Obama's Green Energy Scam - $3.9 Billion To Well Connected Obama Donors

If even the Washington Post is finally forced to report on this, you know it's bad. Solyndra was by no means the only instance of Chicago-style graft in the White House.

Sanjay Wagle was a venture capitalist and Barack Obama fundraiser in 2008, rallying support through a group he headed known as Clean Tech for Obama.

Shortly after Obama’s election, he left his California firm to join the Energy Department, just as the administration embarked on a massive program to stimulate the economy with federal investments in clean-technology firms.

Following an enduring Washington tradition, Wagle shifted from the private sector, where his firm hoped to profit from federal investments, to an insider’s seat in the administration’s $80 billion clean-energy investment program.

He was one of several players in venture capital, which was providing financial backing to start-up clean-tech companies, who moved into the Energy Department at a time when the agency was seeking outside expertise in the field. At the same time, their industry had a huge stake in decisions about which companies would receive government loans, grants and support.

During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagle’s former firm, Vantage Point Venture Partners, had invested, a Washington Post analysis found. Overall, the Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.

Obama’s program to invest federal funds in start-up companies — and the failure of some of those companies — is becoming a rallying cry for opponents in the presidential race. Mitt Romney has promised to focus on Obama’s “record” as a “venture capitalist.” And in ads and speeches, conservative groups and the Republican candidates are zeroing in on the administration’s decision to extend $535 million to the now-shuttered solar firm Solyndra and billions of dollars more to clean-tech start-ups backed by the president’s political allies.

And of course, some of the trails lead straight back to ...George Soros, who stands to make over $120 million dollars on stock he owns in Westport Innovations, a Canadian company that distributes now selling liquefied natural gas-powered engines manufactured in China. Kevin G. Douglas, Westport’s largest individual shareholder, has given more than $30,000 to Obama and the Democratic National Committee and both he and Soros stand to benefit hugely from a bill pushed by Obama and the Democrats ironically called - wait for it - the New Alternative Transportation to Give Americans Solutions Act. The bill will give tax credits to firms purchasing the Chinese-made engines to replace diesel and gasoline engines in their fleets, with most of them coming through the Canadian firm Westport.

Call it a Chicago-style coincidence.I'm sure the president does.

Obama's Green Energy Scam - $3.9 Billion To Well Connected Obama Donors

If even the Washington Post is finally forced to report on this, you know it's bad. Solyndra was by no means the only instance of Chicago-style graft in the White House.

Sanjay Wagle was a venture capitalist and Barack Obama fundraiser in 2008, rallying support through a group he headed known as Clean Tech for Obama.

Shortly after Obama’s election, he left his California firm to join the Energy Department, just as the administration embarked on a massive program to stimulate the economy with federal investments in clean-technology firms.

Following an enduring Washington tradition, Wagle shifted from the private sector, where his firm hoped to profit from federal investments, to an insider’s seat in the administration’s $80 billion clean-energy investment program.

He was one of several players in venture capital, which was providing financial backing to start-up clean-tech companies, who moved into the Energy Department at a time when the agency was seeking outside expertise in the field. At the same time, their industry had a huge stake in decisions about which companies would receive government loans, grants and support.

During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagle’s former firm, Vantage Point Venture Partners, had invested, a Washington Post analysis found. Overall, the Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.

Obama’s program to invest federal funds in start-up companies — and the failure of some of those companies — is becoming a rallying cry for opponents in the presidential race. Mitt Romney has promised to focus on Obama’s “record” as a “venture capitalist.” And in ads and speeches, conservative groups and the Republican candidates are zeroing in on the administration’s decision to extend $535 million to the now-shuttered solar firm Solyndra and billions of dollars more to clean-tech start-ups backed by the president’s political allies.

And of course, some of the trails lead straight back to ...George Soros, who stands to make over $120 million dollars on stock he owns in Westport Innovations, a Canadian company that distributes now selling liquefied natural gas-powered engines manufactured in China. Kevin G. Douglas, Westport’s largest individual shareholder, has given more than $30,000 to Obama and the Democratic National Committee and both he and Soros stand to benefit hugely from a bill pushed by Obama and the Democrats ironically called - wait for it - the New Alternative Transportation to Give Americans Solutions Act. The bill will give tax credits to firms purchasing the Chinese-made engines to replace diesel and gasoline engines in their fleets, with most of them coming through the Canadian firm Westport.

