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Obama Rushing Thru 15 More ‘Green Loans’

From a suddenly skeptical sounding Associated Press:

Officials hope to approve more loan guarantees

KEVIN FREKING [sic], Associated Press
Sep. 15, 2011

WASHINGTON (AP) — The Obama administration is moving to finalize as many as 15 loan guarantees for renewable energy companies before the stimulus program ends on Sept. 30, and Republicans are questioning whether that could lead to more failures like Solyndra Inc., a company that filed for bankruptcy and may leave taxpayers on the hook for a half-billion-dollar loan…

A spokesman for the Energy Department said the department won’t take any shortcuts during the approval process

Where have we heard that before?

"In this time of record debt, I question whether the government is qualified to act as a venture capitalist, picking winner and loser in speculative ventures and shelling out billions of taxpayer dollars to keep them afloat," said GOP Rep. Fred Upton, chairman of the House Energy and Commerce Committee.

Jonathan Silver, executive director of the Energy Department’s Loan Programs Office, said the loan guarantee program is needed to give U.S. companies the kind of low-cost financing that other nations are providing their renewable energy industries. For example, the China Development Bank is providing tens of billions of dollars in credit to that country’s largest solar panel manufacturers

Doesn’t the money the government gives these companies come from China anyway? Why don’t they just go straight to China and cut out the middle man?

Democrats said failure to invest in the U.S. solar industry would amount to an economic death sentence that would allow other nations to dominate a growing business.

Just look at how well investing in the solar industry worked out for Spain.

"If you live in reality, you know the world cannot continue its dependence on fossil fuels and that we are in danger of losing this industry to our competitors, especially China," said Rep. Henry Waxman, D-Calif.

Yes, China might corner the market on sunlight any minute now.

By the way, reality and Mr. Waxman have long been strangers.

This article was posted by Steve on Friday, September 16th, 2011. Comments are currently closed.

7 Responses to “Obama Rushing Thru 15 More ‘Green Loans’”

  1. Rusty Shackleford says:

    This administration has a nasty habit of when something proves it doesn’t work, do more of it while spending money into oblivion.

    But, of course they want to be judged (if at all) on their intentions (ie: “saving the planet”) vs. actual, provable, results.

    But I am reminded of the idiot who, during a particularly cold winter, wanted to take care of an old woman who’s electric had been cut off, so he wheeled his gas grille into her house to provide heat. He killed her due to carbon monoxide poisoning and he found her that way. She fell asleep, then died, as is typical for such poisoning.

    But his defense was all about his intentions not his negligent homicide.

    Our government is killing us financially with “good intentions”.

    • BigOil says:

      Their “good intentions” appear to be focused on lining the pockets of donors to the Democrat party.

    • Right of the People says:

      What is the definition of insanity? Does anybody else see a pattern here?

      I’m sure the money will go straight through these companies and up to 40% will end up in Democrat coffers. On the other hand I may be way on the low side, probably more like 80 – 90%.

  2. Bo says:

    I cannot understand why his opponents do not mention that when Obama had a congressional majority he focused on social issues instead of Economic issues. His interest in the economy comes after the American vboter has rejected his approach. That is a clear election win to me.

  3. Bo says:

    I cannot understand why his opponents do not mention that when Obama had a congressional majority he focused on social issues instead of Economic issues. His interest in the economy comes after the American voter has rejected his approach. That is a clear election win to me.

  4. JohnMG says:

    …..”By the way, reality and Mr. Waxman have long been strangers…..”

    Two words that should never appear in the same sentence: Waxman and reality.

    On the other hand, Waxman and stupidity……….

  5. Petra says:

    There’s some information here:
    http://www.freerepublic.com/focus/f-news/2779904/posts

    People are saying it’s the Chicago way but it reality it’s the Arkansas way.


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