Headline Shocker: 'Solyndra Filing a Disaster for Obama'
As NewsBusters reported moments ago, a solar company the Obama administration loaned 535 million taxpayer dollars to as part of the 2009 stimulus plan filed for Chapter 11 bankruptcy Wednesday.
Although it's still too early to gauge how the rest of the president's fans in the media will cover this if at all, NBCBayArea.com reported the local event in a rather shocking fashion under the headline "Solyndra Filing a Disaster for Obama":
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. [...]
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. "
Talk about instant karma getting you: included in this announcement was a layoff of more than 1,100 Solyndra workers.
But of potentially greater consequence to Obama was a loan his administration made to the now failing Solyndra:
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.
A rigorous process that's transparent? Does the current White House resident have a clue what that is?
That aside, it's going to be fascinating to see how this matter gets covered in the coming days, especially with a jobs speech coming from the President next week.
Stay tuned.
For more on the lack of coverage given to disappointments over the creation of so-called "green jobs" please see Julia Seymour's "Networks Barely Criticize Obama's Disastrous 'Green Jobs' Policies."
- Noel Sheppard's blog
- Login to post comments
Comments
Easy
Submitted by dbo on Wed, 08/31/2011 - 6:22pm.
Although it's still too early to gauge how the rest of the president's fans in the media will cover this...
It's George Bush's fault.
The MSM will somehow say the Tea Party did it.
Submitted by drsamherman on Wed, 08/31/2011 - 6:41pm.
MSNBC's deranged denizens will start pinning this bankruptcy on the Tea Party by about 7:30 PM, if they stick to their usual timing. After that, it will be Rick Perry's fault, racism, Islamophobia and the VRWC - and not necessarily in that order.
Thank You
Submitted by shferg on Thu, 09/01/2011 - 7:38am.
A simple thanks for making me laugh out loud so early this morning! It's tragic how true your statement is. But I still laughed!
How will it be covered!?!?!?
Submitted by Sua Sponte on Thu, 09/01/2011 - 1:41pm.
1. YES, "It's Bush's fault that..."
2. "Due to Bush's failed policies..."
3. "Obamas predecesor caused..."
4. "Caused by allowing Halliburton to..."
Well, Yeah
Submitted by BigFletch on Thu, 09/01/2011 - 2:06pm.
More than likely its they'll say its the Republican controlled house fault. Even though the money was given under a democrat controlled Washington.
The gov't HAS NO BUSINESS
Submitted by rbosque on Wed, 08/31/2011 - 6:30pm.
The gov't HAS NO BUSINESS picking winners and losers with our money. They don't have the expertice or experience with alternative power sources. The markets are the best and most efficient way to determine who wins and who loses.
All that money was lost because Obama wants to pander to the insane enviro-left.
Incredible. Obama could have saved us boat-loads of money if he would just listen to sound economic advice from RATIONAL economists.
Idiot.
so far their choices have
Submitted by kinijane on Thu, 09/01/2011 - 9:26am.
so far their choices have been dismal, haven't noticed them picking
any winners
No legal authority
Submitted by JLin on Thu, 09/01/2011 - 10:01am.
Well said. The best thing that could be done for American society and the economy is for Government to remove itself from the public square. It is presently America's most deadly adversary in all history. But that won't happen because Government is the principal tool of Statists to maintain their power and control. What to do....? what to do....?
Got to choke off their money supply permanently.
AND another one bites the
Submitted by jkwtrading on Wed, 08/31/2011 - 6:31pm.
AND another one bites the dust...
What is the superlative of
Submitted by Mean Gene Dr. Love on Wed, 08/31/2011 - 6:44pm.
What is the superlative of incompetence? Is the word 'Obamanomics' strong enough? I don't think so. I think the incompetence of Obama and his administration on all things economic is so HUGE and so DENSE that its gravitational force consumes all rights, freedom, liberty, capital, mass and energy...even a black hole pales in comparison to an "Obama Hole."
"An armed society is a polite society. Manners are good when one may have to back up his acts with his life." --Robert A. Heinlein, "Beyond This Horizon," 1942
It appears...
Submitted by packman on Thu, 09/01/2011 - 8:31am.
that the "Obama Hole" is much more powerful than a "black hole" 'cause those scientific events in outer space never sucked our money into them like the Obama vortex did...and continues to do...