Call it a Chicago-style coincidence.I'm sure the president does.

Obama The Super Pac Hypocrite

Hat tip, Fabian at The Post West.

Obama The Super Pac Hypocrite

Hat tip, Fabian at The Post West.

MF Global's Jon Corzine Raises $500K For Obama

Well, at least we know now where some of that $ 1.2 billion in investor funds that's 'missing' went!

According the Barack Obama's 2012 campaign website, Jon Corzine of Hoboken, New Jersey raised at least $500,000 for the president's reelection effort.

Corzine, of course, has most recently been in the news for being on the wrong side of a $6.3 billion bet as head of MF Global. "MF Global filed for bankruptcy on October 31, after $6.3 billion in risky bets on European sovereign debt spooked investors and an effort to sell the company failed," Reuters reported. "Investigators are searching for as much as $1.2 billion in missing customer money, which regulators said the company may have diverted for its own needs."

Later, Corzine admitted he could not account for the $1.2 billion.

Ah the sweet smell of The Chicago Way..if the president gets re-elected, any bets out there on how soon Jon Corzine gets a pardon if he ends up being convicted?

MF Global's Jon Corzine Raises $500K For Obama

Well, at least we know now where some of that $ 1.2 billion in investor funds that's 'missing' went!

According the Barack Obama's 2012 campaign website, Jon Corzine of Hoboken, New Jersey raised at least $500,000 for the president's reelection effort.

Corzine, of course, has most recently been in the news for being on the wrong side of a $6.3 billion bet as head of MF Global. "MF Global filed for bankruptcy on October 31, after $6.3 billion in risky bets on European sovereign debt spooked investors and an effort to sell the company failed," Reuters reported. "Investigators are searching for as much as $1.2 billion in missing customer money, which regulators said the company may have diverted for its own needs."

Later, Corzine admitted he could not account for the $1.2 billion.

Ah the sweet smell of The Chicago Way..if the president gets re-elected, any bets out there on how soon Jon Corzine gets a pardon if he ends up being convicted?

A Song Of Corruption In Washington - How Crony Capitalism Really Works

Here's an interview by Glenn Beck with my friend Peter Schweizer on his hot new book, Throw Them All Out, a brilliant expose of how the Obama Administration raped the American Treasury out of billions to reward Obama campaign donors and bundlers via 'green energy' scams. Like Solyndra, and Robert Kennedy Jr.'s Brightsource

The book also details how corrupt congress members use their knowledge of pending legislation to do insider stock trading that would be illegal for private individuals, and use their influential positions on various committees to milk campaign contributions and get access to the inside track on Initial Public offerings ( IPO's ) of hot stocks worth millions not accessable to the general public or even many stockbrokers.

Ex-Speaker Nancy Pelosi is a good case in point. Others include Senator Diane Feinstein ( D-CA), our old pal Senator John Kerry ( D-MA), and of course Rep. Charlie Rangel.

Nor is it just Democrats, although they're by far the most prominent, especially since President Obama took over. At Schweizer relates above, an influential GOP Congressman who was ranking member of a key committee during the 2008 financial crisis was actually using sensitive information to short specific stocks - in essence, he had a financial interest in the US economy declining.

This sort of obscene plundering of the taxpayers is business as usual in Washington, and those whom realize it sometimes form an interesting political juxtaposition...like former Alaska Governor Sarah Palin and Left leaning WAPO columnist Dana Milbank, both of whom have items up on the subject you should take the time to read.

If the OWS crowd had the brains G-d gave a goat, they wouldn't be occupying Wall Street - they'd be occupying Congress, and stalking President Obama at his fundraisers.

(hat tip to longtime Joshua's Army member Louie Louie for the video)

please donate...it helps me write more gooder!

A Song Of Corruption In Washington - How Crony Capitalism Really Works

Here's an interview by Glenn Beck with my friend Peter Schweizer on his hot new book, Throw Them All Out, a brilliant expose of how the Obama Administration raped the American Treasury out of billions to reward Obama campaign donors and bundlers via 'green energy' scams. Like Solyndra, and Robert Kennedy Jr.'s Brightsource

The book also details how corrupt congress members use their knowledge of pending legislation to do insider stock trading that would be illegal for private individuals, and use their influential positions on various committees to milk campaign contributions and get access to the inside track on Initial Public offerings ( IPO's ) of hot stocks worth millions not accessable to the general public or even many stockbrokers.

