Romney Campaign Press Release - Obama Sides With Crony Capitalism Over Free Enterprise

"President Obama yesterday continued his attack on the free enterprise system even as members of his own party criticized him for doing so. Despite his misleading attack on free enterprise, we won't hear President Obama criticize his administration's crony capitalism and its failure to create jobs. Mitt Romney is offering bold solutions to our country's economic problems, not attacks on job creators and favors for political cronies." – Andrea Saul, Romney Campaign Spokesperson

Yesterday, President Obama Continued His Assault On Free Enterprise, Claiming "This Is What This Campaign Is Going To Be About":

President Obama, On His Attacks On Free Enterprise: "This Is What This Campaign Is Going To Be About." "President Obama Monday defended his campaign's attacks on Mitt Romney's business record, denying that they are a distraction or a side issue. 'This is not a distraction. This is what this campaign is going to be about,' Obama said at a press conference in Chicago. 'Both the upsides and the down sides are worth examining.'" (Byron Tau, "Obama: Attacks On Romney, Bain Are Fair Game," Politico, 5/21/12)

President Obama May Be Willing To Attack Free Enterprise – But He's Not Willing To Attack His Administration's Crony Capitalism:

The Washington Post: "You Can Call It Crony Capitalism Or Venture Socialism — But By Whatever Name, The Energy Department's Loan Guarantee Program Privatizes Profits And Socializes Losses." (Editorial, "The Energy Department's Loan Guarantee Program Is The Real Solyndra Scandal," The Washington Post, 11/17/11)

Politicians Who Supported Obama "Struck Gold" According The Department Of Energy's Own Numbers. "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." (Peter Schweizer, "Obama Campaign Backers And Bundlers Rewarded With Green Grants And Loans," Newsweek, 11/12/11)

The Energy Department's Inspector General Found That Contracts Were Steered To "Friends And Family." "The Department of Energy's inspector general, Gregory Friedman, who was not a political appointee, chastised the alternative-energy loan and grant programs for their absence of 'sufficient transparency and accountability.' He has testified that contracts have been steered to 'friends and family.'" (Peter Schweizer, "Obama Campaign Backers And Bundlers Rewarded With Green Grants And Loans," Newsweek, 11/12/11)

"$3.9 Billion In Federal Grants And Financing Flowed To 21 Companies Backed By Firms With Connections To Five Obama Administration Staffers And Advisers." (Carol D. Leonnig and Joe Stephens, "Venture Capitalists Play Key Role In Obama's Energy Department," The Washington Post, 2/14/12)

And The One Thing The Obama Administration's Crony Capitalism Didn't Produce? The Jobs President Obama Promised:

The Obama Administration Loaned Over Half A Billion Dollars To Solyndra – Which Later Went Bankrupt – And Engaged In A "Risky Investment Strategy" With Other Similar Projects. "Solar panel maker Solyndra received a $528 million Energy Department loan in 2009 – and went bankrupt last year. The government's risky investment strategy didn't stop there, as a CBS News investigation has uncovered a pattern of cases of the government pouring your tax dollars into clean energy." (Sharyl Attkisson, "Tax Dollars Backing Some "Risky" Energy Projects," CBS, 1/13/12)

Solyndra's Bankruptcy And 1,100 Layoffs Represented "A Blow To The Obama Administration's Efforts To Create Green Jobs." "In a blow to the Obama administration's efforts to create green jobs, solar-cell maker Solyndra announced Wednesday that it will close its remaining Fremont factory, lay off its 1,100 employees and file for bankruptcy. The news marked an abrupt end for a company once considered among the most innovative in a fast-changing industry. The bankruptcy also represents a high-profile failure for a federal stimulus program that gives loan guarantees to green-tech manufacturers." (David R. Baker and Carolyn Said, "Solyndra Closes Fremont Plant - Stimulus Hopes Dim," San Francisco Chronicle, 9/1/11)

Of The First 12 Obama Administration Loans To Clean Energy Companies, "Two Firms Filed For Bankruptcy, A Third Has Faced Layoffs And A Fourth Deal Never Closed." "The bonuses and bankruptcies come against a growing wave of trouble for companies financed with Energy Department dollars. Of the first 12 loan guarantees the department announced, for instance, two firms filed for bankruptcy, a third has faced layoffs and a fourth deal never closed." (Ronnie Greene and Matthew Mosk, "Green Firms Get Fed Cash, Give Execs Bonuses, Fail," ABC News, 3/6/12)