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Another Obama Bankruptcy

Updated on January 27, 2012

How Many More?


Things usually don't go well after Obama touts something in his SOTU addresses. In 2010 he touted Solyndra and we now know where that ended up. It ended up leaving the US tax payer on the hook for a cool half a billion plus dollars. He has to keep the environmentalist happy and grinning you see. Just nix the Keystone pipeline and pursue things that aren't economically feasible is the Obama way. Our dependence of foreign oil is but a minor speed bump as he wags his tongue endlessly about pouring more of our tax dollars down the hole.

Ever heard of EnerDel? Actually you did during the latest iteration of a very boring SOTU address which was heavy on the campaign fluff and light on the substance. Ener1 is an Indiana based company which manufactures, or tries to anyway, these high speed batteries that Obama is banking our bucks on. Whatever happened to the marketplace determining who the winners and losers are? So he flashes his fantasy world at the nation and I suppose you know what happened shortly thereafter, yesterday in fact. Ener1 filed for bankruptcy in federal court.

So what is the link? It seems that the company received a $118.5 million Energy Department grant, not a loan guarantee which was the case with Solyndra, in the now infamous (lets waste almost a trillion dollars) stimulus bill which he has said has been so successful. That wasn't "government money," that was our money that again went down the green energy hole. Ener1 manufactures lithiun-ion batteries used in electric vehicles - think the Chevy Volt. The Volt has been a bit of a bust for Government Motors.

They are asking that the court allow an infusion of $81 million in private equity now to help it stay afloat. I'm surprised that they didn't didn't crawl on their knees back to Obama for more of our money. The initial $118.5 million should have come from private sources in the first place rather than out of the government purse. But what do I know being the capitalist that I am? Here's the spin an Energy Department spokesman put on this fiasco, “While it’s unfortunate that Ener1, the parent company, has entered a restructuring process, the new infusion of $80 million in private capital demonstrates that the technology has merit." Oh really? And there's a sucker born every minute these days too.

Here was Obama's spin on the pipe dream during the SOTU address, “In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries." Sure and did you know that pigs fly too? We'll run out of money, which we already have, before either of those things happen the way this is going. At the time of the grant here's how the spin was spun, "EnerDel said the grant would help the company double its production capacity and create 1,700 jobs." Well obviously that didn't happen. So what else is new?

My spin on all of this is that the federal government needs to get out of the business of trying to pick the winners and losers in the marketplace, particularly this marketplace. These Bozos can't even pass a budget much less run a business. I'm tired of watching the tax payer's hard earned dollars being used at the craps tables. I'm sure that Obama will get pummeled, and a well deserved pummeling it will be, over this latest fiasco. Such is the case with Solyndra and there are more companies lined up with one foot in the grave and one on the banana peel who received either grants or loan guarantees from the Stimupork Bill. Political paybacks always cost us dearly in the end. Just bend over and say "AHHHH" US tax payers.

Pay attention now folks to this advice. Remember the other company he touted? That would be Masterlock. My advice is that if you have any stake in that company - SELL! After all, Obama did beam when he yammered on about the high productivity of its unionized work force. I betcha dollars to donuts that China can make a lock just as efficient without the union label.

As Always,

The Frog Prince

Nuff Said?


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    • WillStarr profile image

      WillStarr 5 years ago from Phoenix, Arizona

      Three more 'green energy' companies funded by the Obama stimulus went belly-up just last week!

      Can you imagine the outcry had a Republican president done such a thing?

    • drbj profile image

      drbj and sherry 5 years ago from south Florida

      I've said it before and I'll say it again, Frog. The best thing about America is that anyone can be President.

      The worst thing about America is ... that anyone can be President.

      Enough is enough. Take the government out of the marketplace where it never belonged in the first place!

    • The Frog Prince profile image

      The Frog Prince 5 years ago from Arlington, TX

      Stu - Lets distinguish between the feds "investing" and a crap shoot. To Obama "investment" means spending. The new Washington DC lingo for wasting our tax money.

      Naomi - Don't count on it unless you can pony up some big bucks into his war chest. Or are you already a member of "His Dollars Fro Friends" Club?

      The Frog

    • profile image

      Naomi's Banner 5 years ago

      This gives me hope that maybe I will get a chance to sell my business to the government someday, I wonder how much I can convince them it's worth! Maybe if I just tell Obama how much I like his perty smile....

