Obama: No regrets about Solyndra loan

[The Northerner]

Source: Associated Press

WASHINGTON — President Barack Obama said on Monday he does not regret a $528 million loan to a solar energy company that later collapsed, saying officials always knew a clean energy loan program would not back winners 100 percent of the time.

"There are going to be some failures, and Solyndra's an example," Obama said in a television interview, referring to a California solar panel maker that declared bankruptcy last month and laid off its 1,100 workers. The company's failure has become a rallying cry for critics of Obama's clean energy program who say the government should not try to predict winners and losers in the volatile renewable energy market.

Obama disputed that, saying China is pouring "hundreds of billions of dollars into this space." If the United States wants to compete with China, Germany and other countries that are heavily subsidizing clean energy, "we've got to make sure that our guys here in the United States of America at least have a shot," Obama said.

Obama, in an interview with ABC News, was asked whether his administration had ignored warnings about Solyndra, as some congressional Republicans assert.

Read more: http://www.ajc.com/news/nation-world/obama-no-regrets-about-1193600.html

[babylonsister]

1. From The New Yorker this week, re: Solyndra...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x312720

[jannyk]

2. 'No regrets' sounds like GW speak. They knew it was dodgy before

they invested. Such as this:

"“A number of us are concerned that the president is visiting Solyndra,” California investor and Obama fundraiser Steve Westly wrote to Obama senior adviser Valerie Jarrett in May 2010. “Many of us believe the company’s cost structure will make it difficult for them to survive long term. . . . I just want to help protect the president from anything that could result in negative or unfair press.” ....and others

See here:
http://www.washingtonpost.com/r/2010-2019/WashingtonPost/2011/10/03/National-Politics/Graphics/DocumentProductionMemo.pdf

[Fearless]

3. Damn know when to cut your losses and move on!

Continuing to prop up mistakes will sink the boat.

[spin]

4. Well at least it didn't come out of his pocket ...

or his one billion dollar reelection campaign.

Lots of people were waving red flags about Solyndra before the loan. Still, to be fair, Obama was trying his best to create jobs and stabilize the economic disaster left behind by Bush the Junior. A bad decision was made and I would have a lot more admiration for Obama if he just admitted it. I don't expect him to be infallible but it would be nice if he learned from his mistakes.

I still support Obama but I have to admit that my enthusiasm has decreased somewhat. His healthcare plan was far from what I had hoped for and so far he hasn't shown the ability that I expected to lead the nation and overcome all the foolishness in Congress.

Maybe when I expected that he would be the greatest President since Lincoln, I set my expectations far too high. Still he is far better than G. W. Bush and undoubtedly has done a far better job than John McCain would have. At his point I am not impressed with any of the Republicans who might run against him. I probably just need to develop more patience. The whole damn world is having economic problems and other nations are dragging us down with them.

I do think he needs some new advisers. For example, I'm not sure that having GE CEO Jeffrey Immelt as chairman of the Council on Jobs and Competitiveness is a real bright idea after Immelt decided six months after his appointment to relocate GE's X-ray division from Wisconsin to China.

[Johnson20]

5. Oh well!

WTH it's only money. Money that could have been used to feed some very hungry people.

BTW does anyone know of an up-start "Green" company that received some of these loans and is doing well. I need argument points.

[girl gone mad]

6. Why can't politicians ever own up to their mistakes?

[Johnson20]

7. Yep. Doesn't it just drive you "bonkers?"

[Crowman1979]

8. Another example of the failures of privatization.

[No Elephants]

9. Half a billion in taxpayer money to one company with no track record

Before sinking in additional money, the administration discussed optics.

Subordinated taxpayer $$ to private investors.

Obama 2008 bundler involved.

No regrets.


Okay, then.