Obama Administration creating hundreds of jobs!

Josh_R

Registered User
Jan 29, 2005
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#1
In Finland
YAY!


By MATTHEW MOSK, BRIAN ROSS (@brianross) and RONNIE GREENE
ABC NEWS and iWATCH NEWS
Oct. 20, 2011
With the approval of the Obama administration, an electric car company that received a $529 million federal government loan guarantee is assembling its first line of cars in Finland, saying it could not find a facility in the United States capable of doing the work.

Vice President Joseph Biden heralded the Energy Department's $529 million loan to the start-up electric car company called Fisker as a bright new path to thousands of American manufacturing jobs. But two years after the loan was announced, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland.

"There was no contract manufacturer in the U.S. that could actually produce our vehicle," the car company's founder and namesake told ABC News. "They don't exist here."

Henrik Fisker said the U.S. money so far has been spent on engineering and design work that stayed in the U.S., not on the 500 manufacturing jobs that went to a rural Finnish firm, Valmet Automotive.

"We're not in the business of failing; we're in the business of winning. So we make the right decision for the business," Fisker said. "That's why we went to Finland."

The loan to Fisker is part of a $1 billion bet the Energy Department has made in two politically connected California-based electric carmakers producing sporty -- and pricey -- cutting-edge autos. Fisker Automotive, backed by a powerhouse venture capital firm whose partners include former Vice President Al Gore, predicts it will eventually be churning out tens of thousands of electric sports sedans at the shuttered GM factory it bought in Delaware. And Tesla Motors, whose prime backers include PayPal mogul Elon Musk and Google co-founders Larry Page and Sergey Brin, says it will do the same in a massive facility tooling up in Silicon Valley.

An investigation by ABC News and the Center for Public Integrity's iWatch News that will air on "Good Morning America" found that the DOE's bet carries risks for taxpayers, has raised concern among industry observers and government auditors, and adds to questions about the way billions of dollars in loans for smart cars and green energy companies have been awarded. Fisker is more than a year behind rolling out its $97,000 luxury vehicle bankrolled in part with DOE money. While more are promised soon, just 40 of its Karma cars (below) have been manufactured and only two delivered to customers' driveways, including one to movie star Leonardo DiCaprio. Tesla's SEC filings reveal the start-up has lost money every quarter. And while its federal funding is intended to help it mass produce a new $57,400 Model S sedan, the company has no experience in a project so vast.


There is intense scrutiny of the decisions made by the Department of Energy as it invests billions of taxpayer dollars in alternative energy. The questions come in the wake of the administration's failed $535 million investment in solar panel maker Solyndra. The company's collapse, bankruptcy and raid by FBI agents generated a litany of questions about how the Energy Department doles out billions in highly sought after green energy seed money.

A key question, experts and investigators say, is whether another Solyndra is in the offing.

In interviews, executives with Tesla and Fisker said comparisons to Solyndra are unfounded. Each said the government's investments will ultimately pay off by supporting a fleet of electric cars that will ease the nation's dependence on fuel and benefit the environment.

"It's absolutely a worthwhile risk," said Diarmuid O'Connell, vice president of corporate and business development for Tesla Motors. "I absolutely believe it was a good bet for American taxpayers." Tesla has said its mass production of the sedan will ultimately lead to profitability.

Henrik Fisker, the renowned auto designer who founded the car company that carries his name, said his company holds tremendous promise and has accumulated $600 million in private financing.



When asked directly by ABC News if taxpayers should worry about the more than $500 million in federal funds on the line, he was emphatic: "No, I don't think they need to worry about it," Fisker said. When asked if Fisker might be the next Solyndra, he said, "Absolutely not."
Oh, and these great "green" cars get... 20 MPG!

Industry insiders have told Big Government that they are alarmed by another, largely unreported fact about the Fisker Karma: the car only gets 20 miles per gallon (mpg) of fuel when its gasoline engine is running.

Fisker revealed this week that the U.S. Environmental Protection Agency has rated the Karma at 52 MPGe (miles per gallon equivalent)–the car’s effective fuel efficiency range when its electric motor is combined with its range-extending gasoline engine.
However, Fisker communications director Roger Ormisher revealed that the gasoline engine itself only performs at 20 mpg.
 

Josh_R

Registered User
Jan 29, 2005
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#3
I love when the government uses my tax dollars to distort the economy. It always works out well.
 

Party Rooster

Unleash The Beast
Apr 27, 2005
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#5
You mean they won't be opening that closed GM plant like they promised? Shocking!
I don't know. The article seems to contradict itself.

Fisker Automotive, backed by a powerhouse venture capital firm whose partners include former Vice President Al Gore, predicts it will eventually be churning out tens of thousands of electric sports sedans at the shuttered GM factory it bought in Delaware.
 

whiskeyguy

PR representative for Drunk Whiskeyguy.
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Jan 12, 2010
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#7
How can anyone still defend the fiscal policy of our piece of shit federal government?
 

thekidslepthere

Registered User
May 19, 2004
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#8
Are the 500 manufacturing jobs in Finland because Fisker didn't have to pay American Auto Worker Union rates?
 

MayrMeninoCrash

Liberal Psycopath
Dec 9, 2004
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#9
These must be magic cars! I guess they will sell themselves, perform maintenance on themselves, create parts for themselves and advertise themselves all without a single contribution from an American worker! Thanks Obama!
 

ruckstande

Posts mostly from the shitter.
Apr 2, 2005
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#10
These must be magic cars! I guess they will sell themselves, perform maintenance on themselves, create parts for themselves and advertise themselves all without a single contribution from an American worker! Thanks Obama!
Will not add jobs. Just more work. Potentially.
 