Ex-Speaker Nancy Pelosi is a good case in point. Others include Senator Diane Feinstein ( D-CA), our old pal Senator John Kerry ( D-MA), and of course Rep. Charlie Rangel.

Nor is it just Democrats, although they're by far the most prominent, especially since President Obama took over. At Schweizer relates above, an influential GOP Congressman who was ranking member of a key committee during the 2008 financial crisis was actually using sensitive information to short specific stocks - in essence, he had a financial interest in the US economy declining.

This sort of obscene plundering of the taxpayers is business as usual in Washington, and those whom realize it sometimes form an interesting political juxtaposition...like former Alaska Governor Sarah Palin and Left leaning WAPO columnist Dana Milbank, both of whom have items up on the subject you should take the time to read.

If the OWS crowd had the brains G-d gave a goat, they wouldn't be occupying Wall Street - they'd be occupying Congress, and stalking President Obama at his fundraisers.

(hat tip to longtime Joshua's Army member Louie Louie for the video)

please donate...it helps me write more gooder!

Solyndra - Obama Administration Asked Company To Postpone Layoffs Until After Midterms

Some evidence surfaced today that showed that Solyndra, one of the Obama Administrations Green Energy scams that saw Obama's donors and bundlers getting loans with little or no oversight was 'asked' by the Adminstration not to announce planned layoffs until after the 2010 midterm elections.

The Obama administration urged officers of the struggling solar company Solyndra to postpone announcing planned layoffs until after the November 2010 midterm elections, newly released e-mails show.

Solyndra, the now-shuttered California company, had been a poster child of President Obama’s initiative to invest in clean energies and received the administration’s first energy loan of $535 million. But a year ago, in October 2010, the solar panel manufacturer was quickly running out of money and had warned the Energy Department it would need emergency cash to avoid having to shut down.

The new e-mails about the layoff announcement were released Tuesday morning as part of a House Energy and Commerce committee memo, provided in advance of Energy Secretary Steven Chu’s scheduled testimony before the investigative committee Thursday.

Solyndra’s chief executive warned the Energy Department on Oct. 25, 2010, that he intended to announce worker layoffs Oct. 28. He said he was spurred by numerous calls from reporters and potential investors about rumors the firm was in financial trouble and was planning to lay off workers and close one of its two plants.

But in an Oct. 30, 2010, e-mail, advisers to Solyndra’s primary investor, Argonaut Equity, explain that the Energy Department had strongly urged the company to put off the layoff announcement until Nov. 3. The midterm elections were held Nov. 2, and led to Republicans taking control of the U.S. House of Representatives.

“DOE continues to be cooperative and have indicated that they will fund the November draw on our loan (app. $40 million) but have not committed to December yet,” a Solyndra investor adviser wrote Oct. 30. “They did push very hard for us to hold our announcement of the consolidation to employees and vendors to Nov. 3rd – oddly they didn’t give a reason for that date.”

Hmmm..they couldn't figure out that the quid pro quo had something to do with the upcoming election? Oh, my sides!

In any event, Solyndra made the announcement as asked, on Nov. 3, 2010 that would lay off 40 workers and 150 contractors and shut down its Fab 1 factory. Just as a coincidence, the Obama Department of Energy agreed to continue giving Solyndra the installments of its federal loan even though the company was in default of the terms, and restructured the loan in February to give the investors a chance to recover the $75 million in new money they put into the company before taxpayers would be repaid.

What a coincidence, eh?

Not only that,but other e-mails that have surfaced show that Rahm Emmanuel was in this up to his neck.

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Solyndra - Obama Administration Asked Company To Postpone Layoffs Until After Midterms

Some evidence surfaced today that showed that Solyndra, one of the Obama Administrations Green Energy scams that saw Obama's donors and bundlers getting loans with little or no oversight was 'asked' by the Adminstration not to announce planned layoffs until after the 2010 midterm elections.

The Obama administration urged officers of the struggling solar company Solyndra to postpone announcing planned layoffs until after the November 2010 midterm elections, newly released e-mails show.

Solyndra, the now-shuttered California company, had been a poster child of President Obama’s initiative to invest in clean energies and received the administration’s first energy loan of $535 million. But a year ago, in October 2010, the solar panel manufacturer was quickly running out of money and had warned the Energy Department it would need emergency cash to avoid having to shut down.

