Oh the memories. In February, Fox News was busy bashing the electric car maker Tesla after some bad news about the company was reported.
During the campaign, Romney was completely against any government loans for the auto industry, and Tesla was part of the punching bag by the GOP. Now Tesla has paid back its government loans early, and is making record profits. Oops.
Here’s Fox earlier this year, when it was all the rage in their world to bash Tesla.
The bad news for the GOP and their spin machine came recently when Tesla announced that they were paying back their federal loan early due to the success of the business. With that success came some convenient amnesia and distortion of the facts.
Now that another electric car company that received federal funding is on the ropes, Fox can’t help but use the moment as an example of a bad investment by Obama and the government. While stomping on Fisker Automotive because of federal loans is all the rage these days, Fox can’t get their attack message clear and are corrected by their Wall Street Journal auto specialist.
As I’ve said before, even in the supposedly perfect world of private investments, not every investment is a booming success. If it was that easy, everyone would be dropping money to invest. Back in the real world it simply doesn’t happen that way. Some investments deliver strong results while others break even and others fail. By suggesting otherwise, Fox is showing how little they know about the markets.
What is mysteriously missing from Fox are assaults on the annual tax subsidies to Big Oil, Big Pharma and Wall Street. Maybe shoveling billions each year to companies that have been around for 100 years makes sense to Fox but it’s a real head-scratcher for others. Startup money is one thing, but propping up companies that have been around for so long and deliver record profits (and “profits” are in the eye of the beholder with Wall Street) somehow isn’t worthy of discussion at Fox. Imagine that.