Nancy Pelosi attempted to make a case for taking risks with taxpayer dollars, namely in form of the billions of dollars lost in the failed Obama administration investments into green energy companies. President Obama's bizarre campaign strategy to attack Bain Capital and private equity, which has by far surpassed the President's record of public equity investments, was bound to put the president's allies on the defensive. Unfortunately for them, there is no defense.
Pelosi's incoherent and childish argument was that the Republicans are "the ones who say they're risk takers...now all of a sudden, they're saying, 'don't take risks.'" The distinction is that throwing money into initiatives that fail repeatedly is not a strategic "risk-taking" endeavor but a foolhardy and overwhelmingly irresponsible gamble with Americans' contribution to the government, which should be used for the good of her people and not on failed green initiatives. "With those kind of initiatives, some succeed and some do not," she said. "But without the president's initiatives, unemployment would be far higher than 9 percent." Really? Where is the data to support that silly claim?
Ms. Pelosi, Americans never asked the government to gamble with taxpayer money. In this time of looming economic doom, it is not only irresponsible, but criminal to throw money into businesses that cannot compete with China, or to bail out companies that come up with horrendous products, like the Chevy Volt, that nobody wants.
According to the article, "Pelosi bristled when asked whether it was fair for Romney to raise the issue of the Department of Energy's use of public funds to guarantee federal loans to Solyndra, where 1,100 employees were laid off." Her non-response was, "The fact is, they don't really have that much to talk about. ... They want to talk about this and that and the other thing - instead of what they want to do," she said. "Really important, as you watch all of this, is to remember - they do not believe in a public role in job creation." Additionally, Ms. Pelosi lamented that the evil Republicans do not believe in big government at all, which she declared is "not good for children and other living things."
This argument in defense of public equity (while still defending the attacks on private equity) is about as coherent as Jay Carney's recent stumbling, incoherent defense of the attacks on Mitt Romney and Bain Capital.
Watch Jay Carney's non-response here:
What risks are they taking? Will President Obama lose his salary? Will Nancy Pelosi or anyone in the government have to answer for these failed investments? Hardly, as the Obama administration is sheltered and adored by the majority of the mainstream media.
Leave investing to the private sector, as they are strategic and knowledgeable in their investments and actually create jobs. Private equity firms have to actually answer to their shareholders, while public equity is investing in dollars entrusted to the government by the American people, who in turn squander that trust repeatedly, whether it is in the form of bailouts, pork projects or public equity failures.
Nancy Pelosi yearned for the establishment Republicans of bygone days, and urged them to return to an era of greater political civility and cooperation. "Take back your party," she said. "We need a strong, grand Republican Party. This is not the Grand Old Party that we know."
To the Republicans to whom Ms. Pelosi refers, good riddance!