The new e-mails about the layoff announcement were released Tuesday morning as part of a House Energy and Commerce committee memo, provided in advance of Energy Secretary Steven Chu’s scheduled testimony before the investigative committee Thursday.

Solyndra’s chief executive warned the Energy Department on Oct. 25, 2010, that he intended to announce worker layoffs Oct. 28. He said he was spurred by numerous calls from reporters and potential investors about rumors the firm was in financial trouble and was planning to lay off workers and close one of its two plants.

But in an Oct. 30, 2010, e-mail, advisers to Solyndra’s primary investor, Argonaut Equity, explain that the Energy Department had strongly urged the company to put off the layoff announcement until Nov. 3. The midterm elections were held Nov. 2, and led to Republicans taking control of the U.S. House of Representatives.

“DOE continues to be cooperative and have indicated that they will fund the November draw on our loan (app. $40 million) but have not committed to December yet,” a Solyndra investor adviser wrote Oct. 30. “They did push very hard for us to hold our announcement of the consolidation to employees and vendors to Nov. 3rd – oddly they didn’t give a reason for that date.”

Hmmm..they couldn't figure out that the quid pro quo had something to do with the upcoming election? Oh, my sides!

In any event, Solyndra made the announcement as asked, on Nov. 3, 2010 that would lay off 40 workers and 150 contractors and shut down its Fab 1 factory. Just as a coincidence, the Obama Department of Energy agreed to continue giving Solyndra the installments of its federal loan even though the company was in default of the terms, and restructured the loan in February to give the investors a chance to recover the $75 million in new money they put into the company before taxpayers would be repaid.

What a coincidence, eh?

Not only that,but other e-mails that have surfaced show that Rahm Emmanuel was in this up to his neck.

please donate...it helps me write more gooder!

An Excellent Read On How Obama Donors Got Rewarded With 'Green' Grants and Loans

My good friend Peter Schweizer's latest book, Throw Them All Out is up and running and it's an excellent expose' of crony capitalism DC- style. Here's an excerpt that details exactly how the Obama Administration raped the American Treasury out of billions to reward Obama campaign donors and bundlers via 'green energy' scams:

When President-elect Obama came to Washington in late 2008, he was outspoken about the need for an economic stimulus to revive a struggling economy. He wanted billions of dollars spent on “shovel-ready projects” to build roads; billions more for developing alternative-energy projects; and additional billions for expanding broadband Internet access and creating a “smart grid” for energy consumption. After he was sworn in as president, he proclaimed that taxpayer money would assuredly not be doled out to political friends. “Decisions about how Recovery Act dollars are spent will be based on the merits,” he said, referring to the American Recovery and Reinvestment Act of 2009. “Let me repeat that: decisions about how recovery money will be spent will be based on the merits. They will not be made as a way of doing favors for lobbyists.”

Really?

It would take an entire book to analyze every single grant and government-backed loan doled out since Barack Obama became president. But an examination of grants and guaranteed loans offered by just one stimulus program run by the Department of Energy, for alternative-energy projects, is stunning. The so-called 1705 Loan Guarantee Program and the 1603 Grant Program channeled billions of dollars to all sorts of energy companies. The grants were earmarked for alternative-fuel and green-power projects, so it would not be a surprise to learn that those industries were led by liberals. Furthermore, these were highly competitive grant and loan programs—not usually a hallmark of cronyism. Often fewer than 10 percent of applicants were deemed worthy.

Nevertheless, a large proportion of the winners were companies with Obama-campaign connections. Indeed, at least 10 members of Obama’s finance committee and more than a dozen of his campaign bundlers were big winners in getting your money. At the same time, several politicians who supported Obama managed to strike gold by launching alternative-energy companies and obtaining grants. How much did they get? According to the Department of Energy’s own numbers ... a lot. In the 1705 government-backed-loan program, for example, $16.4 billion of the $20.5 billion in loans granted as of Sept. 15 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. The grant and guaranteed-loan recipients were early backers of Obama before he ran for president, people who continued to give to his campaigns and exclusively to the Democratic Party in the years leading up to 2008. Their political largesse is probably the best investment they ever made in alternative energy. It brought them returns many times over.

