When is a billion dollars not that big of a deal?

To start off your week, here’s yet another ridiculous statement from Nobel Prize winning economist and wannabe Psycho-historian, Paul Krugman:

KRUGMAN: These are — we’re talking as if a billion dollars was a lot of money. In $15 trillion economy, it’s not. Solyndra was a mistake as part of a long program, which has been by and large, it had a good track record—of course you’re going to find a mistake. I think to be fair, that’s probably true in Massachusetts, as well. This is ridiculous, that we are taking these tiny, tiny missteps that happen in any large organizations including corporations, including Bain Capital—Bain Capital had losers, too, right? Even from the point of view of its investors.

First of all, yes—Bain did have a couple of losers. And the Obama campaign has attempted to exploit every one of them, even those that occurred when Romney wasn’t working there. The sloppiness of that tactic has been destroyed by such evil right wingers as:

Bill Clinton

Cory Booker

Chris Matthews

Ed Rendell

Harold Ford, Jr.

Car Czar Steve Rattner

But, of course, there is a hell of a difference between what Bain did and what Obama has done. Bain never spent one cent of my money. I never asked Bain to make risky bets on companies in trouble with my money—and they didn’t. I also didn’t ask Barack Obama to make risky bets on companies in trouble with my money—he did.

Back to Krugman, and his assertion that a billion dollars isn’t that much money. That’s a bit odd, considering that it’s more than enough to buy one of the two political parties in their entirety:

“Money buys power,” the Nobel Prize-winning economist Paul Krugman observed recently, “and the increasing wealth of a tiny minority has effectively bought the allegiance of one of our two major political parties.”

“Support from billionaires has always been the main thing keeping those charlatans and cranks in business,” Krugman noted. “And now the same people effectively own a whole political party.”

You see, a billion dollars is chump change when wasting it on magical fairy dust infused solar panels, but when billionaires put just a portion of their fortunes on the line for the causes they believe in—it’s inherently evil, and suddenly enough to purchase half of all the political power in Washington. Makes sense. By the way, billionaires like George Soros and Warren Buffett get absolutely nothing for their generous check writing prowess.

Of course, if it was only Solyndra perhaps there would be an argument. But, there are so many more names that aren’t as familiar as Solyndra that echo the same point. Some highlights:

  • Raser Technologies. In 2010, the Obama administration gave Raser a $33 million…the company filed for bankruptcy protection…and Raser owes $1.5 million in back taxes.
  • ECOtality. The Obama administration gave ECOtality $126.2 million…Obama even hosted the company’s president, Don Karner, in the first lady’s box during the 2010 State of the Union address…the company has since incurred more than $45 million in losses and has told the federal government: “We may not achieve or sustain profitability on a quarterly or annual basis in the future.” Worse, according to CBS News, the company is “under investigation for insider trading…
  • Nevada Geothermal Power (NGP). The Obama administration gave NGP $98.5 million…the company is in “financial turmoil” and that “after a series of technical missteps”…there was ‘significant doubt about the company’s ability to continue as a going concern.’”
  • First Solar. The Obama administration provided First Solar with more than $3 billion …the company “fell to a record low…firing 30 percent of its workforce.”
  • Abound Solar. $400 million loan guarantee…the company halted production and laid off 180 employees.
  • Beacon Power. $43 million loan guarantee…Last fall, Beacon received a delisting notice from Nasdaq and filed for bankruptcy.
  • SunPower. $1.2 billion loan guarantee …as of January, the company owed more than it was worth.
  • Brightsource. $1.6 billion loan guarantee and posted a string of net losses totaling $177 million. Read more here.

From all the billions and billions thrown at these businesses, author Peter Schweizer says 71% of the cash has been funneled to businesses with close ties to Obama and democratic donors. All of that influence, purchased for just $457,834. Which is ridiculous to point out I guess—I mean, we’re talking as if $457,834 was a lot of money.

  • Anonymous

    It’s all about campaign contributions, even if it comes from your taxes.

  • Anonymous

    AND OBAMA PROMISES YOU

  • Anonymous

    Obama should get out of the investment business. His track record sucks and it is all with taxpayers money.

  • Anonymous

    HEY!!  American Voters.  It’s time to clean the house … the White House and congress, that is.  Enough of these IDIOTS, their minions and special interest ‘friends’.  Fire all of the czars, close down the IRS, EPA, OSHA, both DOEs, FDA, NLRB, DOT and others.  Do the same with state and local governments.  After all, our Constitution declared the voters as the “Boss”.

