Obamateurism of the Day

posted at 8:01 am on May 24, 2012 by Ed Morrissey

Allahpundit already started off the fun with Barack Obama’s newest White House website, Money As You Grow, which dispenses sage advice … most of which Obama himself ignores when handling our money.  AP took two of the better entries in the series in his post last night, but there are plenty more to ridicule within this gold mine of sanctimonious hypocrisy.

For today, let’s take a look at the very last piece of advice offered by the Obama administration to young adults.  No, it’s not where to find free condoms (in the cash register till, dummy), but on how to avoid bad investments:

Great advice!  Too bad Obama didn’t take this advice before blowing more than a half-billion dollars on Solyndra.  It’d be almost impossible for me to quote all of the posts we’ve written about Solyndra and the Obama White House’s insistence on subsidizing it despite warnings that it was a bad risk and couldn’t sell its products at a profit, but let’s just go to this one from October of last year, quoting e-mails that floated to the surface when the House Oversight Committee began to lean hard on the Obama administration:

The new documents show a private investor in Solyndra questioning why the federal government, back in September 2009, agreed to put up so much money — $535 million — to help the company expand given the questions about its financial future.

“One of our solar companies with revenues of less than $100 million (and not yet profitable) received a government loan of $580 million,” the investor, Brad Jones, an executive at Redpoint Ventures, wrote in December 2009 to Lawrence H. Summers, then the president’s chief economic advisor, referring to Solyndra. “While that is good for us, I can’t imagine it’s a good way for the government to use taxpayer money.”

“The allocation of spending to clean energy is haphazard; the government is just not well equipped to decide which companies should get the money and how much,” Mr. Jones wrote…

“I relate well to your view that gov is a crappy vc,” Mr. Summers wrote, using a shorthand for venture capitalist. “But suppose we think there are all kinds of externalities to renewable investments,” Mr. Summers continued. “What should we do?”

I’d say the best advice to give any young investor is to ignore any advice on investing that comes from the Obama administration, at least if you’re playing with your own money.

We may have to come back to this website a time or two more.

Got an Obamateurism of the Day? If you see a foul-up by Barack Obama, e-mail it to me at obamaisms@edmorrissey.com with the quote and the link to the Obamateurism. I’ll post the best Obamateurisms on a daily basis, depending on how many I receive. Include a link to your blog, and I’ll give some link love as well. And unlike Slate, I promise to end the feature when Barack Obama leaves office.

Illustrations by Chris Muir of Day by Day. Be sure to read the adventures of Sam, Zed, Damon, and Jan every day!

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I wouldn’t take advice from Obama on how to get out of a wet paper bag.

wildcat72 on May 24, 2012 at 8:04 AM

gov’t equity under dear leader-epic fail but let’s continue to bash private equity and mitt

they truly don’t see the hypocrisy in it do they….

cmsinaz on May 24, 2012 at 8:05 AM

…if you’re playing with your own money.

That’s the point. You can bet Obama doesn’t put his own money on the line with crazy scams like Solyndra.

jwolf on May 24, 2012 at 8:06 AM

“I relate well to your view that gov is a crappy vc,” Mr. Summers wrote, using a shorthand for venture capitalist

That’s what we always assumed, but obviously vc stands for ‘vampire capitalist’. Because that’s what they do and that’s how they drain the life blood from a company. How else can you explain the failure of Solyndra? Vampires…they suck!

CitizenEgg on May 24, 2012 at 8:08 AM

You can’t trust him around your dogs or your money.

#ShitzhuSouffle

CorporatePiggy on May 24, 2012 at 8:08 AM

Well, Obama DOES know which resturant serves the best dog in any city in the country. He just needs to stay within his area of expertise.

tommyboy on May 24, 2012 at 8:09 AM

barack should take the advice Jerry and Elaine gave George Castanza, “think one thing, do the opposite.”

But of course, when your brain and ego are as big as barack’s, you can’t even imagine that what you touch does not instantly turn to gold.

BTW, barack sucks.

DuctTapeMyBrain on May 24, 2012 at 8:12 AM

Come on guys, Obama’s a venture capitalist extrordinaire. Look at General Motors. Since Obama took it over that company’s worth $35 billion. Well, yes, sure it used to be worth $50 billion, but $35 billion’s a lot of money, right? And I do think at some point you’ve made enough return on your investment and all.

Trafalgar on May 24, 2012 at 8:13 AM

I looked at the web site.Here’s hoping the 18+ can get a job.

docflash on May 24, 2012 at 8:17 AM

No mention of the potential REWARD associated with the investment??? Isn’t that, like, um, THE WHOLE POINT?

