WP: Crony capitalism exposed

[nonniey]

Looks like a damning investigation exposing the rank corruption of politicians from both parties is about to be published. Wasn't it just last week (or was it two?) that MSNBC was praising the Obama administration as being clean and uncorrupt? Now comes this investigation that indicates not only is it corrupt but it may be the most corrupt administration in US history. Amazing. And we have no where to turn as it also exposes the Republicans for using the same shenanigans.

"....Perhaps the most disturbing revelations come from Schweizer’s investigation into the Obama Energy Department and its infamous “green energy” loan guarantee and grant programs, a program Schweizer calls “the greatest — and most expensive — example of crony capitalism in American history.” The scandal surrounding Solyndra — the now-bankrupt, Obama-connected solar power company that received a federally guaranteed loan of $573 million — is well known. But Solyndra, Schweizer says, is only the tip of the iceberg.

According to his research, at least 10 members of President Obama’s campaign finance committee and more than a dozen of his campaign bundlers were big winners in getting tax dollars from these programs. One chart in the book details how the 10 finance committee members collectively raised $457,834, and were in turn approved for grants or loans of nearly $11.4 billion — quite a return on their investment.

In the loan-guarantee program alone, Schweizer writes, “$16.4 billion of the $20.5 billion in loans granted went to companies either run by or primarily owned by Obama financial backers — individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” That is a staggering 71 percent of the loan money.

Schweizer cites example after example of companies that received grants or loans and documents their financial connections to the Obama campaign and the Democratic Party. And he shows how “the [Energy] department’s loan and grant programs are run by partisans who were responsible for raising money during the Obama campaign from the same people who later came to seek government loans and grants.” ......""

Click link for entire story

http://www.washingtonpost.com/opinions/crony-capitalism-exposed/2011/11/14/gIQACiK4KN_story_1.html

[PokerPacker]

I love how every president is "the most <insert something here> president in history"

[HOF44]

I've come to believe wether Dem or Repub, they have to do this kind of stuff. It's the price of getting to where they are. Sucks for the country though.

[visionary]

Not sure what to make of all this.

We all knew this kind of thing was going on, but I'm a bit surprised at the extent,

http://www.washingtonpost.com/opinions/crony-capitalism-exposed/2011/11/14/gIQACiK4KN_story_1.html

Schweizer also documents numerous examples of how members of Congress of both parties — including Pelosi, Senate Majority Leader Harry Reid and former House speaker Dennis Hastert — have used federal earmarks to enhance the value of their own real estate holdings. They have done so, Schweizer shows, by extending a light-rail mass transit line near their property, expanding an airport, cleaning up a nearby shoreline, building roads and bridges, and beautifying land and neighborhoods nearby — in each case “substantially increasing values and the net worth of our elected officials, courtesy of taxpayer money.”

Interesting.

[Tulane Skins Fan]

Looks like a damning investigation exposing the rank corruption of politicians from both parties is about to be published. Wasn't it just last week (or was it two?) that MSNBC was praising the Obama administration as being clean and uncorrupt? Now comes this investigation that indicates not only is it corrupt but it may be the most corrupt administration in US history. Amazing. And we have no where to turn as it also exposes the Republicans for using the same shenanigans.

"....Perhaps the most disturbing revelations come from Schweizer’s investigation into the Obama Energy Department and its infamous “green energy” loan guarantee and grant programs, a program Schweizer calls “the greatest — and most expensive — example of crony capitalism in American history.” The scandal surrounding Solyndra — the now-bankrupt, Obama-connected solar power company that received a federally guaranteed loan of $573 million — is well known. But Solyndra, Schweizer says, is only the tip of the iceberg.

According to his research, at least 10 members of President Obama’s campaign finance committee and more than a dozen of his campaign bundlers were big winners in getting tax dollars from these programs. One chart in the book details how the 10 finance committee members collectively raised $457,834, and were in turn approved for grants or loans of nearly $11.4 billion — quite a return on their investment.

