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Congratulations - per the LA Times, you are now helping to finance a new car company, Fisker Automotive Inc.:
Plug-in hybrid maker Fisker Automotive gets $529 million from Obama administration
The loan will go toward development and production of its Karma plug-in hybrid sedan and development of Project Nina, its next-generation plug-in.In its latest bid to help finance the car of tomorrow, the Obama administration said it would lend more than $500 million to Irvine-based Fisker Automotive Inc. to develop a pair of plug-in hybrids.
This isn't GM or Chrysler, where the government could argue that it would be wrong to let such large institutions fail. This is a relatively unknown car company, that the Obama admin thought you should invest in, while simultaneously denying you your fair share of profits, of the kind you would get if you had bought stock.
You should also be aware that it's not just a mere half-a-billion dollars that the Obama administration is forcing taxpayers to invest in this way. Not at all. In fact, this is just the tip of a $25 billion iceberg:
The loans, announced Tuesday, come from a $25-billion Department of Energy program to fund development of alternative vehicles. According to the administration, the funding will help create or save 5,000 jobs at Fisker and its suppliers.
It's not just Fisker you're now an investor in. There are many other companies your tax dollars have already been invested in as well:
The $528.7-million low-interest loan "is another critical step in making sure we are positioned to compete for the clean-energy jobs of the future," Energy Secretary Steven Chu said. Over the summer, the department lent $8 billion to a variety of other automakers and suppliers under the same program.
What clause of the Constitution provides the government with the authority to force Americans to invest in companies of the government's choosing, and to deny them the share of profits they would be entitled to had they invested as stockholders?