These government grants and loan guarantees not only provided access to taxpayer capital. They also served as a seal of approval from the federal government. Taxpayer money creates what investors call a “halo effect,” in which a young, unprofitable company is suddenly seen to have a glowing future. The plan is simple. Invest some money, secure taxpayer grants and loans, go public, and then cash out. In just one small example, a company called Amyris Biotechnologies received a $24 million DOE grant to build a pilot plant to use altered yeast to turn sugar into hydrocarbons. The investors included several Obama bundlers and fundraisers. With federal money in hand, Amyris went public with an IPO the following year, raising $85 million. Kleiner Perkins, a firm that boasts Obama financier John Doerr and former vice president Al Gore as partners, found its $16 million investment was now worth $69 million. It’s not clear how the other investors did. Amyris continues to lose money. Meanwhile, the $24 million grant created 40 jobs, according to the government website recovery.gov.

One might think that the Department of Energy’s Loan Program Office, which has doled out billions in taxpayer-guaranteed loans, would be directed by a dedicated scientist or engineer. Or perhaps a civil servant with considerable financial knowledge. Instead, the 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. Steve Spinner, who served on the Obama campaign’s National Finance Committee and was a bundler himself, was the campaign’s “liaison to Silicon Valley.” His responsibilities included fundraising, recruiting more bundlers, and managing Obama’s relationship with a cadre of very wealthy donors. After the 2008 campaign, Spinner joined the Department of Energy as the “chief strategic operations officer” for the loan programs. A lot of the money he helped hand out went to that same cadre of wealthy Silicon Valley campaign donors. He also sat on the White House Business Council, which is made up of Obama-supporting corporate executives.

More of the excerpt here.

please donate...it helps me write more gooder!

An Excellent Read On How Obama Donors Got Rewarded With 'Green' Grants and Loans

My good friend Peter Schweizer's latest book, Throw Them All Out is up and running and it's an excellent expose' of crony capitalism DC- style. Here's an excerpt that details exactly how the Obama Administration raped the American Treasury out of billions to reward Obama campaign donors and bundlers via 'green energy' scams:

When President-elect Obama came to Washington in late 2008, he was outspoken about the need for an economic stimulus to revive a struggling economy. He wanted billions of dollars spent on “shovel-ready projects” to build roads; billions more for developing alternative-energy projects; and additional billions for expanding broadband Internet access and creating a “smart grid” for energy consumption. After he was sworn in as president, he proclaimed that taxpayer money would assuredly not be doled out to political friends. “Decisions about how Recovery Act dollars are spent will be based on the merits,” he said, referring to the American Recovery and Reinvestment Act of 2009. “Let me repeat that: decisions about how recovery money will be spent will be based on the merits. They will not be made as a way of doing favors for lobbyists.”

Really?

It would take an entire book to analyze every single grant and government-backed loan doled out since Barack Obama became president. But an examination of grants and guaranteed loans offered by just one stimulus program run by the Department of Energy, for alternative-energy projects, is stunning. The so-called 1705 Loan Guarantee Program and the 1603 Grant Program channeled billions of dollars to all sorts of energy companies. The grants were earmarked for alternative-fuel and green-power projects, so it would not be a surprise to learn that those industries were led by liberals. Furthermore, these were highly competitive grant and loan programs—not usually a hallmark of cronyism. Often fewer than 10 percent of applicants were deemed worthy.

Nevertheless, a large proportion of the winners were companies with Obama-campaign connections. Indeed, at least 10 members of Obama’s finance committee and more than a dozen of his campaign bundlers were big winners in getting your money. At the same time, several politicians who supported Obama managed to strike gold by launching alternative-energy companies and obtaining grants. How much did they get? According to the Department of Energy’s own numbers ... a lot. In the 1705 government-backed-loan program, for example, $16.4 billion of the $20.5 billion in loans granted as of Sept. 15 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. The grant and guaranteed-loan recipients were early backers of Obama before he ran for president, people who continued to give to his campaigns and exclusively to the Democratic Party in the years leading up to 2008. Their political largesse is probably the best investment they ever made in alternative energy. It brought them returns many times over.