In the loan-guarantee program alone, Schweizer writes, “$16.4 billion of the $20.5 billion in loans granted went to companies either run by or primarily owned by Obama financial backers — individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” That is a staggering 71 percent of the loan money.

Schweizer cites example after example of companies that received grants or loans and documents their financial connections to the Obama campaign and the Democratic Party. And he shows how “the [Energy] department’s loan and grant programs are run by partisans who were responsible for raising money during the Obama campaign from the same people who later came to seek government loans and grants.” ......""

Click link for entire story

http://www.washingtonpost.com/opinions/crony-capitalism-exposed/2011/11/14/gIQACiK4KN_story_1.html

Honestly, this doesn't make any sense. Obama runs on certain ideas. The companies that are going to benefit from those ideas, are going to spend money to see that he gets elected, because its good for their business. Then he wins, and does what he says he was going to do. There's nothing wrong with that.

Unless you believe that corporations should not have the right to petition their government with out restraints... but if you believe that, take it to the SC. Just not this SC.

[Prosperity]

Schweizer also documents numerous examples of how members of Congress of both parties — including Pelosi, Senate Majority Leader Harry Reid and former House speaker Dennis Hastert — have used federal earmarks to enhance the value of their own real estate holdings. They have done so, Schweizer shows, by extending a light-rail mass transit line near their property, expanding an airport, cleaning up a nearby shoreline, building roads and bridges, and beautifying land and neighborhoods nearby — in each case “substantially increasing values and the net worth of our elected officials, courtesy of taxpayer money.”

:doh:

I may read this book over winter break... looks interesting and depressing

I doubt there are any smoking guns, these guys are good, and can probably make it all seem like innocent coincidences.

[ABQCOWBOY]

Honestly, this doesn't make any sense. Obama runs on certain ideas. The companies that are going to benefit from those ideas, are going to spend money to see that he gets elected, because its good for their business. Then he wins, and does what he says he was going to do. There's nothing wrong with that.

Unless you believe that corporations should not have the right to petition their government with out restraints... but if you believe that, take it to the SC. Just not this SC.

I don't know that I agree with this but lets take this a step further for the sake of discussion. Would you hold the same opinion and did you hold the same opinion for Oil Companies under GWB or Blackwater or Haliburton or however many more there were? Not accusing Tulane, just asking.

[deejaydana]

This is just more evidence of how the elected have gamed the system in their favor. I think arguing over which party is dirtier is foolish because each side is screwing us in equal measure at this point.

[ACW]

This is just more evidence of how the elected have gamed the system in their favor. I think arguing over which party is dirtier is foolish because each side is screwing us in equal measure at this point.

That's why I like being a libertarian. I can say "screw you" to both parties equally

[deejaydana]

That's why I like being a libertarian. I can say "screw you" to both parties equally

The two existing parties are just going to (continue) to push more and more people to Independent status and also Libertarian. Hopefully, longer term, something good can come from this.

[The 12th Commandment]

I don't know that I agree with this but lets take this a step further for the sake of discussion. Would you hold the same opinion and did you hold the same opinion for Oil Companies under GWB or Blackwater or Haliburton or however many more there were? Not accusing Tulane, just asking.

Haliburton takes the cake by a HUGE margin or I'm a monkey's uncle. They were an oil field services company before GWB and their ex-board member offered them the world. Doesn't make happy about anyone else doing it for smaller amounts though.

[Jumbo]

This is just more evidence of how the elected have gamed the system in their favor. I think arguing over which party is dirtier is foolish because each side is screwing us in equal measure at this point.

And while that sums it up in an essential if not literal sense, djd, (meaning the equability of measure won't be exact and will shift its balance from side to side), and even though most will nod along in agreement, we will still be up to our *******s (word chosen with deliberation) with those who still have to go to the "your side is worse--neener neener" as their priority and do that endless back-n-forth pookie dance.

The pointless mindlessness of it never seems to affect the dedication or the endurance of the fevered-brow set.

It's simply pathological at times.

