Obama on Solyndra loan: “Understand, this was not our program per se”

posted at 3:30 pm on March 22, 2012 by Allahpundit

Buck-passing fun via Andrew Stiles and the Washington Free Beacon.

OBAMA: We are doing the all of the above strategy right. Obviously, we wish Solyndra hadn’t gone bankrupt. Part of the reason they did was because the Chinese were subsidizing their solar industry and flooding the market in ways that Solyndra couldn’t compete. But understand, this was not our program per se.

Congress–Democrats and Republicans–put together a loan guarantee program because they understood historically that when you get new industries–it’s easy to raise money for start-ups, but if you want to take them to scale sometimes there’s a lot of risk involved, and what the loan guarantee program was designed to do was to help start-up companies get to scale. And the understanding is that some companies are not going to succeed, some companies are going to do very well, but the portfolio as a whole ends up supporting the kind of innovation that helps make America successful in this innovative 21st century economy. Do I wish that Solyndra had gone bankrupt? Absolutely not. And obviously it’s heartbreaking it happened for the workers who were there.

If not for Congress, there never would have been any half-billion dollars to blow on Solyndra. So when you think about it, it’s really America’s fault, isn’t it? I wonder if that reasoning would work for a bank manager forced to explain why he made a terrible loan to a fledgling company with bad prospects whose board of directors just happened to include a buddy of his. It’s really kinda sorta the bank’s fault for offering loans in the first place, isn’t it? Never mind that the previous “bank manager” had enough sense not to throw money into this sinkhole the first time it applied for cash.

Needless to say, his whole argument is based on a lie. As Stiles notes, the money for Solyndra came from the stimulus, not the loan program established for clean-energy companies a few years earlier. And The One’s been perfectly content to point that out when it’s politically convenient for him: Watch the second clip below from the RNC (via Matt Lewis) for a little then-and-now. What a perfect little bookend this is to today’s other big energy charade, his attempt to pretend that fast-tracking the southern half of the Keystone pipeline — which doesn’t even need his approval — makes him some kind of warrior against rising gas prices or something.


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Comment pages: 1 2

I blame Austrian speaking corpse-men.

This dope is as pathetic as he is stupid.

Tim_CA on March 22, 2012 at 5:00 PM

And he spends every Christmas in Asia!

Del Dolemonte on March 22, 2012 at 5:05 PM

So let me get this straight…. We subsidize our solar industry, but the Chinese cant subsidize their solar industry?, and the fact that they do is just now being figured out and called unfair?

Koa on March 22, 2012 at 5:17 PM

He blames himself for not having destroyed this country completely within 3-4 years and now wants a second term so that he can make sure it can be fully accomplished.

Nah. he blames the lackeys that are supposed to carry out his bidding. Thanks to the idiots that work for him, the whole thing is behind schedule.

Its soooo dificult to get decent henchmenpeople.

hawkeye54 on March 22, 2012 at 5:17 PM

We subsidize our solar industry, but the Chinese cant subsidize their solar industry?, and the fact that they do is just now being figured out and called unfair?

Well, in fact, what we are subsidizing, really, are the executives running the solar industry. Just ask to see their portfolios for the proof.

hawkeye54 on March 22, 2012 at 5:19 PM

Reminds of John 8:44…
“Ye are of your father the devil…he is a liar and the father of it…”

It’s obvious that no one person that speaks for the DNC can tell the truth. It’s almost comical at this point.

litebeam1 on March 22, 2012 at 4:19 PM

Just went and read John 8. Thx. I needed some impetus to read at least a chapter a day.

arnold ziffel on March 22, 2012 at 5:23 PM

Internal emails show the Obama administration tried to rush federal officials for a decision on a $500 million government loan to Solyndra, a politically connected solar panel manufacturer that has since gone bankrupt and is under federal investigation, according to a report on Wednesday.

The White House hoped to speed federal reviews of the loan so that Vice President Joe Biden could announce its approval at the September 2009 opening of the California company’s factory, the emails obtained by the Washington Post reveal.

ABC News, which also obtained emails, reported that the White House monitored the loan review process closely. “If you guys think this is a bad idea, I need to unwind the W[est] W[ing] QUICKLY,” wrote Ronald A. Klain, who was chief of staff to Vice President Joe Biden, in March 2009.

Office of Management and Budget officials repeatedly expressed concern that they were being pushed to approve the project without adequate time to assess the risk of the loan, according to the Washington Post.