These government grants and loan guarantees not only provided access to taxpayer capital. They also served as a seal of approval from the federal government. Taxpayer money creates what investors call a “halo effect,” in which a young, unprofitable company is suddenly seen to have a glowing future. The plan is simple. Invest some money, secure taxpayer grants and loans, go public, and then cash out. In just one small example, a company called Amyris Biotechnologies received a $24 million DOE grant to build a pilot plant to use altered yeast to turn sugar into hydrocarbons. The investors included several Obama bundlers and fundraisers. With federal money in hand, Amyris went public with an IPO the following year, raising $85 million. Kleiner Perkins, a firm that boasts Obama financier John Doerr and former vice president Al Gore as partners, found its $16 million investment was now worth $69 million. It’s not clear how the other investors did. Amyris continues to lose money. Meanwhile, the $24 million grant created 40 jobs, according to the government website recovery.gov.

One might think that the Department of Energy’s Loan Program Office, which has doled out billions in taxpayer-guaranteed loans, would be directed by a dedicated scientist or engineer. Or perhaps a civil servant with considerable financial knowledge. Instead, the 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. Steve Spinner, who served on the Obama campaign’s National Finance Committee and was a bundler himself, was the campaign’s “liaison to Silicon Valley.” His responsibilities included fundraising, recruiting more bundlers, and managing Obama’s relationship with a cadre of very wealthy donors. After the 2008 campaign, Spinner joined the Department of Energy as the “chief strategic operations officer” for the loan programs. A lot of the money he helped hand out went to that same cadre of wealthy Silicon Valley campaign donors. He also sat on the White House Business Council, which is made up of Obama-supporting corporate executives.

More of the excerpt here.

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President Obama's Latest Horror - A Trillion Dollar Timebomb For America's Economy

President Obama has just enacted his latest raid on the American treasury. It's designed to benefit the president by pandering to the student vote at the expense of the American taxpayer.

President Obama has announced that he intends to issue an executive order for the federal government to reduce student loan payments to 10 % of a borrower's income above the poverty line, and for total debt forgiveness after 20 years, regardless of the outstanding balance.

"We're just going to do this by ourselves. We can't wait for Congress, we're just going to act," said Education Secretary Arne Duncan on CNN.

And of course, the president is putting this out there at universities all over the country.

To see how insidious this really is, let's take a look at how this works in the real world. Let's say Jane Jones borrows $150,000 to obtain a liberal arts undergraduate degree at your typical university. Her repayment is based on what she earns, if anything. Let's say Jane gets a job as a community organizer at $30,000 per year. Factor out the $10,800 for a single person under the federal poverty guidelines and her total annual repayment is $1,600 per year, or only $133.33 per month.

Twenty years later, she's only repaid $32,000 on her loan. And the balance? it doesn't 'dissolve' as the Obama Administration's rhetoric suggests. It gets picked up by the rest of us and gets added to the national debt.

Yes, fellow citizens. If some of the people the president and his minions feel are more deserving than you are want to go to academia for a 4-year funfest and pick up an overpriced diploma in ethnic or womyn's studies, you and your children are footing the bill.

The tenured radicals installed in the university system working to destroy America one mind at a time always had their six-figure lifestyles subsidized by the rest of us, but the bill just increased a hundred fold.

This is by no means small change. Americans currently owe over $1 trillion in college debt, and some 1.6 million have subsidized student loans, which Obama had the federal government take over in 2009.

Now that it's essentially going to be a free ride, that $1 trillion is going to look like pocket money.

College costs have increased nearly 600 percent since 1980, far ahead of inflation and price increases on cars, homes, and medical care. But for some strange reason, no one is suggesting cutting tuition, limiting tenure, creating alternative programs like apprenticeships, eliminating programs of dubious value or other steps that could make college more affordable. Instead, this president is inflating yet another bubble, since more money directed at the same commodity means schools can increase their prices, based on the 'bigger fool' theory that worked so well when it came to real estate. Remember how people bought homes at inflated prices they couldn't afford because they were always going to appreciate and they could always flip them for a profit in a few months? Remember how realtors always told people that now was the time to buy, before prices went up again?

President Obama is doing exactly the same thing here. He's deliberately setting another time bomb for the economy and creating another megabucks unfunded entitlement for the sole purpose of trying to slither back into office for another four years.When it explodes, he'll be long gone and away from the scene of the crime.

At least with real estate, the private sector was involved, or at least it was until the Obama Administration essentially took over the mortgage industry. Here, the debt bomb is already going to be absorbed via executive order without benefit of any congressional oversight, and it will increase to toxic levels as universities hyper-inflate their already obscene costs.

