Skip to comments.How is Obama’s gambling on green companies different from banks that engaged in subprime mortgages?
Posted on 10/06/2011 12:35:23 PM PDT by Todd Kinsey
How is President Obamas gambling billions of dollars in taxpayer money on risky, unproven green energy companies like Solyndra any different from the banks who gambled on subprime mortgages?
In fact, the Obama administration gambled taxpayer money on several green companies who have subsequently filed bankruptcy. By now everyone has hear about Solyndra receiving $535 million and filing bankruptcy less than two years later. Evergreen Solar also received millions of dollars in taxpayer assistance to manufacture photovoltaic cells and is now defunct.
According to a report by Fox News, SpectraWatt received $500,000 in stimulus funds as part of a grant from the National Renewable Energy Lab. The company cited heavy competition from Chinese manufacturers as the reason for their failure. One of the major reasons American companies cannot compete with Chinese manufacturing firms is that we have the highest corporate tax rate in the world.
Now the Obama administration, who admonished Wall Street Banks, and instituted sweeping new financial regulations because of their supposedly reckless lending practices is doubling down on their own reckless lending policy to green companies.
(Excerpt) Read more at toddkinsey.com ...
It’s not. Both green energy and Wall Street paid off Obama with huge campaign contributions.
Banks are not necessarily using OUR money, from general treasury.
How is blowing your brains out different than throwing yourself in front of a speeding train?
There was (theoretically) a limit to the taxpayer’s risk with the banks... FDIC insurance.
The biggest difference is that obama did it willingly. The banks were forced to grant the loans by the government.
I think that is a big difference. Of course, Hussein and the rest of D.C. voted to bail out many banks--or force them to take TARP money.
Why excerpt your own material?
Well, duh! Suing yourself for misuse of material is SO expensive (you have to pay for two sets of lawyers!)
Solyndra appears to have received the taxpayer-financed loan through backroom deals, not based on their business case, but based on who they knew, or offered their political contributions.
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