• Solyndra Loan 'Crony Capitalism at Its Worst,' GOP Rep Says
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Solyndra Loan 'Crony Capitalism at Its Worst,' GOP Rep Says September 18, 2011 FOX [release]The fallout over the Obama administration's half-billion dollar loan to a now-bankrupt solar panel company shows the government should get out of the business for good of "picking winners and losers," Republicans said Sunday. The company, California-based Solyndra, received $528 million in taxpayer dollars before filing for bankruptcy earlier this month and laying off more than 1,000 people. A cascade of emails and documents released over the past week showed that the loan guarantee was approved in 2009 following pressure from the company itself and the White House. As House Republicans investigate the loan and its back-story, Rep. Paul Ryan, R-Wis., suggested the company's situation represented the tip of the iceberg. The chairman of the House Budget Committee said Washington needs to let the private sector take on these kinds of risks in the future. "There are billions more of this exact kind of spending that came out of the stimulus that will produce these results we fear. This is industrial policy and crony capitalism at its worst. It's exhibit A for how this kind of economic policy doesn't work," he told "Fox News Sunday." "We shouldn't be picking winners or losers in Washington. We should be setting the conditions for economic growth so that the private sector can create jobs. Washington is not good at picking winners and losers, so we shouldn't try." GOP presidential candidate Herman Cain echoed the advice. "The government should not be in the business of picking winners and losers because most of the time they pick the losers," he said. Cain said the loan could have been in "good faith" had the administration pulled the plug when it became apparent the company was hemorrhaging money. Instead, the administration restructured the loan earlier this year. The federal government wasn't the only entity backing Solyndra. Private investors were also involved, a fact the White House pointed to in arguing that it was seen as a good bet. Administration officials also said that external economic factors hurt Solyndra and claimed that the loan proposal was thoroughly reviewed before it was approved. Jonathan Silver, director of the Energy Department's energy loan office, said at a hearing last week that a combination of factors -- namely China flooding the marketplace with cheap solar panels and the European buying market tightening as a result of their economic troubles -- has caused solar-cell prices to plummet. As bankruptcy proceedings get underway, part of the lingering concern with the Solyndra case has to do with the way the private investors are being treated. Republicans have complained that the loan restructuring earlier this year gave priority to private investors over taxpayers for repayment if the project went bust. Solyndra is, as Ryan suggested, not the only company to have gone belly up after receiving stimulus money. At least four other stimulus-backed companies have since filed for bankruptcy. Senate Republican Leader Mitch McConnell, R-Ky., pointed to the loan controversy in arguing against the president's latest call for a stimulus-style jobs package. "More money was lost on Solyndra than came to my state to fix roads and bridges out of the entire stimulus package last year, and now he's asking us to do it again," he said on NBC's "Meet the Press." "One of my favorite sayings here in Kentucky ... is there's no education in the second kick of a mule."[/release] Read more: [url]http://www.foxnews.com/politics/2011/09/18/solyndra-loan-crony-capitalism-at-its-worst-republican-says/#ixzz1YKAdDDsc[/url]
A terrible loan.
Unfortunately, we have the benefit of hindsight and the bias that comes with it. We now know that it was a bad idea to loan them the money, but we can look at the situation as it is now and make that judgement. But at the time, you have to go with what you are presented with and can't know for a fact what will happen. And what gives anyone in Kentucky the authority to speak about these things, let alone a Republican? Its Kentucky.
[quote]shows the government should get out of the business for good of "picking winners and losers," Republicans said Sunday.[/quote] Hypocrites.
Solyndra was big in my area. They were supposed to pump more money and bring more jobs to our local economy since the giant car manufacturing plant got closed down. Bastards
"No more bailouts!", the GOP shouts, while handing money by the bucketfull to banks and large corporations that don't even pay their taxes Shitty loan, shittier hypocrisy.
yay american politics good to see that the country is being run smoothly and efficiently
[QUOTE=Zeke129;32358397]"No more bailouts!", the GOP shouts, while handing money by the bucketfull to banks and large corporations that don't even pay their taxes Shitty loan, shittier hypocrisy.[/QUOTE] Yeah, this was definitely a bad loan, the predictions said so. However, for the GOP to come out and say "look, Obama's a crony capitalist!!", is such hypocrisy. I didn't see these people come out and criticize Bush when he did the same sort of shit.
