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Obama’s Government Loans to Nowhere Bill

Written on Friday, September 23, 2011 by

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american jobs act

President Obama still hasn’t learned the classic First Rule of Holes: When you’re in one, stop digging. Up to his earlobes in failed stimulus grants and tainted federal loan guarantees, the shoveler in chief tunneled forward this week on his latest Government Loans to Nowhere bill. His willful ignorance is America’s abyss.

Little noticed in the White House jobs-for-cronies proposal is a provision creating yet another corruption-friendly “government corporation” that would dole out public infrastructure loans and loan guarantees.

Because, you know, the government-chartered, political hack-stacked Fannie Mae and Freddie Mac “public-private partnerships” — which have incurred an estimated $400 billion in losses while enriching bipartisan Beltway operatives — worked out so well for American taxpayers.

The new monstrosity, dubbed the “American Infrastructure Financing Authority” (AIFA), would “provide direct loans and loan guarantees to facilitate investment in economically viable infrastructure projects of regional or national significance,” according to the White House plan.

President Obama would have the power to appoint AIFA’s chief executive officer and a seven-member board of directors. No doubt the nominees would include the likes of AFL-CIO Chief Richard Trumka on the left and the U.S. Chamber of Commerce on the right — strange Obama bedfellows who have formed a Big Labor-Big Business-Big Government alliance supporting Obama’s infrastructure slush fund.

In addition, a new bureaucracy to support AIFA would be created, including a “Chief Lending Officer” in charge of “all functions of AIFA relating to the development of project pipeline, financial structuring of projects, selection of infrastructure projects”; the “creation and management of a Center for Excellence to provide technical assistance to public sector borrowers in the development and financing of infrastructure projects”; and creation and funding of “an Office of Rural Assistance to provide technical assistance in the development and financing of rural infrastructure projects.”

In its first two years, AIFA would rake in $10 billion in congressional appropriations; $20 billion over the next seven years; and $50 billion per fiscal year after that. How would Obama ensure the loan review process is protected from special interest favor-trading and White House meddling? If the ongoing, half-billion-dollar stimulus-funded Solyndra solar company loan debacle is any indication, the answer is: not very well.

And consider Obama’s naked partisan stunt on Thursday at the Brent Spence Bridge connecting GOP House Speaker John Boehner’s home state of Ohio and Senate Minority Leader Mitch McConnell’s home state of Kentucky. “There’s no reason for Republicans in Congress to stand in the way of more construction projects. There’s no reason to stand in the way of more jobs,” he railed. “Mr. Boehner, Mr. McConnell, help us rebuild this bridge. Help us rebuild America. Help us put this country back to work. Pass this jobs bill right away!”

While he has high-mindedly called on “Washington” (as if he isn’t at the center of it) to put country over politics, he continues to use tax dollars to travel the country for campaign events assailing Republicans in front of decrepit bridges that wouldn’t see a dime of his “immediate” jobs bill money for years. If ever.

The point was made not by evil GOP obstructionists, but by the local Cincinnati Enquirer newspaper, which pointed out that the Brent Spence Bridge is not named in Obama’s jobs bill, has no guarantee of funding in the jobs bill, and “is still in the preliminary engineering and environmental clearance phase. In a best case scenario, the earliest that workers would be hired would be in 2013, but more likely 2015.”

It gets worse. Obama’s infrastructure loan corps wouldn’t just oversee bridge loans to nowhere. The AIFA board would get to dispense billions and score political points for their favorite photo-op-ready roads, mass transit, inland waterways, commercial ports, airports, air traffic control systems, passenger rail, high-speed rail, freight rail, wastewater treatment facilities, storm water management systems, dams, solid-waste disposal facilities, drinking water treatment facilities, levees, power transmission and distribution, storage, and energy-efficiency enhancements for buildings.

As I reported in my Tuesday column, a separate $6 billion “private nonprofit corporation” would be created by the Obama jobs plan to oversee the “Public Safety Broadband Corporation.” The panel would consist of 11 board members and four Obama administration officials. It, too, would be tasked with choosing winners and losers. Instead of local and state governments overseeing construction, this new federally created investing entity would “hold the single public safety wireless license granted under section 281 and take all actions necessary to ensure the building, deployment, and operation of a secure and resilient nationwide public safety interoperable broadband network.”