    • profile image

      Stu 5 years ago

      Central economic planning never works. The government is "investing" the taxpayers' money, not its own, and they are too far from the day-to-day operations to monitor their "investments" and demand operational changes when needed the way a large private investor could and would (via having one or more board seats). Further, Obama's cash infusions and loans to favored companies are based on politics, not calculations of predicted ROI's. The best thing government can do for business is NOTHING. "Government is not the solution to the problem; government IS the problem." There I go again. :)

    • poetvix profile image

      poetvix 5 years ago from Gone from Texas but still in the south. Surrounded by God's country.

      Sir spends a lot is spending our way to the poor house on pipe dreams even he knows won't work while he stomps on the pipeline that would.

      Yes, Sir Frog, we need to "occupy" the voting booths and bring everyone we can get with us. This president has made history, not good history but history none the less. Now it's time his rule be history... counting down the days. Remember in November!

    • profile image

      Ghost32 5 years ago

      Jim (No Pants), you got it. Got mine (non-voter) already lined up, too. My stepson, age 26, will be voting this year FOR THE FIRST TIME IN HIS LIFE.

      Jim (Frog): Yeah, I noticed the "hi tech batteries" remark, too. Dismissed it out of hand. Thanks for gritting through the muck enough to mention it here.

      Up & More.

    • TheManWithNoPants profile image

      TheManWithNoPants 5 years ago from Tucson, Az.

      Hey, what's another trillion when you're having fun?!

      I don't know about anyone else, but when I go to the voting booth this time, I'll be taking five people who otherwise wouldn't have otherwise voted with me to vote conservative. If every conservative who fills as strongly as I do, that a second Obama term will take us beyond the point of no return, recruits just ONE non- voter to go vote with them, there is no amount money or nothing that Barack Obama can do to win this election.

      Up awesome, an interesting!


    • American View profile image

      American View 5 years ago from Plano, Texas


      well it was SOTU address part 2, or was it 3, or was it redux, well whatever you want to call it, it was the same old shit in a new wrapper. It has been 3 years and he has nothing to offer. There is only one question Obama has to answer. Does he have anything new to try since everything else has failed. Seems not since the blueprint is just history about to repeat itself. Voted up

    • Angela Blair profile image

      Angela Blair 5 years ago from Central Texas

      Frog -- truer words were never spoken -- makes one wonder if the end is in sight for entrepreneurial souls to even chance putting a foot in the road. Super Hub and voted up! Bet, Sis

    • vrajavala profile image

      vrajavala 5 years ago from Port St. Lucie

      Did you know that Solyndra destroyed all the solar panels it had?

    • profile image

      Lynn S. Murphy 5 years ago

      The gov't doesn't want to just pick winners and losers - they want to drive us to them for our own good instead of letting creative and entrepreneurial citizens go out and do what they do best. Inventions that rock the world and are exactly what people want and need.

    • The Frog Prince profile image

      The Frog Prince 5 years ago from Arlington, TX

      American Romance - All one needed to do was research the fact that Obama is what he is rather than hang on the words "hope and change" as they did. There are those who still worship at the Obama altar. I never did because I don't idolize empty suits who have no clue. Or maybe he does?

      The Frog

    • American Romance profile image

      American Romance 5 years ago from America

      I love this hub! How come we saw this coming and these naive libs on hub didn't? I don't understand how knew these things would happen during his original campaign speeches and the rest of American didn't??

      We must continue to expose these liberal idiots to the rest of the idiots so they will have some type of clue as to how to vote! ARGH!

      voted up!

    • The Frog Prince profile image

      The Frog Prince 5 years ago from Arlington, TX

      BPOP - Look friend, the numb skulls of this nation who voted for this sort of thing are causing the rest of us to suffer through it. The Dems like that tax and spend philosophy. The problem is where is the money coming from? We don't have it to give so they just print more. Then they step up to the craps table and grab the dice wondering if their next blunder has any merit.

      The Frog

    • breakfastpop profile image

      breakfastpop 5 years ago

      You took the hub right out of my mouth Frog. When I heard about this latest, and surely, not the last bad investment of our money I choked on my breakfast. I agree, the government should stay out of the marketplace. They have an abysmal track record and they have no right to squander our hard earned money. All of these companies should have received investment from private sources and not us. Where's Al Gore when you finally need him? Up and awesome.