  • new2la

    Bloviate….a word to describe P. Krugman.    A windbag if ever there was one.

  • Diana I Stanley

    I find it interesting that billionaires who earned their money through hard work and intelligence are evil for making political contributions, but actors aren’t.

  • greywolfrs

    This guy is an idiot of epic proportions. Hey Paul, tell me exactly where in the Constitution it says that the government is a corporation or where it is legal to use tax dollars to bail out companies? The answer : It doesn’t say that. Dunce.

  • Anonymous

    Now that’s an idea…windbags instead of windmills!!! Safer for birds and very cost efficient,

  • http://www.facebook.com/people/Bill-Sanders/100003758742368 Bill Sanders

    Hey Stu I have been attempting, in vain, to get through to the program.  Now that I have seen the latest round of “Fast and Furious” testimony I pray to our God that you read this.  You and Glenn have the smoking gun on fast and furious.  In 2009 Glenn aired a conversation between President Obama and Sarah Brady.  Obama told her,”Trust me we are working on something behind the scenes that will forever change the second amendment in America.” Stu he was talking about “FAst and Furious” please find the clip and get it to Congressman Issa. God Bless.

  • Timothy Ferraioli

    Hey Stu, I see you are using an Alienware and man I need help. I have a new one, just got it last week, hard drive crashed, been without it for a week now; tried Dell, Alienware and no help. At least ten hours on the phone and no response to helping with with the computer.
    my tag is 26zjds1; my hope is that you and Beck mention this on the air so Alienware can call me and fix this $1,600 dollar )(*&*&^&. Nothing they can do about the software I had on the old hard drive, but at least maybe, just maybe they will listen to you guys!.
    Thanks Stu and you never, ever irritate me; you are the sane one out of all.
    Thanks
    Timothy F

  • Anonymous

    It’s always easier to spend someones money, if there’s no risk to your money.

  • Anonymous

    Daily, it seems, we are teetering with a political process intent on marketing verbal malarkey, politicizing spin and irrelevant distractions. Moreover, we continue to be insulted by partisan hacks, special interest lobbyists and distorting thuggery. In short, our 2012 election season includes a tirade of misinformation, deceit and viral rhetoric. Happily, my vote still counts!

  • Anonymous

    I agree and why’d Bush do it first is my question..I’d of let them flounder it’s just part of life!

  • greywolfrs

    Does not really matter who does it, it shouldn’t be done, PERIOD.

  • http://pulse.yahoo.com/_HSJULSAVFJIJYR6PCTCUPMNXRA Take 2

    Highway jobs bill is a JOKE! They twisted the name… read the 1930′s third Reich demands list. History of a mad man is repeating…The Senate had better be striking this asinine spending fiasco down. There is a hidden fully funded Executive Power Bank in the jobs Bill that they continue sneaking through. It circumvents the full House.

  • http://pulse.yahoo.com/_HSJULSAVFJIJYR6PCTCUPMNXRA Take 2

    By the way, billionaires like George Soros and Warren Buffett get absolutely nothing for their generous check writing prowess. 

    This is the definition of a naïve fool verses an intelligent street smart-book smart person interjections of playing with the Big’s.  Both these cats made BILLIONS on everyone of Barrack Obama’s purposely laid out miscues. i.e. both have laid the Gold Goose in Gold-Silver-Oil-Beans-Rice Corn Real Estate and Medical commodities. 

    Buffets Big hand will appear once the Jobs Bill’s Obama’s Executive Branch Bank merges with Bank of America. Oh  Buffet owns or bought a major chunk of B of A…really! He will become the new Global Bank of Obama Czar…huh? really.  They need a vehicle for Trillions in new and missing funds.

  • http://hankrutland.mynikken.net. Fior Gael

    It seems to me the Obama administration is bound and determined to spend our money on sustainable energy that is…unsustainable!!! The light bulb thing is just one more breach of my personal liberties…How can it be cost effective if I have to have a hazmat crew dispose of my cfl spent bulbs?  We had the choice…now we don’t. If an idea cannot stand on it’s own after an infusion of my cash…(Where is Bain Capital when you need them…..???)

    My electricity provider has raised rates >20%. Is that how energy efficiency is rewarded? Did the gasoline providers see something coming in the  alternative fuel automobiles? Tied to the price of oil, or tied to the future of gasoline consumption? 

    And so it goes…