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China makes bid for US taxpayer-backed automaker

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    Lesson to be learned from Fisker situation

  • Duration 3:49
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All right well here we go again another -- about a green energy company that may be going to China to China.

This time it's just automotive it's the maker of those luxury hybrid Cisco got nearly two billion dollars in US government loans.

And now it's got a three -- -- fifty million dollar offer from China Chris -- says we've been down this road before on the Chris that this will come to pass and that is a deal very attempting.

For anyone's who ignore.

Less.

The lesson is that crony socialism.

Is bad.

That having government pick winners and learners losers is bad.

The -- has had and I don't know how many times rated aware in this between insulin drug test -- and kissed her.

That giving taxpayer money to donors and that's the case here.

We have Fister the CEO -- John -- is on president Obama's.

Panel on jobs.

And one of these senior partners in the firm that's the primary firm backing that's.

Is Al Gore a senior partner in this firm the factory that they were planning on opening up in Delaware Joseph Biden's state.

Never open 2000 jobs were supposed to go there.

The state of Delaware is stuck now with the bills and the place they're keeping it operating there's no one there used to be GM plant.

They opened a -- in Scandinavia.

And all the jobs for we never got the jobs in the first place we -- about the 520.

Nine billion dollars in our money in your money and my money.

And it's it it this is it just another example of what ought to be on sixty minutes this week but won't be.

For some inexplicable reason.

This is this is typical of the Obama.

Ministry you've been there have been around a -- -- -- around just say you know -- and thriving company today yet though -- prices bids from around the world -- this.

You know -- is a little bit because it's from China but it does fly in the face of a president that made.

This promise not that many years ago.

Reactions.

Make sure that good jobs and clean energy your high tech manufacturing.

Don't end up in countries like China I will not seeded.

The wind or solar.

Or battery industry to China I don't want to see wind turbines and solar panels high tech batteries.

Made -- Other countries by other workers.

Land dedicated -- we we we we create these industries taxpayer money to spruce -- got to -- -- launch some.

China buys.

Well also you know the largest.

Windmill farm in the United States Americans in Texas and the turbines -- make didn't shock and -- And an advisor -- John Doggett has it would almost be unbelievable if it weren't true.

And these investments and look the truth is doing and others that there are certain number of companies that they picked -- alive and well and doing fine.

But the private market free enterprise has done a pretty good job over the course last couple of centuries and beyond.

In Europe of picking winners and losers and when you have people that have never been in the private sector that have always been in the government sector.

Doing our.

Choosing for us and using our money in the billions and billions of dollars to pick their winners and losers and you see the kind of results that they're getting and that's.

-- play the audio is almost hysterical but but truly it it's obscene.

And the fact that it is China that is looking -- cute Chinese companies that are bidding for office -- And it's -- -- end -- -- one of them they say the -- is still open but nobody else is doing any -- -- Money that's all American I don't know they'd be over -- but it's going to be hard offered the top of we we shall -- hasn't happened yet spokesman.

As they say the -- are on the table weasels say thank you -- in.

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