Downward Spiral Continues for Troubled Fisker Automotive

Edmunds.com

Downward Spiral Continues for Troubled Fisker Automotive

Despite the Fisker Karma's magnificence, a growing list of business setbacks has Fisker Automotive reeling toward potential bankruptcy.

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After the Obama Administration awarded Fisker a $529 million loan guarantee, Fisker decided to build its cars outside of the US. In response, the Energy Department cut them off from the remaining funds, but we taxpayers were already on the hook for about $200 million.

It became impossible for Fisker to continue building it's $100,000 electric car after another Obama-selected greeny, A1-2-3 Batteries, filed bankruptcy after receiving $300 million from the Feds, plus $130 million in tax breaks from Michigan's Democratic governor. In all, these two failures cost we taxpayers $630 million! Of course, not all citizens paid for these failures, it was just the 40% of us who pay Federal income taxes. Add in the Solyndra failure and it tops well over $1 billion in losses by the President who has produced the worst economy since Carter.

There is a reason we taxpayers are tired of hearing our Bozo in Chief tell us we need to pay our fair share to pay for Democratic supporters' business experiments. Mr President, if these Bozos couldn't raise capital from investors, there is likely a very good reason. Small Business Administration loans require a personal guarantee and high interest rates, which is why your supporters had no interest in normal government funding channels. By going through you, they were able to leave we taxpayers holding the bag of debts, and they were able to pay their executives quite well while they lost our money.

Had you taken any interest in what makes businesses successful, maybe we wouldn't have waisted the $1 trillion failure during your first four years. At least history will remember what a bad leader you have been for this country.