Ironically, the entire thing is a Ponzi scheme in reverse. The same students crying 'whoo hoo!' as they listen to President Hope n' Change haven't figured out that the small amount their loan payments are going to be lowered is going to be eclipsed by the increasing amount of taxes they'll have to pay to cover what the federal government eats in debt forgiveness, the increased cost of a college degree for their children, and the diminished employment opportunities as more and more economic activity is swallowed up by yet another unfunded federal mandate.

The idea of a sitting president deliberately doing something like this via executive order simply to benefit his own election prospects at the expense of the nation is something new here. But that's what we have.

Along with all the other episodes of this abysmally failed presidency, this latest horror makes it clear that not only does this president not deserve re-election, but that he was unworthy of his office to begin with.

As the ancient Greeks said, character is destiny.

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President Obama's Latest Horror - A Trillion Dollar Timebomb For America's Economy

President Obama has just enacted his latest raid on the American treasury. It's designed to benefit the president by pandering to the student vote at the expense of the American taxpayer.

President Obama has announced that he intends to issue an executive order for the federal government to reduce student loan payments to 10 % of a borrower's income above the poverty line, and for total debt forgiveness after 20 years, regardless of the outstanding balance.

"We're just going to do this by ourselves. We can't wait for Congress, we're just going to act," said Education Secretary Arne Duncan on CNN.

And of course, the president is putting this out there at universities all over the country.

To see how insidious this really is, let's take a look at how this works in the real world. Let's say Jane Jones borrows $150,000 to obtain a liberal arts undergraduate degree at your typical university. Her repayment is based on what she earns, if anything. Let's say Jane gets a job as a community organizer at $30,000 per year. Factor out the $10,800 for a single person under the federal poverty guidelines and her total annual repayment is $1,600 per year, or only $133.33 per month.

Twenty years later, she's only repaid $32,000 on her loan. And the balance? it doesn't 'dissolve' as the Obama Administration's rhetoric suggests. It gets picked up by the rest of us and gets added to the national debt.

Yes, fellow citizens. If some of the people the president and his minions feel are more deserving than you are want to go to academia for a 4-year funfest and pick up an overpriced diploma in ethnic or womyn's studies, you and your children are footing the bill.

The tenured radicals installed in the university system working to destroy America one mind at a time always had their six-figure lifestyles subsidized by the rest of us, but the bill just increased a hundred fold.

This is by no means small change. Americans currently owe over $1 trillion in college debt, and some 1.6 million have subsidized student loans, which Obama had the federal government take over in 2009.

Now that it's essentially going to be a free ride, that $1 trillion is going to look like pocket money.

College costs have increased nearly 600 percent since 1980, far ahead of inflation and price increases on cars, homes, and medical care. But for some strange reason, no one is suggesting cutting tuition, limiting tenure, creating alternative programs like apprenticeships, eliminating programs of dubious value or other steps that could make college more affordable. Instead, this president is inflating yet another bubble, since more money directed at the same commodity means schools can increase their prices, based on the 'bigger fool' theory that worked so well when it came to real estate. Remember how people bought homes at inflated prices they couldn't afford because they were always going to appreciate and they could always flip them for a profit in a few months? Remember how realtors always told people that now was the time to buy, before prices went up again?

President Obama is doing exactly the same thing here. He's deliberately setting another time bomb for the economy and creating another megabucks unfunded entitlement for the sole purpose of trying to slither back into office for another four years.When it explodes, he'll be long gone and away from the scene of the crime.

At least with real estate, the private sector was involved, or at least it was until the Obama Administration essentially took over the mortgage industry. Here, the debt bomb is already going to be absorbed via executive order without benefit of any congressional oversight, and it will increase to toxic levels as universities hyper-inflate their already obscene costs.

Ironically, the entire thing is a Ponzi scheme in reverse. The same students crying 'whoo hoo!' as they listen to President Hope n' Change haven't figured out that the small amount their loan payments are going to be lowered is going to be eclipsed by the increasing amount of taxes they'll have to pay to cover what the federal government eats in debt forgiveness, the increased cost of a college degree for their children, and the diminished employment opportunities as more and more economic activity is swallowed up by yet another unfunded federal mandate.

The idea of a sitting president deliberately doing something like this via executive order simply to benefit his own election prospects at the expense of the nation is something new here. But that's what we have.

Along with all the other episodes of this abysmally failed presidency, this latest horror makes it clear that not only does this president not deserve re-election, but that he was unworthy of his office to begin with.

As the ancient Greeks said, character is destiny.

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