Naturally Curly on May 24, 2012 at 8:19 AM

easy pickins for today, eh?

ted c on May 24, 2012 at 8:20 AM

@trafalgar:

“Look at General Motors. Since Obama took it over that company’s worth $35 billion. Well, yes, sure it used to be worth $50 billion, but $35 billion’s a lot of money, right? “

If memory serves, GM at this point has hoovered up $42 billion in gov’t caysh. And it’s worth $35 billion. Wonder where that other $7 billion went?

*cough cough trumpka cough unions cough*

GrassMudHorsey on May 24, 2012 at 8:20 AM

No mention of the potential REWARD associated with the investment??? Isn’t that, like, um, THE WHOLE POINT?

Naturally Curly on May 24, 2012 at 8:19 AM

Don’t be silly! Profit is evil. The government will take your ‘rewards’ and ‘invest’ them in the community in a way that’s fair.

Trafalgar on May 24, 2012 at 8:22 AM

“Always consider two factors before investing voting: The Risk and the Annual Expenses”

Electrongod on May 24, 2012 at 8:25 AM

http://www.whitehousedossier.com/2012/05/24/obama-misses-entrance/

cue this up for tomorrow, Ed???

ted c on May 24, 2012 at 8:31 AM

In addition to looking at the risks at expenses of your potential investment, you kiddies might also want to look at your investment’s returns.

So, for example, if your proposed investment is a government treasury bond that pays .075% interest, and the current rate of inflation is over 2%, that is a bad return, and one that will cause you to lose money.

As an added fun fact to consider kiddies, this below-inflation rate of return on fixed investments is why so many older people are now going broke. The Federal Reserve has been keeping interest rates near zero for several years now, in a failed attempt to goose the economy (and improve Obama’s re-election prospects). You won’t hear about this in the MSM, because they don’t care about the plight of old people (at least, not when it’s a Democrat causing their suffering; if it was a Republican president, it would be front page news).

AZCoyote on May 24, 2012 at 8:33 AM

http://www.whitehousedossier.com/2012/05/24/obama-misses-entrance/

cue this up for tomorrow, Ed???

ted c on May 24, 2012 at 8:31 AM

And they already gave him an excuse:

“a weird lapse for a president who may have been exhausted at the end of a marathon day of speechifying and campaigning.”

Electrongod on May 24, 2012 at 8:34 AM

Ah, master investor barry dunham dropping yet more pearls of bidness wisdom upon our poor prole heads…

Looks like the rule cited above references halitosis nero’s innovative “profit and earnings ratio”, a measure invented by the preezy which is used to…uh…um… do something.

Moving on- Rule 20 has been refined and is now guiding this administration’s “green” initiatives- examples being solyndra, ener1, fisker, etc.

Now let’s look at the results:

We see that the risk was obviously 100% as these companies all bankrupted, leaving vast multi-million dollar craters where US taxpayer money used to be.

However, the annual expenses for the failed ventures are now 0 as a bankrupt company doesn’t actually do anything except try to obfuscate the malfeasance that led to the bankruptcy.

Which leaves us, the taxpayers, with a big fat Zero for all our trouble.

But not to worry- doubtless some of the unaccounted for millions that vanished into the green ether of these failed enterprises made it into the barry “halitosis nero” dunham re-election fund.

So big win for Captain Zero, the downgradin’ hero!

GrassMudHorsey on May 24, 2012 at 8:37 AM

I wouldn’t take advice from Obama on how to get out of a wet paper bag.

wildcat72 on May 24, 2012 at 8:04 AM

Do at least TRY to be generous, my dear.

I would take his advice on how to get into a real deep hole…

Kraken on May 24, 2012 at 8:38 AM

I know this if O/T but our current presentdunce isn’t the only one providing comic relief.

@Drudge_Report: Bill Clinton snapped in Monaco hanging with porn stars… http://t.co/TqNfVmxj

Flora Duh on May 24, 2012 at 8:42 AM

I’m amazed they don’t talk about diversity in investing to lower risk. This administration proves every day how dangerous it is to our nation.

AubieJon on May 24, 2012 at 8:45 AM

“The allocation of spending to clean energy is haphazard; the government is just not well equipped to decide which companies should get the money and how much,” Mr. Jones wrote…

It’s not haphazard, it’s to payback donors with our money. Sec. Chu gave himself a solid A+ for that effort.

Kissmygrits on May 24, 2012 at 8:46 AM

I would take his advice on how to get into a real deep hole…

Kraken on May 24, 2012 at 8:38 AM

I’d take his advice on how to play the race card.

