How much is too much for a hybrid?

Why can’t all hybrid’s look like this?

Fisker Karma

It’s so cool that it’s costing taxpayers oodles of dollars. It might only cost $100,000 to buy but it cost you, the tax payer, over $500 million in loans. That’s why Senators John Thune and Chuck Grassley have decided to step in.

A pair of Republican lawmakers has asked the U.S. Energy Department for information about a $529 million federal loan to Fisker Automotive Corp. designed to help the troubled automaker develop advanced-technology vehicles…

?There seems to be a troubling pattern developing at the Department of Energy when it comes to providing taxpayer-backed government loans to private companies,? Thune said in a statement. ?Taxpayers have a right to know why their hard-earned money was used in part to back the production of luxury automobiles overseas, especially in a manner that might not have undergone proper review.?…

Fisker Automotive, an Anaheim, Calif., maker of plug-in hybrid electric sports cars, was awarded a $529 million loan by the Obama administration to promote development of advanced-technology vehicles, but the company was prohibited from using more of the loan earlier this year after it experienced sales and production delays for its first car, the $100,000 Fisker Karma. To date, the government has estimated Fisker has drawn down less than $200 million of the loan.

Is there such a thing as crony socialism? Because if there is, the Obama administration fits the bill for it. And for any of you who roll your eyes at the word socialist, then you should at least start admitting that he is in the business of picking winners and losers, and for the most part he picks losers that need to be endlessly propped up by the tax payers.

Fisker Karma

What a shame to see that something this amazing had to cost tax payers so much money, especially when it is priced way out of the price range of most consumers.

Don’t worry though. Without the Obama administration propping up this company, Justin Bieber’s birthday wouldn’t have been nearly as special.

9 Replies to “How much is too much for a hybrid?”

  1. Anonymous

    Thune was for these types of things before he was against them. Remember Thune’s DM&E proposal that earned him a “porker of the year” award? And who could forget the wall street bailout? When there’s a Republican President Thune likes it. When there’s a Democratic President Thune doesn’t like it. Typical. Predictable. That said, this time it looks like he’s right. He can’t always be wrong – just usually.

  2. oldguy

    So if Thune is sooooo bad why didn’t the dems run somebody against him? Better yet why didn’t you, Anonymous, run.

  3. Clay Bill

    Since Thune is getting his undies in a knot over a $500 million loan, I’m sure he complained loudly when this news broke years ago … didn’t he???

    “Under the Bush Administration, the ?shadow government? of private companies working under federal contract has exploded in size. Between 2000 and 2005, procurement spending increased by over $175 billion dollars, making federal contracts the fastest growing component of federal discretionary spending.

    This growth in federal procurement has enriched private contractors. But it has also come at a steep cost for federal taxpayers. Overcharging has been frequent, and billions of dollars of taxpayer money have been squandered.

    At the request of Rep. Henry A. Waxman, this report is the first comprehensive assessment of federal contracting under the Bush Administration. The report reaches three primary conclusions:

    Procurement Spending Is Accelerating Rapidly. Between 2000 and 2005, procurement spending rose by 86% to $377.5 billion annually. Spending on federal contracts grew over twice as fast as other discretionary federal spending. Under President Bush, the federal government is now spending nearly 40 cents of every discretionary dollar on contracts with private companies, a record level.
    Contract Mismanagement Is Widespread. The growth in federal contracts has been accompanied by pervasive mismanagement. Mistakes have been made in virtually every step of the contracting process: from pre-contract planning through contract award and oversight to recovery of contract overcharges.
    The Costs to the Taxpayer Are Enormous. The report identifies 118 federal contracts worth $745.5 billion that have been found by government officials to include significant waste, fraud, abuse, or mismanagement. Each of the Bush Administration?s three signature initiatives ? homeland security, the war and reconstruction in Iraq, and Hurricane Katrina recovery ? has been characterized by wasteful contract spending.
    There is no single reason for the rising waste, fraud, and abuse in federal contracting. Multiple causes ? including poor planning, noncompetitive awards, abuse of contract flexibilities, inadequate oversight, and corruption ? have all played a part. The problems are widespread, undermining such major initiatives as domestic spending on homeland security, the rebuilding of Iraq, and the recovery from Hurricane Katrina.”

    And the Obama Administration approves a $500 million loan to a car company. Oh, the horror!

    1. duggersd

      One of the reasons I am not a Republican is during the Bush years, I could not tell the difference from them and the Democrats. The main reason I am not a Democrat is I do not believe it is right to take money from one person and give it to another.
      I would like to find a politician who spends tax money as if it were his/her own money. Most of the examples you give here has to do with contractors offering services or goods to the US government. The problem with things like the Fisker and Solyndra scandals and others is the government is giving money to a company and not insisting on a result. At least those other ones expected something in return besides votes.

    1. duggersd

      I bet one of those would be cool, but I also bet the ability to get replacement parts is almost impossible. But it does look cool.

  4. Anonymous

    How come Thune hasnt signed on to Johnson bill to cut farm subsidies.Evidently Thune he forgets about the trillion dollar bailout for the banks and hold those accountable, nice try Thune .You can fool some but not all of us, again do asIsay not as I do.