"...Were we directed from Washington when to sow and when to reap, we should soon want bread..." ~Thomas Jefferson
The media won't report it PERIOD
Submitted by Tomorama on Wed, 08/31/2011 - 6:57pm.
Was that a rhetorical question about the media coverage Noel???????
Lemme see............ Devalue Patrick (an Obama BFF) in Massachusetts touted and I mean touted Evergreen Solar and handed them millions and I mean millllllllllllllllions of dollars, and they went belly up last week.
Devalue (the Gubner) said that he would "do it again".
That folks is the true mindset of a libtard.
I bet my next 10 paychecks they care a little bit more about there personal investments, DON'T YOU THINK?
Disaster for Obama
Submitted by nanabanana on Wed, 08/31/2011 - 6:59pm.
I will celebrate every single 'disaster for Obama' - small, medium, large (I'm just sorry for the loss of money and especially jobs). Pile them on that hole he's digging himself into. So high he'll never see daylight again and will not even come within a million miles of winning next November.
"Let me be perfectly clear.
Submitted by DWoSD on Wed, 08/31/2011 - 7:13pm.
"Let me be perfectly clear. This bankruptcy is good for the economy. As the venerable former speaker of the house has said, 1100 more unemployed will stimulate the economy some more, once they start recieving their unemployment checks and the money the lawyers will generate during all the bankruptcy hearings will also be very stimulating and the judge will earn money to spend and don't forget the millions that were pocketed from the government loans by the ownership of the company,that should be very stimulative and just think about all those stimulating food stamps these people will need."
I finally figured it out.
Submitted by Denny Crane on Wed, 08/31/2011 - 7:39pm.
The left doesn't know the difference between wealth and money.
We Are The 53%
what was final amount for the 3?
Submitted by dmacleo on Wed, 08/31/2011 - 7:54pm.
wasn't it close to 1.1 billion subsidies for these 3?
Huge success!
Submitted by Kingfish17 on Wed, 08/31/2011 - 8:19pm.
It's all in the eye of the beholder. Obama funneled 650 million taxpayer dollars to this "green energy" company. It would take a forensic accounting team years to figure out what happened to that money, but I would guess that a good chunk of it went right back to the Democrat Party or friends of the Democrat party, in the form of outside supply purchases, or sub-contracts, or just outright graft and kick-backs. This sort of nonsense is just a microcosm of what has become of how the federal government handles tax payer dollars.
Whether it's grants to liberal colleges, stimulus dollars to public employee unions, or reparations to "farmers" who never owned a piece of land in their lives, our federal government has become one big slush fund, and they will open the spigot as wide as they can until all the money runs out, and be damned to whoever is left at the end of the process.
Failure? Hardly. Another Obama success story.
"You can’t go take a trip to Las Vegas...on the taxpayer’s dime." Barack Obama
The DOE loan
Submitted by Bill The Bold on Wed, 08/31/2011 - 9:30pm.
commitment is 5 years old. It was set up and started by the Bush administration. Private investors put in $1billion on top of that loan. It is very likely that part of that loan will be paid back as the assets are liquidated.
It is bad news for our country, a key business sector of the future and we are getting beaten by China. So did the Bush team make a bad loan? Did the Obama team fail to cut the line before it was drawn? Nope and nope. The smartest VCs and the best leaders in the silicon equipment industry led the way.
Blatant Falsehoods
Submitted by Kingfish17 on Wed, 08/31/2011 - 11:09pm.
The Energy Policy Act of 2005 may have made monies available for future energy pursuits, but the act didn't ever get into the details of a loan to Solyndra that would be guaranteed by the DOE. The loan to Solyndra was entirely an Obama Administration decision:
Obama Administration Offers $535 Million Loan Guarantee to Solyndra, Inc.
Was the Energy Policy Act of 2005 flawed? Of course it was. It appropriated federal dollars for future projects in broad, sweeping, nebulous language. But the decision to guarantee $535 million in loans to Solyndra was purely an Obama Administration decision.
So no, the Bush team didn't make a bad loan. The Obama team did.
Typical leftist prevarication.
