers lost their jobs. Now as the truth comes out, we discover that the White House was heavily involved in the Department of Energy’s rushed decision to give the Stimulus funds to Solyndra, and they tried to move the money through so quickly they seem to have ignored concerns that the company was not viable. Why would they do this? Perhaps it’s because a large investor in the company (about 35%) is Obama campaign bundler George Kaiser. And with the way the deal is structured, Kaiser will get his debts paid before we the taxpayers see any relief. That is sickening. And that’s how it works: workers lose their jobs, wealthy political cronies stand a good chance of getting their money back, and the U.S. taxpayer gets the shaft. Again.

President Obama has his sights set on raising $1 billion for his reelection campaign. Raising that money won’t be easy. But if you can hand out other people’s money to friends, it must get a whole lot easier. This crony capitalism and government waste is at the heart of our economic problems.

It will destroy us if we don’t root it out. It’s not just a Democrat problem or a Republican problem. It’s a problem of our permanent political class. This won’t stop until “we the people” say enough is enough, and we retire the permanent political class that votes for this.

~ Sarah Palin

Mark Levin has more. He talked to a Solyndra employee who said “everyone knew the plant wouldn’t work.”

Click on the image to listen to the interview:

10 Comments

Filed under In The News, Politics, sarah palin

10 responses to “Sarah Palin: Crony Capitalism on Steroids from GE to Solyndra

  1. Ken Bloomfield

    GE with billions in profits pay no Corp Income tax. Obama says the rich do not pay their fair share. Yeah GE My daughter is a NYC MD ans she pays
    50% of her income in taxes.
    Put GE CEO on his team Uch!!!
    GE is not doing anything Un-lawful. They just have great tax lawyers.
    The real problem the tax laws are wrong. FIX THEM!!!! I bet Obama has great tax lawyers also. OH yeah he is lawyer who is making his Chicago boys a lot of $$$$$$$

    • Gary P

      It’s not just the Taxes GE doesn’t pay, it’s the benefits they get by being Obama’s water carrier. Remember, until a few months ago, GE owned NBC/Universal. NBC and MSNBC are nothing more than the propaganda wing of the democrat party. Also, GE CEO Jeffrey Imelt is the head of several Obama commissions.

      Next to union thug Andy Stern, Jeffrey Imelt is one of Obama’s closest people.

      We have to end the means at which these sort are allowed in government, and are allowed to be corrupted. That’s what Sarah Palin offers to do. She cleaned up all of this in Alaska. She actually made it a crime to do what Obama, and Rick Perry do.

  2. Can’t wait to see your spin on Sarah and Glen Rice! HAHAHAHAHHAHAHAHAHAHAHAHSAHA!

    Just post it, baby!

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  7. Mike

    Why only Obama? This happened under Reagan too:

    From NYT (http://goo.gl/9BT97 or here for an original from back in the day http://goo.gl/4T7gI) “As it has evolved, the company has used, and in some cases pioneered, aggressive strategies to lower its tax bill. In the mid-1980s, President Ronald Reagan overhauled the tax system after learning that G.E. — a company for which he had once worked as a commercial pitchman — was among dozens of corporations that had used accounting gamesmanship to avoid paying any taxes.

    “I didn’t realize things had gotten that far out of line,” Mr. Reagan told the Treasury secretary, Donald T. Regan, according to Mr. Regan’s 1988 memoir. The president supported a change that closed loopholes and required G.E. to pay a far higher effective rate, up to 32.5 percent.”

    GE was paying no taxes back in the 1980’s….why does Reagan get a free ride?

    • Gary P Jackson

      There’s a difference between tax code loopholes and out and out corruption.

      You are really reaching if you have to go back 32 years to come up with such a weak defense.

      Reagan didn’t write the tax code.

      On the other hand, Obama and his minions have directly been involved in graft and corruption. It’s the Chicago way. This is the most corrupt president in our nation’s history.

      The Bush administration turned down Solyndra when it came begging for money. The Obama regime fast tracked them. General Electric’s CEO, Jeffrey Immelt, is on may of the regime’s boards and is a huge Obama supporter. NBC and MSNBC, which were owned by GE until recently, are nothing more than propaganda wings of the Obama regime. That’s not by accident.

      Obama and his people belong in prison for the rest of their lives. They make Bernie Madoff look like a small time hood in comparison.

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