The Godfather

Spark it up for The Godfather and say!!!!!
May 9, 2007
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#11
These must be magic cars! I guess they will sell themselves, perform maintenance on themselves, create parts for themselves and advertise themselves all without a single contribution from an American worker! Thanks Obama!
considering these are $110,000 cars.. I don't think there's going to be much advertising going on, or maintenance being performed.

These things are going to be sitting in heated garages for 5 months out of the year.

How many Lamborghini commericals and advertisements have you seen lately? How many Ferrari dealerships have you drove past with dozens and dozens of sailspersons soliciting test-drives?
 

Josh_R

Registered User
Jan 29, 2005
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#12
These must be magic cars! I guess they will sell themselves, perform maintenance on themselves, create parts for themselves and advertise themselves all without a single contribution from an American worker! Thanks Obama!
Hell, that's a great fiscal plan! Why not give half a billion to EVERY foreign company and HOPE that MAYBE they will create some jobs in America. We should make Mayr the "Great Ideas For The Economy Czar".
 

MayrMeninoCrash

Liberal Psycopath
Dec 9, 2004
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#14
considering these are $110,000 cars.. I don't think there's going to be much advertising going on, or maintenance being performed.

These things are going to be sitting in heated garages for 5 months out of the year.

How many Lamborghini commericals and advertisements have you seen lately? How many Ferrari dealerships have you drove past with dozens and dozens of sailspersons soliciting test-drives?
Whether these things cost more than a Ferrari or not, is the number of jobs being created for Americans by this new car company selling vehicles in America more or less than zero?
 

Begbie

Wackbag Generalissimo
Jul 21, 2003
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#16
Will not add jobs. Just more work. Potentially.
You'll all have to forgive Mayr...he still has a valid subscription to the 2011 Obama Talking Point And Terminology Guide and receives periodic updates.

And one of the latest updates to the guide is the elimination of "jobs funded with stimulus dollars", which is basically what the loan guarantee program is, stimulus.

You see, we started with "3-4 million jobs saved or created within 24 months after passage of the February 2009 stimulus". And when people caught on and realized that projection was a bold faced lie...the guide was updated in January 2010 to "3-4 million jobs have been funded with stimulus dollars". That wasn't deceptive enough, so they just changed the term again to "jobs that are supported with stimulus dollars".

And that is basically what Mayr is talking about. Give a car company $500M and then tally the number of employees that work at the dealerships, the auto repair shops, gas stations, ad agency employees, parts supplier...and you've got potentially MILLIONS of jobs supported just by this one $500M loan guarantee. That sounds like a sweet deal for the American taxpayer, doesn't it? Until, ya know, you use common sense...if you're at all capable. :icon_cool
 

Party Rooster

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Apr 27, 2005
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#17
Are the 500 manufacturing jobs in Finland because Fisker didn't have to pay American Auto Worker Union rates?
That's what I was thinking.

"We're not in the business of failing; we're in the business of winning. So we make the right decision for the business," Fisker said. "That's why we went to Finland."
I wonder if the whole Solyndra debacle influenced their decision. So instead of paying high labor costs and dooming the profitability of the company, they went elsewhere for the production of this. Still fucked up.

Something doesn't smell right with this story though, like we're not given all the details. Are the Finland cars only for sale in Europe? It says they still plan on reopening the Delaware plant, so are they in need of quick capital from European sales where there's less regulatory burden? Another article I read on this said production has been stalled here in the U.S. because of that. But hey, Leo got his new green trophy to show off to all his Hollywood buddies, so it's all good....
 

The Godfather

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May 9, 2007
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#21
Whether these things cost more than a Ferrari or not, is the number of jobs being created for Americans by this new car company selling vehicles in America more or less than zero?
The number of jobs this creates is going to be so low a figger, there will exist a stat in the future along the lines of "$2.65 million dollars for each domestic job created"

It's the whole 'cost-benefit analysis' debacle that has our entire country frozen at the moment.

In Connecticut, is it worth it for the state government "invest" (i'll use your lingo) $300 milllion dollars to create 300 non-profit, non-tax yielding jobs in 10-20 years? (the rate of $1 million per job, for jobs that mostly won't exist until 10,15,20 years down the line)

(http://www.theday.com/article/20111021/NWS12/310219951/1018)

Is it worth it to invest $35 Billion dollars, so 2 million unemployed teachers can be hired for 3 days use?

Should we invest $200 Million so we can increase every teachers yearly pay by $5?

When the federalis are $15 Trillion in debt, there better be a MASSIVE return on any "investment" being made. That's the point im trying to make with my exaggerated examples.
 

CousinDave

Registered User
Dec 11, 2007
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#22
The unemployment number is higher today than it was on Jan 20, 2009

That means not only has the been zero job creation, but that there has been a reduction in jobs


Thanks Barry
 

NuttyJim

Registered User
Feb 18, 2006
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#23
How do they figure out how much it will cost to "create" jobs? It seems like they just make this shit up as they go along.
 

Sinn Fein

Infidel and White Interloper
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Aug 29, 2002
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#24
You'll all have to forgive Mayr...he still has a valid subscription to the 2011 Obama Talking Point And Terminology Guide and receives periodic updates.
When Obama loses in 2012 and is a lame duck with no concern about his political future, he could put in a thawb, strap on a turban, toss a burqa on Michelle, and declare that he's been an Islamic fundamentalist all along - Mayr would be here defending him.
 

Don the Radio Guy

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#25
I can tell you one thing for certain. Not a damn thing has been done to that Wilmington plant. I used to live half a mile from it. Its a fucking dead zone.