Given last week’s bombshell revelations of White House pressure on military and government officials to promote the president’s old broadband cronies at shady LightSquared Inc., the idea of empowering a new Obama bureaucracy to dole out more broadband contracts in the name of “public safety” is unsettling at best. Deeper and deeper we go.

Michelle Malkin is the author of “Culture of Corruption: Obama and his Team of Tax Cheats, Crooks & Cronies” (Regnery 2010). Her e-mail address is malkinblog@gmail.com.

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  • http://patriotupdate OLD SCHOOL

    NO SURPRISE HERE!STILL THE SAME OLD SAME OLD THIS BUFFOON AND HIS LAP DOGS WILL NEVER LEARN!!

    • rosemarie

      yes the have there head up hiASS so higth the cant see , get them all out

    • Dodi

      rosemarie – how come you don’t get moderated with your statement. I didn’t say anything half as bad and I have 2 comments moderated again today – four yesterday! Hope they don’t catch you!!

    • Hal Daniels

      Is this for real? Congress needs to put a stop to this right now!! Congress also needs to take away Obama’s and all his bureaucrat Department heads (including Cabinet Members) authority to grant any more loans or grants without Congress’ vote and approval. Limit to Congress only, the authority to approve any outgoing funds. This guy reminds me of a bull in a china shop. You cut him off in one direction and he’ll turn and go another way tearing down and smashing things as he goes. CONGRESS YOU HAVE THE POWER TO STOP THIS!! PLEASE DO SO!!!!!

  • http://rightwingamerica.com ACEMAN

    When are they finally gonna take this mack-daddy, crack smoking, Chicago thug out?? I’m sick of hearing this socialist garbage. Click on my name to visit Right Wing America! 100% Free, 100% Uncensored. No PC police! Join today!

    • Dodi

      I hope he goes before 2011 but that aint a goin to happen. If the dumb, arrogant ass would just listen to the people but it seems that if someone gives him a suggestion, he’s like a kid and does just the opposite. He’s made up his mind that he is going to take more money from the rich and he won’t stop until he accomplishes it!

    • Dodi

      This one too, hey????

  • John C. Stewart

    This gut Zerobama makes Nixon look like a choir boy and Carter look like a Noble laureate in economics.
    You cannot fill the hole with dirt from the bottom.

  • Ltjg

    All Obama is doing with stimulus is paying back Unions, just like money laundering.

  • Gary

    Typical Obama. Spend money that we don’t have to fix something that doesn’t need it. I thought the stimulus money was going to do all of this and that was only 2-1/2 years ago. Ah, the problem is that money never went to a “shovel ready” job. It went to his cronies. When are the dumb asses in congress ever going to wake up.

    • Whackajig

      Perhaps we are the dumb asses. Did we not put those dumb asses in office? Would we look smarter if we elected better people?

  • Becky B

    Infrastructure Czar…. Doesn’t answer to Congress but has a credit card with a humongous credit limit with which to give all his friends and pals whatever they want, with our kids and grand-kids paying the bill and nothing to show for it! DO NOT PASS THIS BILL!

  • http://aol.com Claude

    All obama knows is Bridges and Roads,it sounds like a broken record.He doesnt realize all Americans dont do construction work.H–l it wont be long and we wont have room for homes for all these roads & bridges .OH WELL most Americans are loosing thier homes anyway.Maybe we will have enough bridges to sleep under.But wait a minute construction workers are his voters the rest of us citizens dont count.Oh i forget the Auto workers ,thats why we need more Roads GEE!

    • Carson City

      Odumbo found that it’s easier to hide campaign kickbacks on vague infrastructure projects. Ever notice a government road crew at work. One guy shoveling and 15 supervising…or on break. Besides, he like’s to see his name on the highway work signs. I think the reason people consider him God-like is because he’s so far out of touch with the entire planet he had to come from a galaxy far, far away. We could’ve send him back but he closed NASA down.

