Romney Campaign Press Release - Obama's Warped View Of The Free Market

"We welcome the Obama campaign's attempt to pivot back to jobs and a discussion of their failed record. President Obama has many questions to answer as to why his Administration used the stimulus to reward wealthy campaign donors with taxpayer money for bad ideas like Solyndra, but 23 million Americans are still struggling to find jobs. If the Obama Administration was less concerned with pleasing its wealthy donors and more concerned with creating jobs, America would be much better off." –Andrea Saul, Romney Spokesperson

President Obama's Idea Of The Free Market Is "Crony Capitalism" That Showers Federal Dollars On His Friends And Allies, While Leaving Taxpayers On The Hook For Losses:

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)

• The Washington Post: "The Problem Is That Bureaucrats Are More Likely To Bet Wrong Because They Are Generally Not Full-Time Investment Experts And Have No Skin In The Game Themselves." (Editorial, "Solyndra: A Bad Bet Obama Should Regret," The Washington Post, 10/6/11)

Obama Bundlers Worked In His Department Of Energy "As It Showered Billions In Taxpayer-Backed Stimulus Money On Alternative Energy Firms." "Several of Barack Obama's top campaign supporters went from soliciting political contributions to working from within the Energy Department as it showered billions in taxpayer-backed stimulus money on alternative energy firms, iWatch News and ABC News have learned." (Ronnie Green And Matthew Mosk, "Bundlers On The Inside," iWatch, 9/29/11)

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 Government Accountability Office Criticized The "Arbitrary" Ways Energy Loans Were Doled Out And Found That Of The First 18 Loans "None Were Properly Documented." "The Government Accountability Office has been highly critical of the way guaranteed loans and grants were doled out by the Department of Energy, complaining that the process appears 'arbitrary' and lacks transparency. In March 2011, for example, the GAO examined the first 18 loans that were approved and found that none were properly documented." (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)

• "The Administration Tapped Industry Players To Take On Key Energy Department Roles, Both As Agency Staffers And Outside Advisers On Agency Boards." (Carol D. Leonnig and Joe Stephens, "Venture Capitalists Play Key Role In Obama's Energy Department," The Washington Post, 2/14/12)

And The Result Of Those Taxpayer Giveaways To Obama Allies? Lost Jobs And Bankrupt Businesses:

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)

The Wall Street Journal: "The Obama Administration Has Managed The Nearly Impossible Feat Of Turning Energy Policy Into A Money Loser, Pouring Taxpayer Dollars Into Green-Energy Busts Like Solyndra." (Editorial, "The Non-Green Jobs Boom," The Wall Street Journal, 11/26/11)