And that's what politics (to me) seem reflective of for too many people these days---psychological/developmental pathology....or "character flaws" if you prefer...

[btfoom]

This is one of the big reasons that I believe in term limits across the board. Good enough for the President, good enough for many governors, good enough for senators and congressmen.

The level of corruption shown here is because lobbyists go to both sides, promise to help re-election, then take the 'pay-off' by having the govt skew contracts, loans, etc to your company or area. If these folks knew they were there for only 6 or 12 years and then back 'home' to have a real job, we might just get the kind of folks in national (and even state/local) government who are there because they really want to help and serve the people.

Give government back to the people, not the lobbyists.

[The Sisko]

Most corrupt administration in US history

But wait, wasn't that supposed to be Slick Willie? Whatever.

As for term limits, I understand the sentiment but I don't think it will address the root cause of the problem which IMHO is the system of institutionalized graft we use to finance our political campaigns. I'd much prefer a publicly financed system in which everyone above a certain threshold of polling support gets the same amount of $$$.

[AsburySkinsFan]

No bid billion dollar contracts

Contracting out our Federal workforce

Yeah, the GOP are innocent.

Why can't we for once get one of these things that ISN'T politically motivated!?!?!

[The Sisko]

I think they all are Asbury. Thing is, the fact that one party or the other is throwing it out there for political reasons doesn't mean there's not something rotten in Denmark.

[btfoom]

But wait, wasn't that supposed to be Slick Willie? Whatever.

As for term limits, I understand the sentiment but I don't think it will address the root cause of the problem which IMHO is the system of institutionalized graft we use to finance our political campaigns. I'd much prefer a publicly financed system in which everyone above a certain threshold of polling support gets the same amount of $$$.

Or I heard that it was the Bush Admin, so yes, both sides like to sling the mud.

Here's the reasons that term limits work. Lobbyists know that they spend money on the senior congressmen/senators who are in the positions of power (because government loves to reward longevity vs productivity). The idea that the government can run with having many 'sides' get some $$ has been shown to be flawed by several countries. Canada, for one, is going away from that. When there are too many factions, nothing at all gets done.

We need to get back to the basics of government service is just that, service to help out all folks. If we had more and more people serve 6-12 years in some form of government for a small stipend, then we will see people in government who really want to help.

[alexey]

It seems that our political system has become a tug of war between different financial interests. It no longer serves the interests of the people.

[The Sisko]

I hear you bt. Here's the flip side of term limits. It often takes a new Congressman several years just to figure out where the restrooms are, let alone how things work inside the beltway. If you limit them to say, two terms they'll just be figuring things out when they're no longer able to run for office again. Who provides continuity and serves as a repository of institutional knowledge? Answer-the unelected bureaucrats. It's a recipe for a rump Congress that provides a facade of electoral power behind which rampant corruption would probably be pulling the real strings of power. It's not unlike the current system of purchased politicians but at least that's more or less out in the open.

Again, I'd prefer a system where everyone, multinational corp. or individual voter could express their wishes to their lawmaker--sans the massive differential influence of campaign contributions.

[deejaydana]

here's something on topic, if you care to read it:

http://www.thedailybeast.com/newsweek/2011/11/13/peter-schweizer-s-new-book-blasts-congressional-corruption.html?utm_medium=email&utm_source=newsletter&utm_campaign=in_newsweek&cid=newsletter%3Bemail%3Bin_newsweek&utm_term=Tina%20Brown%20List

[Hubbs]

I love how every president is "the most <insert something here> president in history"

Well, there have only been 44 of them, so if you wanted to get really technical, I bet that every president really is the most <something> president in history.

or I'm a monkey's uncle.

Grandpa, is that you? :pfft:

I hear you bt. Here's the flip side of term limits. It often takes a new Congressman several years just to figure out where the restrooms are, let alone how things work inside the beltway. If you limit them to say, two terms they'll just be figuring things out when they're no longer able to run for office again. Who provides continuity and serves as a repository of institutional knowledge? Answer-the unelected bureaucrats. It's a recipe for a rump Congress that provides a facade of electoral power behind which rampant corruption would probably be pulling the real strings of power. It's not unlike the current system of purchased politicians but at least that's more or less out in the open.