“We have ended up with a situation of having to do rushed approvals on a couple of occasions,” one OMB official wrote to Terrell P. McSweeny, Biden’s domestic policy adviser, adding, “We would prefer to have sufficient time to do our due diligence reviews.”

In fact, one OMB reviewer pointed out that a credit-rating agency predicted that the project would run out of cash in September 2011. Solyndra closed its doors on the last day of August, leaving taxpayers on the hook for over half a billion dollars.

http://www.politico.com/news/stories/0911/63470.html

Resist We Much on March 22, 2012 at 5:36 PM

“The issue here is not whether we broke a few rules … I put it to you, Greg — isn’t this an indictment of our entire American society?!”

We’re not going to sit here and listen to you bad mouth the United States of America!

Jaibones on March 22, 2012 at 5:42 PM

Look, up in the blogosphere!

It’s a Nerd! It’s a Pain! No it’s-

Barack Per Se Obama.

Faster than a speeding ticket!

Able to leap to any conclusion in a single bound!

This strange visitor from an Indonesian madrassa has come to unite all peoples and lower the sea levels with his amazing abilities!

profitsbeard on March 22, 2012 at 5:46 PM

We’re not going to sit here and listen to you bad mouth the United States of America!

I had exactly the same feeling reading this. Can we put JEF on double secret probation?

Blue Hen on March 22, 2012 at 5:50 PM

Obama lies when telling the truth would be easy. POS

scboy on March 22, 2012 at 6:23 PM

Every time Obama opens his mouth, another lie craps out.

Roy Rogers on March 22, 2012 at 6:27 PM

Every time Obama opens his mouth, another lie craps out.

Roy Rogers on March 22, 2012 at 6:27 PM

Yep, he reminds me of the back end of Romney’s dog.

slickwillie2001 on March 22, 2012 at 6:42 PM

Let’s make a comprehensive list of all of the people, events and phenomena that Obama has placed blame on.

His only flaw is that we are too stupid to agree with him.

disa on March 22, 2012 at 7:16 PM

Wait for it……..Wait for it……

Bushdidit.

A true man accepts responsibility and has class.

Obowma does neither.

dthorny on March 22, 2012 at 7:17 PM

Let’s make a comprehensive list of all of the people, events and phenomena that Obama has placed blame on.

His only flaw is that we are too stupid to agree with him.

disa on March 22, 2012 at 7:16 PM

Those damn ATM machines.

dthorny on March 22, 2012 at 7:18 PM

barack is a pathological liar. My gosh he couldn’t tell the truth if his life depended on it. Always quick to blame others and throw them under the bus. I can hardly wait for November, but I fear what he will do between November and his final day.

DuctTapeMyBrain on March 22, 2012 at 8:01 PM

So what he’s saying is, the flat-earth Republicans are responsible for the $0.5 billion loan to Solyndra, the futuristic, leading-edge technology company. OK.

PatMac on March 22, 2012 at 8:18 PM

The only excess gas being created is what exudes from Nero’s mouth……commonly known as methane.

antipc on March 22, 2012 at 8:32 PM

That second clip is the juice, Allah. Teh Wan is a lying sack of ****!

Mudhog on March 22, 2012 at 9:28 PM

Still blamin’ Bush, still lyin’ through his teeth, and the stupid dumbmass leftistproglibturds still eat up and scarf down that Obamacrap. Sad.

stukinIL4now on March 23, 2012 at 1:11 AM

I had to look up “per se” — intrinsically, by itself– so what he is saying is that solyndra was only part of a greater failed program. You might say obama has a red finger because every thing he touches bleeds red ink. People that can not learn from their mistakes are just plain stupid.

dunce on March 23, 2012 at 4:02 AM

President Obama will never ever, ever take responsibility for his utter disregard and reckless wasteful spending of taxpayer confiscated earnings used to throw at HIS and his party…. the democrats, Fantasy Island pet green projects.

Where is the grand jury investigations on these green energy companies that have “LOST” all this government money…. what a racket… government funded plundering and distribution, and no over-site…. no fiscal record of how and where the money has gone… bonuses paid to these uber wealthy CEO’s CFO’s… Board of directors with political ties to this corrupt administration? Does anyone even know if anyone ever even showed up for work at any of these facilities… was there ever any product brought to market?

The economic fiscal rape that has been committed by this administration and it’s nonchalant continual point of the finger blaming everyone else was tiresome on day TWO of this presidency. Time for this fraud in Chief to man up and take responsibility for his own disastrous legacy!

ActinUpinTexas on March 23, 2012 at 2:31 PM

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