March 23, 2012
Obama on Solyndra: 'Not our program, per se.'
On NPR's "Marketplace" radio program, President Obama said this: "Obviously we wish Solyndra hadn't gone bankrupt. Part of the reason they did was the Chinese were subsidizing their solar industry and flooding the market in ways Solyndra couldn't compete. But understand, this was not our program per se." That would come as a surprise - per se - to Solyndra who knew they were getting a loan guarantee from the Obama administration who was using monies appropriated in the stim bill. How's that again, Mr. President? "Congress, Democrats and Republicans, put together a loan guarantee program because they understood historically that when you get new industries, it's easy to get money for new startups," Obama said. "But if you want to take them to scale, often there is a lot of risk involved and what the loan guarantee program was designed to do was to help start-up companies get to scale." Fox News: The 2009 stimulus package that provided the funding for a loan of $527 million for...(Read Full Post)