What Would Keynes Do?
On my radio show last weekend, I spoke with Congressman Tim Murphy (R-PA) about the growing Solyndra scandal. The more we learn about the Obama White House’s involvement with this solar company, the more it becomes clear that politics, ideology, and even corruption (not economics) were the driving forces behind this $535 million tax payer paid "investment." Investigations have now been launched by the FBI, Congress, and the Department of Energy to find out exactly what the Administration knew about Solyndra’s financial situation, and the actions taken after it became clear that Solyndra was in financial trouble.
Among other issues, one of President Obama’s key fundraisers and campaign bundlers — George Kaiser — is a key Solyndra private investor. I was "shocked, shocked" to learn this, but apparently the White House felt the need — just months ago — to restructure Solyndra’s loan agreement to place tax payers behind private investors if any money is recovered from the bankrupt firm. This may have been a direct violation of the law. (Click here to listen to this past weekend’s program).
This political scandal will likely grow in the coming weeks, and is a reminder that President Obama and his Democrat Party’s first stimulus plan was wasteful, largely ineffective in creating jobs, and perhaps corrupt. As Milton Friedman asked rhetorically in his famous 1979 exchange with talk-show host Phil Donahue, "is it really true that political self interest is nobler somehow than economic self interest? Just tell me where in the world you’ll find these angels who are going to organize society for us?" President Obama, along with his administration, are proving once again that there are no angels in government.
I also spoke with economist and Fortune Magazine Editor-at-large Shawn Tully about Keynesian economics, and how liberal "progressives" currently in Congress and the White House are actually to the political left of John Maynard Keynes. (Keynes never advocated government borrowing on top of large structural deficits.) President Obama continues to claim that his stimulus spending will create jobs and foster economic recovery, but evidence from multiple sources suggests that government taxing, borrowing and spending actually has a negative multiplier effect. The positive contribution of government spending in the economy fails to offset the negative impact created by taxing and borrowing from the private economy.
Finally, I talked about the heroic actions of Medal of Honor recipient, Sergeant Dakota Meyer, who repeatedly put his own life at risk in order to save dozens of Afghan and American Soldiers and Marines. The fact that we still have many young men and women like Sgt. Meyer serving in our nation’s military proves that with all of our problems and weaknesses, the United States of America is still very strong, and capable of defeating any international or domestic threat. We continue to face difficult times, but Sergeant Meyer should inspire us to continue pushing back against the failed policies of the liberal "progressive" left.
Have a great week!
Glen Meakem is a successful technology entrepreneur, venture capitalist, and conservative talk radio show host, who offers information and insights on how individuals and our nation can be more successful. Glen’s unique perspective has been shaped by his experiences as founder, chairman and CEO of the B2B internet success Freemarkets Inc – which he founded in 1995, took public in 1999, and sold to Ariba in 2004. In 2005, Glen co-founded Meakem Becker Venture Capital, a firm that invests in early stage start up companies. Concerned about the liberal political agenda that has gripped the United States and his home state of Pennsylvania, Glen launched "Glen Meakem on the Weekend" in 2008. Glen served as an officer in the United States Army Reserve and is a veteran of the First Gulf War. He also earned his undergraduate degree from Harvard and his MBA from Harvard Business School. For more information about Glen and his radio program, or to read his blog, please visit http://glenmeakem.com.
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