Some are wondering whether the Solyndra scandal will bring the White House down. I have to say, unless some emails are found that specifically show that Obama knew that there was no possible way that Solyndra would ever be able to compete, and still pushed the loan, the best that will happen will be a scandal which the media is reluctantly dragged along in covering, and, if the GOP is smart, will show up in campaign commercials and talking points
The Obama White House tried to rush federal reviewers for a decision on a nearly half-billion-dollar loan to the solar-panel manufacturer Solyndra so Vice President Biden could announce the approval at a September 2009 groundbreaking for the company’s factory, newly obtained e-mails show.
The Silicon Valley company, a centerpiece in President Obama’s initiative to develop clean energy technologies, had been tentatively approved for the loan by the Energy Department but was awaiting a final financial review by the Office of Management and Budget.
The August 2009 e-mails, released to The Washington Post, show White House officials repeatedly asking OMB reviewers when they would be able to decide on the federal loan and noting a looming press event at which they planned to announce the deal. In response, OMB officials expressed concern that they were being rushed to approve the company’s project without adequate time to assess the risk to taxpayers, according to information provided by Republican congressional investigators.
Solyndra collapsed two weeks ago, leaving taxpayers liable for the $535 million loan.
Ye Olde White House states that they were just interested in when the decision would be made, but wasn’t trying to pressure the OMB.
The e-mail exchanges could intensify questions about whether the administration was playing favorites and made costly errors while choosing the first recipient of a loan guarantee under its stimulus program. Solyndra’s biggest investors were funds operated on behalf of the family foundation of Tulsa billionaire and Obama fundraiser George Kaiser. Although he has been a frequent White House visitor, Kaiser has said he did not use political influence to win approval of the loan.
The White House has previously said that it had no involvement in the Solyndra loan application and that all decisions were made by career officials based on the merits of the company.
Of course they were playing favorites, this is politics, after all. But, playing favorites with $535 million in taxpayer money when they knew Solyndra was a disaster waiting to happen is quite different from push small projects towards donors.
House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) and Rep. Cliff Stearns (R-Fla.), chairman of that panel’s oversight and investigations subcommittee, said last week that the FBI raid confirmed their belief that the “darling†of Obama’s green-jobs program was a “bad bet†from the beginning.
“Solyndra was the hallmark of the President’s green jobs program and widely promoted by the administration as a stimulus success story, right up until its bankruptcy and FBI raid,†Upton and Stearns said in a statement on Tuesday. “Let’s learn the lessons of Solyndra before another dollar goes out the door.â€
The downside to this is that we can use more alternative energy sources and research, as there is nothing wrong with looking for other sources of energy, but, what happened with Solyndra will harm the companies who are doing good work, and have potential, in the alternative energy sector. These companies will have a tough time finding private investors, who will be wary of dumping their money into these ventures.
The reason we don’t have a green energy economy is because we don’t need one. If the tax breaks, credits, mandates, grants import quotas and out right subsidies all stopped today, the green energy industry would collapse tomorrow. Carbon credit trading is fraud and should be criminalized. In England there is a mandate requiring businesses and institutional buildings to produce 20% of their energy needs on site. On the upside it is now profitable for farmers to harvest their woodlands to meet this new demand for sustainable energy sources. I believe the reason England switched to coal was the lack of available wood to be converted to charcoal. I wonder if the farmers will get carbon credits for planting trees to replace the ones they are harvesting.
Some institutionalization may be required.
Adobe:
Some institutionalization may be required.
Where do you think these people came from?!
Only way I can explain it… they are escapees from those ineffective mental institutions. These are the people that were kicked out the door years ago.
And, you are right too. If all this fake support (subsidies) were to end, these great green sector companies would fold. As well they should. Just like GM should have folded or forced to be restructured like any other normal bankrupt company.
Want to cut spending? Cut all subsidies and cut all tax breaks. Eliminate taxes on capital gains and business expenditures. Cut personal taxes in half and end taxes for companies for one year. Then cut those corporate taxes in half.
Lower the poverty line to an actual poverty standard. I’m sorry, but Full-time at min wage is not poverty. If you can afford to buy cable, internet, IPHONE, and get drunk every weekend…. you aint poor enough for welfare.
The Feds raise the level of poverty, and then allow up to over 200% of that level to receive Welfare.
Welfare hasn’t worked. How many stories came out just this week about the rising poverty in this nation, yet we are spending more than EVER on Welfare?!?!
Personal tax code should be 2 pages at most. Corporate tax code should be at most 5 pages. Maybe 10 pages for companies that operate overseas too.
Simplify things and money will start flowing.
Well then we need to put them back.
It would be wonderful if green energy products in the PRIVATE sector took off. If there were a) a market for it and b) a way to produce it cheaper and with better efficiency, it might actually take off. If it didn’t have so much of an environmental impact (ie land usage, bird deaths, view killing) perhaps folks would even welcome it in their towns/
But the government has NO business being in business to promote a non-proven and highly polarizing industry! None. Just as in the development of stem cell research, who the f gave the government the idea that they ought to get involved??? This is the business of investors and industry too. Research can be promoted without giving government the reins on anything. Green energy especially.
But I am a card carrying MDKP member, and have been known to back up and do it again, after running over puppies.