Skip to comments.Obama: Solyndra Got Loan 'On the Merits' (Obama proves a rock is smarter than him)
Posted on 10/06/2011 2:51:21 PM PDT by tobyhill
President Obama said Thursday that his administration has loaned billions to start-up high tech firms like the now-bankrupt solar firm Solyndra based not on political influence, but "on the merits."
"I have confidence decisions were made based upon what's good for the American people," Obama said in a press conference Thursday in response to questions from ABC News senior White House correspondent Jake Tapper. "There were going to be some companies that did not work out. Solyndra was one of them."
The president addressed multiple questions Thursday about Solyndra, the first recipient of a government loan under a program to help finance start-up companies in the fledgling field of green energy. Solyndra declared bankruptcy last month, locking out 1,100 workers. The Energy Department loan is now the focus of investigations by Congress and by the Department of Justice.
"All I can say is the Department of Energy made these decisions based on their best judgments," Obama said, defending the decision to make Solyndra the country's first loan guarantee recipient.
(Excerpt) Read more at abcnews.go.com ...
Merits? What merits. They went bankrupt you stupid fool!! This moron is going to give me a stroke.
This time it’s the Department of Energy’s fault.
Then imagine being on the other side of an international treaty.
We are so doomed.
Elections have consquences. If he’s given 4 more years he will probably put 3 to 4 more people on the SCOTUS.
I am amazed he has not negotiated away any states yet. He still has time...
Rock? What rock? Did it have “Solarhead” painted on it?
Exactly! What Merits? If they had merits then there should be no anticipation of failing like Obama just said he anticipates.
Well if the govt is now a bank that is handing out business loans based on merit, then WHAT THE HELL ARE THEY DOING IN THE BANKING BUSINESS TO BEGIN WITH!!!!!!!!!!!!!!
Sorry about the all caps, but am I the only one that sees the irony in Obama’s statement?
If the business could get the loan on it’s merits, it wouldn’t need to get a loan from the government, it could aquire one in the private sector.
The ONLY reason a business needs to secure a loan (or loan gurantee) from the government, is because the business can’t secure the loan in the private sector on its merits.
By definition, Obama lied.
Obama is telling the truth, at least as he sees it. What’s good for the American people is his re-election so that he can manifest his vision in all its dimensions. Anything required to produce that result is justified.
The list, ping
Let me know if you would like to be on or off the ping list
What he is saying is that they had a good profits to earnings ratio! /s
It wasn’t just that Solyndra didn’t make it.... they blew through half a billion $$$$ in about a year. That’s an astounding number.
When a company has a failed IPO and the Auditors issue a "going concern" opinion "the merits" exist only in the mind of an idiot.
Looks like the only merit the bureaucrats that vote to back things like Solyndra want, is that the proposed venture has made some claim to be green. Even if the business model is ill conceived and any fool knows that China is set up to eat their lunch.
Merits!?? I've got some merits for you Bammy. We have millions of people whose homes are in foreclosure, so those should be "merits" enough for you!!
They're all heading back home after looking for work to wait for their checks to arrive!! I only hope that the conservatives caught in this economic nightmare aren't holding their breath waiting for the check!!
“I have confidence decisions were made based upon what’s good for the American people,” Obama said
So I guess obstructing congressional investigation and bailing out George Kaiser ahead of taxpayers is whats best for the “American People”
No. What’s truly “good for the American people” is for government to get out of the business of risking taxpayer dollars.
This is the whole problem, with liberals.
They make decisions based on what they believe is best for you in their utopia of the mind, instead of looking at spread sheets, credit ratings and viability.
Green energy may make you feel all warm and fuzzy on the inside but in reality it leaves you broke and freezing your butt off!
Someone needs to ask this financial genius just how many of these deals are expected to "not work out". How many billions would he consider to be an acceptable loss and would still be considered "good for the American people".
The only good thing about the Solyndra deal is the average taxpayer can now start to understand how little Obama cares about wasting their tax dollars.