  • http://aol.com Claude

    P.S. A car cost so much now ,who in the H–l can afford one .OH! the china citizens can I forgot they own America,Do you realize all the money obama gave to the crooks,it could have saved alot of homes at least we would have something to show for it,A car cost as much as a house use to,But thats the high wages unions demand and the cost is past on to all us sorry no card carry citizens GEE am i anti union?No im just a poor slob trying to make ends meet to form a circle.

  • am2sweet

    Obama has done many things to tear down our country by bankrupting us, and giving illegals all he can, and apologizing for us in general. He has done almost everything the Bilderbergs want. However since his ratings approval has dropped so much the Bilderbergs decided to front someone else to make sure they could get someone in there that they could control. Here comes Rick Perry fronted by the Bilderbergs. Up to now they had concentrated on the Democratic party since they are the lefties of the U S. Now to make sure they get what they want they have to get into the Republican party.

    • Whackajig

      They sure got into your head didn’t they? If you hadn’t taken off your little foil hat, the bilderberg ray guns could not have poisoned your mind.

    • am2sweet

      Before you say too much maybe you should do some reading up before commenting. It’s easy to say something negative about something you know nothing about. I looked up the Bilderbergs and found things that would probably make you want to hide in a closet. If you don’t believe they are for real then once you figure out it was all true it’s too late.

    • Kitty

      An2sweet: The Bilderbergs have been “buying” people in the Republican Party for a long time—ie. Bush 1 and 2, to name a couple. They also own both Clintons. Now it’s beginning to look like they own a good portion of the Republicans and ALL of the DemocRATS. More Tea Party people have GOT to run for office, national AND local.

  • Larry

    Can’t any of this SOB Barrack Obama supporters see what he is doing to everyone here in the United States. He is driving this country and when I say the country I mean every man woman and child in this country to Bankruptcy court. There is not enough courts in this country or any other country that will be needed to handle all of the Bankruptcy cases if this SOB Barrack Obama has his way. Mechelle Obama will have a few closets full of shoes paid for by the tax payers and many other closets full of clothing they are going to have a lot of land not jest in this country but where he was born also and it will be paid for by the American Tax Payers so you Idiots had better wake up and smell the Chicken Crap he is spreading around and it is very deep so you had better get some diving gear because you will be unable to breath it is so deep.

    • Whackajig

      It seems that you have a woody for o-vomit, and yet you insist on capitalizing his name. Why is that? Caps denote respect. Do you REALLY believe he is due respect?

      An extremely easy way to diss obungle is to use only small case for his name, that way we will know you do not actually intend to honor him.

  • ARMYOF69

    I just cannot wait till NOV 2012. Is there no way to legally throw this usurper off his throne NOW? We will have to suffer the buffoon VP for a while, but he probably will not cause as much damage to the USA.

  • john

    I believe some of the stimulus money was siphoned off by Obama or his cronies. How in the heck does someone track a billion dollars or multi-billions? Obama is wealthy and where did he obtain his money? As a Community Organizer? Where there is smoke there is Obama smoking pot. Something is definitely wrong in DC.

  • http://aol.com Claude

    You realize all this bail out money came to nothing but theft in the in the Whitehouse.All this money could have bailed homeowners out at a very low percent rate at least we would have something in return but no it went to a bunch of crooks now we have zealch to show for it.They could care less to the citizens of America.Its all about bribes for votes.

  • Bob Hocks

    Money, Money $$$$ .

    Who did he give the 20 BILLION from the Fine on BP.

    Probabley ACORN an CO. He just gave them another $350,000 . That alone will buy a lot of Illegal Aliens Votes.

  • Steve

    Obama…stealing money the Old Way…..Just Steal It….The man is so crooked he makes my head spin.
    When is Congress going to prosicute this man.
    Anybody who votes for Obama needs to be commited.

  • BruceD

    He can now claim he is trying to create jobs and the conservatives are holding him back. Reality check. The only jobs created are government jobs staffing the new oversight groups.

  • http://adrianvance.blogspot.com Adrian Vance

    He got away with the biggest ripoff in history and is only trying to play the game again. So what else is new?

    The Two Minute Conservative at http://adrianvance.blogspot.com has political analysis,
    science and humor. Now in the top 4% on Kindle.

  • StevenI

    Watch your Credit Card Bills this Election year. I recall people being charged thousands on their CC for Obama’s Campaign and they were Republicans.

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