Conservatives love the free market and when in power they make policy decisions meant to expand the role of the free market. In particular they extol the virtues of the stock market.
George W. Bush and Paul Ryan wanted to allow citizens to invest some of their Social Security money in the stock market because as then President Bush explained, “Here’s why the personal accounts are a better deal. Your money will grow, over time, at a greater rate than anything the current system can deliver.”
Also tied to this idea is the dogma that investing in the stock market creates jobs. This is the theory behind ending capital gains tax supported by Newt Gingrich, Paul Ryan and Jon Huntsman. During the GOP presidential debates Huntsman stated, “We will also eliminate taxes on capital gains and dividends, which will lower the cost of capital and encourage investment in the economy.”
And investment in the stock market is so important that should you lose money, the government will give you a tax break, assuming you made enough to itemize in the first place.
On a related note the White House just reported that the investment in GM, of which the government still holds 500 million shares, looks a little worse than it did a few months ago because the stock price fell. And to conservatives, this investment in GM stock proves that Obama wants to end capitalism.
Never mind that the investment in GM created jobs just like conservatives suggest the buying of stocks will do.
Never mind that typically the stock market has one of the higher returns on investment.
Never mind that the government hasn’t realized a loss on their holdings yet because they are still holding these stocks.
Never mind that George W. Bush actually started the loans to the automotive industry.
Never mind that the U.S. has a long history of bailing out private companies which includes both Presidents Bush 41 and 43.
Conservatives hate this because they hate Obama.
As cover for their hate they will claim they don’t want the government picking the winners and the losers while simultaneously supporting unlimited corporate money in the election process, even though this money ends up picking the winners and losers. Subsidies for the oil, ethanol and farm industries all enjoy broad support from Republicans and are also examples of the government picking the winners and losers. As governor, Mitt Romney made a litany of choices that favored certain industries and individuals as he picked the winners and losers.
Just because you don’t like the man, the party or the industry doesn’t make the loans and investments made under the Obama administration any different than the ones given out by the darlings of the Republican Party. Acting like Republicans have a moral high ground to stand on here due to GM and Solyndra ignores the history of presidents investing in America for the good of the people, despite the unfounded paranoia of a socialist takeover.