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That's right Mr. President, keep loaning the money, everything is going GREAT!  (Source: Getty Images)
President says high-risk loan was "felt like... a good bet"

(This article contains editorial commentary, which is the opinion of the author.)

President Barack Obama has endured scathing criticism in recent weeks for loaning $535M USD to failed solar startup Solyndra.  The loan came as part of a $40B USD "green" technology stimulus effort.  But on September 1, 2011 Solyndra filed Chapter 11 bankruptcy, leaving its 1,000+ employees looking for work and leaving the government staring at an un-recoupable loss.

I. Interview: Obama says "No" regrets on wasting $500M USD

In recent weeks Republicans have lashed out at President Obama for the lost money.  They argue it's indicative of the President's overall budget incompetence.  They've launched a probe into the loan and the Department of Energy's overall loan infrastructure.  States Rep. Michael Burgess (R-Texas), a member of the House Energy panel’s investigative subcommittee, "We need to hear from Secretary Chu and [White House Office of Management and Budget Director Jack] Lew to fill in some of the blanks.  The buck has to stop someplace, and presumably it stops with the heads of those agencies."

But the POTUS is holding his ground.  In an interview on ABC News' "Good Morning America", also broadcast online on Yahoo! News Monday, anchor George Stephanopoulos asked President Obama if he regretted the 2009 loan guarantees .  He replies, "No I don't.  Because if you look at the overall portfolio of loan guarantees that had been provided, overall it’s doing well. And what we always understood is that not every single business is going to succeed in clean energy."

President Obama's administration is accused of rushing the loan guarantee in order to allow it to be announced at the September 2009 groundbreaking of the company's new factory.  By February the loan was already under investigation.  Still, the President stood firmly behind Solyndra, visiting their California headquarters in early 2010 and touting them as a green energy "leader".

Some emails that have been released indicate some administration members had expressed concerns about the company's financial health -- concerns that were ultimately overruled.

Obama implied America has to get more China-like when it comes to loans, in order to compete with the Asian rival.  He states. "If we want to compete with China, which is pouring hundreds of billions of dollars in this space, if we want to compete with other countries that are heavily subsidizing industries of the future, we have got to make sure that our guys, here in the United States of America, at least have a shot."

II. Editorial: Business as Usual in Washington, D.C.

To be fair, as bad as the Solyndra loss looks, the previous Bush administration spent many times that essentially paying off the losses of the American International Group (AIG), which it built up from taking on risky investments pre-recession.  AIG received over $127B USD [source] and sent over $100B USD overseas to banks it owed money to.

Thus perhaps the Solyndra debacle is more of a testament to how things are run in Washington no matter which party is in charge, rather than a sign that President Obama is somehow exceptional or different, for better or worse.  Both parties talk about balancing the budget, but it's a matter of public record that in recent years both parties have overspent, committing to risky investments and troubled assets.

That's not to say what the Obama administration did here was right by conservative fiscal standards.  As the old saying goes, two wrongs don't make a right.  But if there's someone who offers an alternative to this kind of spending they're likely not in Washington, D.C. -- or at least likely not very popular there among either party.

These kinds of wastes are particularly sad, as they come at a time when proud American science projects are being shuttered due of lack of funds.  America recently closed the world's second largest particle accelerator, because the government claimed it couldn't find $100M USD out of the $3.4T USD budget to pay for the accelerator's annual operating costs.  The AIG funding could have paid for over 1,000 years of operation.  The Solyndra funds could have extended the life of the accelerator 5 years.

One thing's for sure when it comes to Solyndra, though -- President Obama isn't going to say sorry for what happened.

Source: ABC News



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RE: At least he's honest for once...
By Reclaimer77 on 10/4/2011 1:00:59 PM , Rating: 3
Your joking right? This is far from a conspiracy theory, just follow the money trail on this deal. Now, maybe I'm just cynical, but when I see the money ending up in the hands of George Kaiser, despite the man claiming he "had no knowledge" of it, I put 2 and 2 together. Oh and if you don't know who Kaiser is, you shouldn't even be discussing this issue and accusing others of being tin foil hat wearing lunes when you don't even know any facts.

Really? We had people who claimed Bush "started" wars to pay off Halliburton, but I'm crazy for pointing out that this was obviously a money laundering scheme from the start?

Between 2009 and 2011 Solyndra officials and investors were invited to the White House over 20 times. 20! And the government just so happens to choose them to "invest" in. Including 4 trips the very week before the "loan" was announced. Crony capitalism at it's finest.

If I'm so crazy then tell me something, why did the FBI raid the offices of Solyndra after they went belly up? Does the FBI always raid businesses when they go bankrupt? Is that standard practice now lol? Maybe they were looking for ohhh, I don't know, where $500 million went and why?

http://www.theblaze.com/stories/solyndra-scandal-f...


RE: At least he's honest for once...
By FITCamaro on 10/4/11, Rating: 0
RE: At least he's honest for once...
By mkrech on 10/4/2011 4:56:34 PM , Rating: 2
Don't be an a$$ FIT. There are constructive ways of offering criticism. Shooting into your own ranks is not productive. Unless your just trying to troll both sides for a rise. Which i doubt and sincerely hope is not the case.


RE: At least he's honest for once...
By mkrech on 10/4/2011 4:50:41 PM , Rating: 2
Sorry, I have not read the link yet, but I don't think the FBI was trying to find out where the money went. That's pretty obvious. However, controlling the evidence of how it got there was probably an objective.


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