Bill The Bold: I noticed your account is just five days old. Didn't one of our notorious multi-account Troll posters get banned from NB five days ago?
"You can’t go take a trip to Las Vegas...on the taxpayer’s dime." Barack Obama
Kingfish---
Submitted by matthewdean on Thu, 09/01/2011 - 12:27am.
Bold Billy Boy posts in the style of SatchMo.
Time will tell.
MD
Stand corrected
Submitted by Bill The Bold on Fri, 09/02/2011 - 1:56am.
I mistakenly claimed it was a Bush admin loan. It was an Obama admin loan.
Billy Boy
Submitted by desert3030 on Thu, 09/01/2011 - 9:53am.
Just had to be a W in there. Drink up today's flavor is root beer.
Boy Blah-Blah is completely
Submitted by killa37 on Wed, 08/31/2011 - 11:14pm.
Boy Blah-Blah is completely clueless about any of these things that he flaps his purple lips about - on the business end, the financail end, or the technological end. All he's done in any of these places is show up, make some boring-ass speech that is written for him, get the photo-op and the fawning MSM press, make sure the zillions of dollars are released (since a lot of the money will be going to 'insiders' and 'IOU's', as well as being funneled back into the Democrat party and the REGIME), and ......PRESTO!!! He's 'created' a bunch of 'green jobs'. Unfortunatly for a lot of these companies (well, probably more unfortnatly for the employees, since the upper echelon might be in on the scam), the very ACT of Boy Blunder showing up at your plant or place of business is a death-knell for having any kind of success..........
Meanwhile, another zillion or two gets flushed down the Obama toilet...........
ABC GMA Brian Ross
Submitted by Scottyb4292 on Thu, 09/01/2011 - 8:34am.
I just now viewed Brian Ross's report on Good Morning America. It was surprisingly accurate and damning to the President. They rolled archival tape from Obama's rosy speech which heralded Solyndra as an example of how our economy will grow. Ouch! Ross reported on how the president of the company was a big Obama campaign financial supporter and how this raises questions of political payback. I was stunned. Since when has ABC News reported facts when those facts are damaging to Obama?
Of further interest, George Stephanopoulos then interviewed James Carvelle on the faceoff between Obama and Boehner over the scheduling of the jobs speech and the Republican presidential candidates' debate of next week. This was a textbook case of liberal bias. GMA calculated that since they had done a scathing report on Solyndra that was damaging to Democrats, they were now permitted to slam Republicans in the story immediately following. So they downplayed the fact that the Republicans had scheduled their event first, choosing to portray this as Republican obstinacy. To his credit, Carvelle brought up that fact.
They ended their chat by declaring that Sarah Palin has no chance of winning the nomination, should she choose to run.
They always tell us who they fear.
Another Obama Success Story
Submitted by desert3030 on Thu, 09/01/2011 - 9:51am.
Watch how they spin this. GM was a success and we lost $1.3 billion on the deal. Then we have GE. How many billions did they get then moved two operating units to China. And Inmeld remains his main advisor...duh
No kidding
Submitted by JLin on Thu, 09/01/2011 - 10:19am.
"The administration didn't do its due diligence, says the Government Accountability Office. "
No joke. But let's face it, the Obama Crew never intended to do due diligence. Their goal was, is, and always has been, to spend taxpayer money as fast and furiously as possible to create more debt and social chaos.
So you could actually say
Submitted by killa37 on Thu, 09/01/2011 - 1:38pm.
So you could actually say that the whole Obama Presidency can be called 'Operation Fast and Furious'??? Wow......and we could really have a helluva time corelating the gun-running situation to the way our country has been going for the past two and a half years.
I sold off
Submitted by Walker01049 on Thu, 09/01/2011 - 10:25am.
my evergreen solar company stock after holding it about a year. Good move! They bit the dust too. That, I thought, was a good investment. Good thing I wised up early on. This green shit is just that. Green Shit.
Watch how they spin this. GM
Submitted by bagtree on Thu, 03/29/2012 - 4:18am.
Watch how they spin this. GM was a success and we lost $1.3 billion on the deal. Then we have GE. How many billions did they get then moved two operating units to China. And Inmeld remains his main advisor...duh
wholesale handbags, women handbags, wholesale purses