Thursday, September 01, 2011

The line that sums up the entire Obama presidency

And now comes the news that one of the President's favored green companies is going toes up and the taxpayers are on the hook because of the federal loan guarantees that Obama pushed through.
President Obama faces political catastrophe in the form of Solyndra -- a San Francisco Bay area solar company that he touted as a gleaming example of green technology. It has announced it will declare Chapter 11 bankruptcy. More than 1,100 people will lose their jobs.

During a visit to the Fremont facility in spring of 2010, the President said the factory "is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. "

It's not his statements the administration will regret; it's the loan guarantees. The President was celebrating $535 million in federal promises from the Department of Energy to the solar startup. The administration didn't do its due diligence, says the Government Accountability Office. "There's a consequence if you don't follow a rigorous process that's transparent," Franklin Rusco of GAO told the website iWatch News.
And if you're wondering why millions of loan guarantees were given to a company without enough investigation, Karl at Patterico has the answer.
You will be shocked to learn that Solyndra’s majority owner, Oklahoma billionaire George Kaiser, was a major fundraiser for the 2008 Obama-Biden campaign.
Shocking, just shocking.

But how about this as a summary of the entire Obama presidency?
The administration didn't do its due diligence.
That about sums up everything he's done on the domestic front, doesn't it?

4 comments:

ic said...

"The administration didn't do its due diligence."

The administration knew everything about whom they were rewarding with our money, Obama's cronies, contributors, political allies,... Buffett's Goldman Sachs, Al Gore's little Spanish green tech, Soros' Petrobra... That's why "Stimulus" didn't work. In other countries this is called corruptions, bribes and kickbacks, the sophisticated Americans call it earmarks and campaign contributions.

tfhr said...

This story needs to be a component in every public speaking opportunity acquired by challengers to Obama. Green idiocy combined with the Obama administration's penchant for political payoffs (read "Stimulus Program") have hurt this country almost beyond measure. Combine the corruption of Obama cronyism with his ATF weapons export program to the Mexican drug cartels and you can toss aside the media's forced comparisons to FDR and trade it in for something closer to Chicagoland, circa 1920s and 1930s.

pumping-irony said...

Soviet expatriate and current US investor Vitaliy Katsenelson once said "Communism failed for a reason: Government is a horrible capital allocator." Solyndra, the porkulus, Obamacare all prove his point over and over again. But still, the canard of government being able to spend money more effectively than the private sector lives on.

Freeven said...

So we guarantee a 500 million dollar loan to a solar start-up, only to see it go belly up because the technology isn't there yet -- half a billion dollars, wasted.

That's an expensive lesson -- if only we had learned it.

This morning, I read where the administration just guaranteed an 852 million dollar loan to yet *another* solar start-up. (http://www.nationalreview.com/corner/276156/doe-still-putting-millions-solar-companies-andrew-stiles)