Again, I'd prefer a system where everyone, multinational corp. or individual voter could express their wishes to their lawmaker--sans the massive differential influence of campaign contributions.

I'm sorry, but this is an argument that's always peddled in the term limit discussion, and it's nothing but a giant pile of BS. Let's take something that that a fresh newbie on Capitol Hill wouldn't necessarily be expected to know anything about: F-22s. It doesn't take years to figure out how to tell the lawyer(s) on your staff to put together the language necessary for you to introduce a bill which will [increase/decrease] our order of F-22s by another dozen planes. It doesn't take years to figure out that as a member of Congress, you (in tandem with your fellow members) have to power to tell any member of the military or jet turbine engineer or representative of Lockheed Martin to show up on Capitol Hill and give you their expert opinion on F-22s. It doesn't take years to figure out how to try and turn up media pressure on other members of Congress if you have particularly strong feelings about [more/fewer] F-22s.

You know what it takes years to do? Catch up with the people who have already logged 30 of those years in Congress. It takes years to:

1) Develop the level of back-room influence necessary to significantly sway an entrenched group of career politicians who ultimately make most of their hard decisions in back-room talks with other members of their entrenched group

2) Figure out how the real things that will make any individual member of that entrenched group have second thoughts about a certain vote, because many of those things are meant to be kept hidden, because many of those things tend to be politically problematic when we're talking about someone who's been in Congress for so long that the list of "wink-wink-nudge-nudge" agreements made with influential people back home has grown too long to count

3) Become seen as important enough within the party for the people who are already important to care about what you think, which translates into caring about the bills you introduce

We've somehow developed this myth that if Americans elected 535 new people to represent them tomorrow, the result would be a complete disaster because these 535 people would lack the crucial element of not being the previous 535 people. Such a premise is inherently absurd. It identifies the fact that there are "unwritten rules" in Washington without identifying the fact that those rules are written by the very people who would suffer the most if we hard Congressional term limits.

[nonniey]

---------- Post added November-15th-2011 at 07:24 AM ----------

[/color]

No bid billion dollar contracts

Contracting out our Federal workforce

Yeah, the GOP are innocent.

Why can't we for once get one of these things that ISN'T politically motivated!?!?!

Who is claiming the GOP is innocent? Certainly not this author/investigator.

[Thiebear]

How many years did i say we needed a seperate "Ethics Committee".

When was the LAST TIME you heard the team ethics committee by the way? they are doing fake mockups for protest arrests and fundraising that will get a memorandum of concern.

You have to have 1 committee per branch holding the members feet to the fire, they obviously can't be trusted to self regulate. And they laugh when you say that about corporations.

71% seems to be straight out payments though... the most transparant administration has been tightening down for the last couple years.

[SnyderShrugged]

If so many are upset at stuff like this (myself included) why is there such little support for candidates that will actually address the problem?

[Madison Redskin]

Did anyone catch the 60 minutes episode on Sunday about members of Congress getting special privileges to participate in IPOs, trading on information made available to them on the Hill, etc.? I don't often cite the Chinese judiciary system as a model to be emulated, but they know how to handle corrupt officials.

---------- Post added November-15th-2011 at 08:32 AM ----------

We've somehow developed this myth that if Americans elected 535 new people to represent them tomorrow, the result would be a complete disaster because these 535 people would lack the crucial element of not being the previous 535 people. Such a premise is inherently absurd. It identifies the fact that there are "unwritten rules" in Washington without identifying the fact that those rules are written by the very people who would suffer the most if we hard Congressional term limits.

I was a staunch supporter of term limits ... until the Tea Party freshmen came along and nearly put our country in default. Now, I have reservations about legislation that might have the effect of putting Larry the Cable Guy in charge of our country.