Republican hypocrites critical of solyndra sought loan guarantees for coal

[one...two...tree 2,762]

There's ample evidence that pretty much everyone in Congress -- even vocal critics of the government’s investment in Solyndra -- is into loan guarantees for energy, whatever they tell the cameras after a few of these relatively risky ventures inevitably fail. Rep. John Boehner, for instance, requested loans to enrich uranium under the same loan guarantee program that governed Solyndra, and Rep. Fred Upton requested loans to finance four other clean energy programs.

Republicans ... have said the failure of Solyndra, which filed for bankruptcy after receiving $535 million in federal loan guarantees, shows President Barack Obama was wrong to pick “winners and losers” among wind- and solar-power companies.

The letters promoting coal projects show Republicans don’t mind the government picking winners if it’s for projects they want, said Jack Spencer, an energy analyst at the Washington-based Heritage Foundation.

You know the GOP's opportunism has reached a new nadir when even the arch-conservative Heritage Foundation is kicking sand at it.

The point of government-funded technology efforts is to take risks that the private sector won't, in order to create foundational new technologies that the private sector can then commercialize. Republicans realize that when they want money for their pet projects, apparently. They just conveniently forget it when they want political capital.

Le sigh.

straight to the source:

Solyndra Critics Sought U.S. Aid for Coal, Bloomberg

[Ban Hammer 13,352]

on the other hand, coal isn't going bankrupt.

[scandal 951]

There's ample evidence that pretty much everyone in Congress -- even vocal critics of the government’s investment in Solyndra -- is into loan guarantees for energy, whatever they tell the cameras after a few of these relatively risky ventures inevitably fail. Rep. John Boehner, for instance, requested loans to enrich uranium under the same loan guarantee program that governed Solyndra, and Rep. Fred Upton requested loans to finance four other clean energy programs.

Republicans ... have said the failure of Solyndra, which filed for bankruptcy after receiving $535 million in federal loan guarantees, shows President Barack Obama was wrong to pick “winners and losers” among wind- and solar-power companies.

The letters promoting coal projects show Republicans don’t mind the government picking winners if it’s for projects they want, said Jack Spencer, an energy analyst at the Washington-based Heritage Foundation.

You know the GOP's opportunism has reached a new nadir when even the arch-conservative Heritage Foundation is kicking sand at it.

The point of government-funded technology efforts is to take risks that the private sector won't, in order to create foundational new technologies that the private sector can then commercialize. Republicans realize that when they want money for their pet projects, apparently. They just conveniently forget it when they want political capital.

Le sigh.

straight to the source:

Solyndra Critics Sought U.S. Aid for Coal, Bloomberg

I don't have a problem with loan guarantees or subsidies for energy programs that create jobs and produce energy. That can be solar or other renewables, or it can be fossil fuels.

The criticism I have about the Solyndra mess wasn't that it got government loan guarantees. The problem with the Solyndra deal was that the due diligence either wasn't done, or was ignored. And apparently for political reasons. The warning signs of Solyndra's financial condition were known before the loan guarantees were made, yet they were made anyway.

If a company that got loan guarantees ultimately fails after making an honest attempt at getting a business of the ground, I don't blame the company or the government. Sometimes businesses fail. The idea behind the loan guarantees is to seed the marketplace with new entrants, I get that. But intentionally backing a company that already has a weak balance sheet and questionable business model? Somebody didn't do their homework. Or worse - they did it, and ignored the results.

[one...two...tree 2,762]

Ron, from what I've read, the loan guarantees were under negotiations during the previous administration, but the deal was finalized under the obama administration. I agree with your premise though. The point of the OP was to demonstrate an obvious double standard as republicans try to score political points by making example out of the Solyndra deal - like, here we go again with Democrats throwing away tax payer money on pet projects, as if republicans never seek out loan guarantees for the energy industry.

[Karee 4,190]

Ron, from what I've read, the loan guarantees were under negotiations during the previous administration, but the deal was finalized under the obama administration. I agree with your premise though. The point of the OP was to demonstrate an obvious double standard as republicans try to score political points by making example out of the Solyndra deal - like, here we go again with Democrats throwing away tax payer money on pet projects, as if republicans never seek out loan guarantees for the energy industry.

Good point. Neither party EVER sticks up for their past members. Thanks for clearing that up.

[SMR 368]

As was said, the thing that elevates Solyndra to the level of scandal is not that a company backed by the government failed or even the fact that Obama used it as a poster child. Those could be honest mistakes. But Solyndra had a very questionable foundation when the loan was made. And worse yet, a short time before the bankruptcy the loan was refinanced to help certain investors get their money back before the government if the company failed. Many of these investors happen to be significant Obama campaign donors.

Now I don't agree with subsidies for coal or solar, but Solyndra isn't about that and trying to make it about that is a clear deflection tactic. Solyndra is an example of the corruption, cronyism, and lack of transparency in the Obama administration. That's the important take away.

[Gary and Alla 3,694]

Coal is a very reliable source of power for electric/coal fired cars.

[I AM NOT THAT GUY 5,715]

Ron, from what I've read, the loan guarantees were under negotiations during the previous administration, but the deal was finalized under the obama administration. I agree with your premise though. The point of the OP was to demonstrate an obvious double standard as republicans try to score political points by making example out of the Solyndra deal - like, here we go again with Democrats throwing away tax payer money on pet projects, as if republicans never seek out loan guarantees for the energy industry.

Then how come there is a prominent Democrat behind each on of these failed loan guarantees? And as far as coal, you may find a dead West Virginian Senator still to be the biggest supporter of the coal industry.