Tag Archives: bankruptcy



The revelations in Chapter 6 of Radical-in-Chief would be devastating to Obama’s chances of re-election if those revelations were better known.

Spending the nation into bankruptcy may be just overzealousness on the President’s part.  It is, however, totally consistent with a strategy promoted among hard core socialists in the community from which Barack Obama emerged.  Socialist scholar Peter Dreier advocates driving the United States into insolvency as a plan.  Others put it forth as one alternative in a win-win situation.  You pile on the social programs and entitlements until you either have a socialist nation or an insolvent one.  In either case you win because in the latter case, capitalism takes the hit as a failure leaving socialism to proclaim itself to be the cure.

In either case America would be transformed into something it has never been.  And that is exactly what Obama said was his goal.  Our first part of the Chapter 6 review will be published on Sunday.



Fifty thousand dollars is a lot of money for one man to contribute to a candidate’s campaign fund.  But it is money well spent if it helps you get half of a billion dollars in stimulus money to develop a company you are promoting.

Solyndra was the poster child for Barack Obama’s Green Energy Stimulus program.  In May of last year the President splashed across the news with great fanfare and with great pride as he told the nation this was his move to save the planet and create brand new jobs.  Now, less than 16 months later, the company is bankrupt and 1,100 workers were suddenly thrown out of work with no advance notice.  Furthermore, It looks like the taxpayers will be out $535,000,000.

Rich Lowry reports

In a visit to Solyndra in May 2010, President Obama called it “a testament to American ingenuity and dynamism.” He all but redefined the traditional statement of Americanness to encompass motherhood, apple pie, and the conversion of sunlight into electricity through cylindrical thin-film solar cells, the specialty of Solyndra.

Obama and Biden were literally invested in Solyndra’s success. The company got a half-billion-dollar federal loan guarantee, the first in a highly vaunted Department of Energy green-jobs program, as part of the stimulus. This was supposed to be the new economic model: government and its favored industries cooperating to lead the country into a green, politically approved recovery.

What can you expect from a business plan to make little solar panels at a cost of $6.29 per energy unit, get a government subsidy to cover half the cost, and then offer the product for sale at $3.24 in a market where the competition is selling it for $1.75?  It gets worse.  Solyndra is backed by one of Obama’s key fundraisers, George Kaiser of Tulsa, Oklahoma.  Rich Lowry says this is Obama’s Enron, Power Line blog likens it to the Keating Savings and Loan political scandal.

From the Washington Post via American Thinker

Energy and Commerce Committee Chairman Fred Upton (R-Mich.) and Cliff Stearns (R-Fla.), chairman of the oversight and investigations subcommittee, wrote to the White House, “We have learned from our investigation that White House officials monitored Solyndra’s application, and communicated with DOE and Office of Management and Budget (OMB) officials. Documents received by the Committee also show that DOE and OMB officials were aware of the White House’s interest in the Solyndra loan guarantee.”

Solyndra’s shuttering has also raised concerns about the status of tens of billions the Obama administration has invested in other renewable-energy companies.

There is one difference between Keating or Enron and Solyndra; the press is not likely to run hard with the Solyndra affair.


Have you ever wondered what happens when a nation goes bankrupt? There is no bankruptcy court for nations. A country cannot just fade away into non-existence as can a corporation. Merger is not a way out either.

A look at the country of Greece and at the city of Oakland, California will give us a clue. Neither is quite bankrupt but both are on the verge. In Greece riots over reduction in spending have already killed a few people. In Oakland the police chief threatens not to respond to telephone calls in cases of burglary, grand theft, vandalism or auto accidents, and a list of certain other offenses. This is no doubt a threat for political purposes, but it gives us a hint as to what can happen when a government entity truly cannot pay their bills.

Policemen, firemen and teachers, will they continue to work if they are not paid? They will not and chaos is the result. Sporadic riots and looting erupt. Some people die. If the nation is one with a single payer* health plan and can no longer pay its bills, everyone’s health care is in curtailed. Radical change in government becomes acceptable, even sought for by the people.

The change can take a turn to conservative rule such as happened in Chile, or it can be reliance on the grand promises of a despot as happened in Germany. It can revert to prosperity as have Chile and Germany, or continue to meander somewhere between mediocrity and misery such as was the case for the people of the Soviet Union and its satellites. These are the inevitable ends for nations that continue to spend beyond their means, right  into insolvency. Obama is accelerating our descent into this pit. He can be stopped. He must be stopped.

Bob B

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*propagandic – for fully government paid and controlled

UPDATE July 16
Philadelphia Mayor calls for closure of firehouses.