Wednesday, November 9, 2011

Geitner Gives Cheap $$$ to Ford, Tesla, & Nissan

In the age-old game of "follow the money," it's always interesting to see where government is spending our hard-earned (or expensively borrowed) cash. Over at Business Insider, Bruce Krasting has invited us to take a look at who is getting cheap money from the government.

As of September 30, 2011, the Federal Financing Bank, which is owned by the U.S. Treasury and operated by Tim Geitner, had lent, sold, or guaranteed $58 billion to business enterprises.

This past September, the bank made loans of money that U.S. taxpayers can expect never to see again, from a hefty $1.5 billion to the U.S. Postal Service (that will be broke by summer) to a piddling (by federal standards) $214 thousand to Beacon Power Corporation (they are already bankrupt).

Don't let the size of those numbers fool you though. The U.S. Postal Service owes the American people a total of $13 billion, and Beacon Power (another green whitewash by the Obama administration) owes a us a total of $40 million. Kiss all of that good-bye. Various and sundry solar companies, over time, have racked up bills totaling $4.9 billion, about a quarter of which is already toast.

But lookee here:
  • Ford Motor Company got $364.5 million in long-term loans at 1.4% interest. In just the month of September.
  • Tesla Motors got 90.8 million in long-term loans at 1% interest and 1.4% interest. That's not their first gov't loan, of course.
  • Nissan North America got $33.6 million in long-term loans at 1% interest, 1.8% interest, and 2.5% interest. Nissan gets your money without ever having sold you a car?
A couple of years ago, so much money was transferred from the public coffers to General Motors that it earned the new moniker, Government Motors. Around the same time, half a billion in taxpayer dollars went to Fisker Automotive to build electric cars in Finland. That's also when Tesla Motors was approved for almost half a billion dollars in federal loans on an "as needed" basis.

For the Obama administration's extension of their tentacles into the automobile industry, it looks like GM, Tesla, and Fisker were just a start.


  1. and the libs give him a free pass over and over..Grrrrrrrrrrrrrrrrr!! Have a blessed week my friend.:)

  2. Hmm. This is interesting. Most people don't know that the Ford Foundation, begun by anti-semite Henry Ford, has done more to destroy American culture than any other group.

    I don't think the Obama administration is completely behind this. It's definitely part of the new feudalism Carrol Quigley spoke of.

  3. @Woman -- Free passes, free $$$. What's not to like about being a Democrat?

    @mother -- Yes, the Ford Foundation & other big foundations are constantly cooking up new brands of social "engineering," and they don't ever stop to analyze how their so-called "engineering" is working out. If they did, they'd find out that they're not at all competent engineers and that their constructs are built on sand, sometimes quicksand.

    I haven't read Quigley, but to me this sure smells like "Garbage Can" decision making (Cohen, March, Olsen) in which the solution is determined before it's associated "problem" is discovered. My take: In this case, the solution of spreading the wealth around to create a Democrat oligarchy was determined long before CO2 became the problem needing to be solved by federally subsidizing battery-operated automobiles.