The Solyndra fiasco summarized

Posted by: Phineas on June 3, 2012 at 4:01 pm

**Posted by Phineas

Obama loan officer at work

The Washington Post has a good summary of the Solyndra loan fiasco. For those not familiar, Solyndra was a “Green energy” company that bet it could make big bucks selling solar panels that were more expensive than those produced in China.

Yeah, I know. Dumb bet.

Anyway, Solyndra applied for a loan from a program for alternative-energy startups that began under George W. Bush. (1) The loan was rush through the approval process by the Obama administration, apparently so Obama and Biden could both use the company for photo ops.

Then everything fell apart.

Solyndra went broke, the more than $500,000,000 in stimulus money (2) vanished down the toilet of dumb ideas, and first crack at any money recovered Solyndra’s corpse goes not to the taxpayers who loaned the money, but to a big-time Obama donor who backed a loan restructuring just before the company went toes-up.

What’s amusing is the Democrats all screaming that this is just election-year politics and that it’s a waste of time investigating this.

Politics? Oh, yeah. Holding the party in power accountable for its decisions is exactly what an opposition party is supposed to do.

But, “waste of time?” On the contrary: this is a drum that should be beaten again and again until election day.

Meanwhile, read the article. If the waste, venality, and (I think) likely corruption doesn’t make you mad, nothing will.

PS: Romney 2012, because adolescents should never be trusted with the national credit card.

RELATED: Earlier posts about Solyndra.

Footnotes:
(1) Note to Mitt Romney: this was a bad idea. Government should not be in the venture-capital business. When you’re in office, kill it.
(2) In other words, Solyndra is part of the over $800 billion dollar Stimulus package that accomplished nothing, except to drive us deeper into debt. So, not only have we lost $500 million on Solyndra, roughly 40% of it has to be paid back to our creditors. But, to hold Obama accountable would just be election year politics. And racist.

(Crossposted at Public Secrets)

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4 Responses to “The Solyndra fiasco summarized”

Comments

  1. Drew the Infidel says:

    The money Obhammud blew was borrowed from China and now we have to pay them interest on it. Of all the things I had hope this country could accomplish, becoming China’s b*tch was not one of them. And what about our worldwide commitments? It’s hard to be broke and powerful at the same time.

  2. Carlos says:

    Heck, Drew, it’s hard to be a socialist country and powerful. Isn’t that what you meant?

    Of course, part of Duh-1’s mission was to make the United States socialist. The other part was to bring her to her knees, just so he wouldn’t have to hear that the United States was “the best place on earth to live.”

  3. john says:

    China dtrongly subsidizes their solar companies. Unless we wish to completely lose this industry that we invented we will have to do this. So far this one losss represents about 3% of the money that Obama allocated for solar.