Obama Regime planned to give Russian steel company a loan

Obama Regime planned to give Russian steel company a loan

by Rodan ( 2 Comments › )
Filed under Barack Obama, Headlines, Progressives at November 8th, 2011 - 9:55 am

While American companies are struggling, our government seems to be helping foreign ones. The Department of Energy was planning on giving a 730 Million dollar loan to a Russian steel company. That’s right, 3/4 of a billion to foreign company at a time Americans are struggling.

Two GOP senators want the Energy Department’s (DOE) internal watchdog to investigate a planned $730 million loan for a company to manufacture high-strength automotive steel in Michigan.

Sens. Dan Coats (R-Ind.) and Pat Toomey (R-Pa.) are asking DOE Inspector General Gregory Friedman to probe whether Severstal North America — a subsidiary of Russian steel giant OAO Severstal — should receive public financing to retool and expand facilities in Dearborn, Mich.

“Given the tremendous fiscal crisis that we find ourselves in today, it does not seem appropriate for the program to subsidize technologies that have already achieved commercial success through private-sector means,” their Nov. 7 letter to Friedman states.

This is disgusting.

Tags: OAO Severstal

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2 Responses to “Obama Regime planned to give Russian steel company a loan”
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mfhorn

1 | November 8, 2011 12:13 pm

We need to buy & support American-made products as much as we can.

How to Buy American

The loan to a Russian steel company is no different that supporting Brazilian oil companies drilling offshore near Brazil while preventing oil companies from drilling off American shores. Maybe Barack Obama hates brown people since he’s willing to see their waters get polluted by the eeeevil big oil companies.
1389AD

2 | November 8, 2011 2:48 pm

I’m opposed to stimulus programs and bailouts TO ANYBODY.

This included.

But how is this different from a bailout to a US firm that pays union employees, deducts union dues from their paychecks to go to a union that funds the Demonrats?

And how is this different from a bailout to a US firm that has most of its operations overseas?

ALL bailouts are bad. Bad policy, morally wrong, and UNCONSTITUTIONAL. One hundred percent of them are bad. No matter who owns the company, what people are hired or not hired, where in the world the company is incorporated, where their factories are, or whose ox is being gored. Bad every way you slice it.

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