AZCoyote on May 24, 2012 at 8:53 AM

Talk is cheap, right?…or is it? I’m perplexed.

lynncgb on May 24, 2012 at 8:57 AM

I know this if O/T but our current presentdunce isn’t the only one providing comic relief.

@Drudge_Report: Bill Clinton snapped in Monaco hanging with porn stars… http://t.co/TqNfVmxj

Flora Duh on May 24, 2012 at 8:42 AM

Heh! You can’t teach an old dog…no, wait, you can’t eat an old dog…something to do with dogs anyway.

BTW, I saw that “Baby Got Boobs 8″ The book was much better!

Trafalgar on May 24, 2012 at 9:05 AM

As I posted last night, this whole concept ticks me off and not because the folks giving the advice managed to amass $5T in debt in just three years.

This is another adventure by Julia where she parks her fatherless child in front of the computer to have the government teach him about financial literacy. That is the wrong approach, it should be Julia who teaches that lesson in how she handles money. Of course Julia is nothing but a mooch, a taker from society, so what does she know about reponsibility of anything?

Happy Nomad on May 24, 2012 at 9:09 AM

Everytime the mullah brings up Bain Capital, Romney should hammer on Solyndra with a line- Half a billion of your money invested and 1200 jobs!

Sticky Wicket on May 24, 2012 at 9:11 AM

I’m amazed they don’t talk about diversity in investing to lower risk. This administration proves every day how dangerous it is to our nation.

AubieJon on May 24, 2012 at 8:45 AM

I’m surprised they don’t lecture that ROI is less important than investing in stuff that helps others. Because that is what they tell us is most important as they justify all the “green” investments that simply suck money from the public coffers to reward Obama bundlers.

Happy Nomad on May 24, 2012 at 9:12 AM

I meant – Half a billion of your money invested and 1200 jobs lost!

Sticky Wicket on May 24, 2012 at 9:12 AM

Does the President Know What ‘P/E Ratio’ Stands For?
By Jim Geraghty

Obama, today: “On the other hand, what you’re now seeing is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal if you’ve got a long-term perspective on it.”

Did he mean price-to-earnings ratio? The traditional definition of P/E ratio?

If Bush had said the above, it would be ipso facto evidence of his idiocy.

petefrt on May 24, 2012 at 9:14 AM

@Drudge_Report: Bill Clinton snapped in Monaco hanging with porn stars…

Flora Duh on May 24, 2012 at 8:42 AM

Hanging?!! The guy’s getting old. :(

Archivarix on May 24, 2012 at 9:47 AM

Tip #21: Always use other people’s money on risky ventures like Solyndra and GM.

Tip #22: Without a budget, no one can make comparisons about your projections versus actual spending.

katablog.com on May 24, 2012 at 10:04 AM

After taking Obama’s investment advice, Julia goes bankrupt and is on welfare.

Christian Conservative on May 24, 2012 at 10:42 AM

The 0 Economy™ has solutions for risk./

Bmore on May 24, 2012 at 11:12 AM

@Drudge_Report: Bill Clinton snapped in Monaco hanging with porn stars…

Flora Duh on May 24, 2012 at 8:42 AM

Hanging?!! The guy’s getting old. :(

Archivarix on May 24, 2012 at 9:47 AM

There’s a pill for that. ;-)

Solaratov on May 24, 2012 at 11:20 AM

Tip #1

Don’t elect a Marxist/Redistributionist to the top office of the land, and not expect him to want to take away as much of your hard-earned property that he can get his grubby little hands on.

“People who Don’t want to work need that money – is that Fair”??!!

Tim_CA on May 24, 2012 at 11:36 AM

Do as I say and not as I do.

jukin3 on May 24, 2012 at 11:42 AM

http://www.whitehousedossier.com/2012/05/24/obama-misses-entrance/

cue this up for tomorrow, Ed???

ted c on May 24, 2012 at 8:31 AM

Doing nothing is such tiring, hard work.

MrKleenexMuscles on May 24, 2012 at 12:04 PM

…JugEars just found out about ATM machines in the last couple of years…yep!…he knows finance!

KOOLAID2 on May 24, 2012 at 12:37 PM

Big Time, Captain Ed! Power Line now has this thread in their version of HA’s Headlines.

Del Dolemonte on May 24, 2012 at 1:24 PM

Why would anyone listen to advice from the fool who has added 5 trillion dollars debt and lost jobs doing it.

jqc1970 on May 24, 2012 at 5:39 PM