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2012/03/22

OBAMA ON SOLYNDRA LOAN: ‘THIS WAS NOT OUR PROGRAM’ BLAMES 'CONGRESS' AND 'THE CHINESE' FOR FIRM’S FAILURE

-The audacity of blaming... 


"OBAMA: We are doing the all of the above strategy right. Obviously, we wish Solyndra hadn’t gone bankrupt. 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. But understand, this was not our program per se.

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 start-ups, but if you want to take them to scale sometimes there’s a lot of risk involved, and what the loan guarantee program was designed to do was to help start-up companies get to scale"



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