After once touting Solyndra as a success story, President Obama sought to distance himself from the now-bankrupt and scandal-plagued manufacturer of solar panels, blaming Congress and China for the debacle instead of accepting responsibility. Critics of the administration promptly blasted the comments.
“Obviously, we wish Solyndra hadn’t gone bankrupt,” Obama said during a radio interview about the company he visited in 2010 to praise the government’s half-baked subsidy program. “Part of the reason they did was because the Chinese were subsidizing their solar industry and flooding the market in ways that Solyndra couldn’t compete.”
It was not just China though, according to Obama. “But understand: This was not our program, per se,” he continued. “Congress — Democrats and Republicans — put together a loan guarantee program because they understood historically that when you get new industries, it’s easy to raise money for startups, but if you want to take them to scale, oftentimes there’s a lot of risk involved, and what the loan guarantee program was designed to do was to help startup companies get to scale.”
Of course, it is true that Congress authorized the unconstitutional “stimulus” bill to further subsidize “green” ventures that investors did not find worthy enough to finance. It is also a fact that the communist dictatorship ruling mainland China — to its own economic detriment — is subsidizing production of solar panels, as are other governments around the world.
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