PrintSeptember 26, 2009
Political Investments
A California based company making luxury electric cars just got half billion dollar loan from the federal government.
This from the Wall Street Journal:
A tiny car company backed by former Vice President Al Gore has just gotten a $529 million U.S. government loan to help build a hybrid sports car in Finland that will sell for about $89,000.
The award this week to California startup Fisker Automotive Inc. follows a $465 million government loan to Tesla Motors Inc., purveyors of a $109,000 British-built electric Roadster. Tesla is a California startup focusing on all-electric vehicles, with a number of celebrity endorsements that is backed by investors that have contributed to Democratic campaigns. (Emphasis added.)
The award this week to California startup Fisker Automotive Inc. follows a $465 million government loan to Tesla Motors Inc., purveyors of a $109,000 British-built electric Roadster. Tesla is a California startup focusing on all-electric vehicles, with a number of celebrity endorsements that is backed by investors that have contributed to Democratic campaigns. (Emphasis added.)
The big money loan shows that while politicians profess to make equitable, unbiased, “stand for the little-guy” economic decisions, they invariably use their power to pad the pockets of their political allies.
Elected leaders always want the public to focus on the merits of a given plan (be it “green” energy, rescuing the financial system, saving jobs, etc.), without regard to the precedent and power which such plans give to government. The transfer of power away from the people to the federal government far outweighs any perceived short term benefits that a government investment might have.
Once the power is in the hands of the government, they use it. Then we can find ourselves in the ridiculous situation of helping zillionares like Al Gore make money on an investment in cars that we will never have the means to buy.
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