Ahem, how much money did AIG get, again? And Halliburton? And KBR? I'm pretty sure Obama's vice president was never on the board of directors for Solyndra.
they are pretty much saying: oh no they are not unfailable
Posting in a typical Glaber Thread. That aside, the Solyndra fiasco just goes to show you how even the best laid plans can unravel.
[QUOTE=Killuah;32360075]they are pretty much saying: oh no they are not unfailable[/QUOTE] Or in other words, "there is no such thing as too big to fail".
[QUOTE=Glaber;32363714]Or in other words, "there is no such thing as too big to fail".[/QUOTE] Geeze if only someone told the bush administration that
Ouch bad for Obama.
[QUOTE=Zeke129;32358397]"No more bailouts!", the GOP shouts, while handing money by the bucketfull to banks and large corporations that don't even pay their taxes Shitty loan, shittier hypocrisy.[/QUOTE] The no more bailouts chant came AFTER the bailouts you just mentioned. [editline]18th September 2011[/editline] [QUOTE=Zeke129;32363793]Geeze if only someone told the bush administration that[/QUOTE] Ditto Obama and GM/Chrysler
You want to talk about "crony capitalism" Glaber? How about Medicare Part D? The 500 billion dollar drug plan that basically stated, "Ok Medicare beneficiaries, we can't negotiate the prices of the drugs you are receiving, and you can only buy from these pharmaceutical companies." And then the leader of the bill retired from Congress and took a $2 million job as president of the largest pharmaceutical lobbying group in Washington. Countless more took jobs as lobbyists in the pharma industry. I guess Fox News doesn't cover that. Not only that, but those 1100 people that lost their jobs, they are now highly skilled green energy employees. I typed into Google Search, " solar panel companies hiring", and these were the results. Help Wanted: 24 Clean Energy Firms Hiring 300 New Employees Right Now [url]http://www.cleanenergycouncil.org/blog/2011/04/07/help-wanted-24-clean-energy-firms-hiring-300-new-employees-right-now/[/url] Maryland solar power industry is hiring [url]http://www.bizjournals.com/baltimore/blog/2011/06/maryland-solar-power-industry-is-hiring.html[/url] I think you get the idea.
Thanks, still taking the ineptitude of the Democrats over the corruption of the Republicans. The Democrats may fuck up a lot, but the usually have good intentions. The Republicans however are quite capable (well, up until the tea party), but are among the most terrible human beings I have ever had the misfortune to encounter. I'd rather aim high and fail, like we have seen here, than just be a corrupt fuckwad.
[QUOTE=GunFox;32365819]Thanks, still taking the ineptitude of the Democrats over the corruption of the Republicans. The Democrats may fuck up a lot, but the usually have good intentions. The Republicans however are quite capable (well, up until the tea party), but are among the most terrible human beings I have ever had the misfortune to encounter. I'd rather aim high and fail, like we have seen here, than just be a corrupt fuckwad.[/QUOTE] What do you think of Blue-dog democrats?
[QUOTE=Soviet Bread;32365998]What do you think of Blue-dog democrats?[/QUOTE] They suck, but they're the smallest faction of the party.
[QUOTE=Soviet Bread;32365998]What do you think of Blue-dog democrats?[/QUOTE] Not really a fan of them. It is like they are democrats who are too cowardly to properly back what they know is right.
[QUOTE=Doctor Zedacon;32358075]Unfortunately, we have the benefit of hindsight and the bias that comes with it. We now know that it was a bad idea to loan them the money, but we can look at the situation as it is now and make that judgement. But at the time, you have to go with what you are presented with and can't know for a fact what will happen. And what gives anyone in Kentucky the authority to speak about these things, let alone a Republican? Its Kentucky.[/QUOTE] Of course that's what you get out of it, the fact that the word Kentucky is in there.
[QUOTE=5killer;32365711]You want to talk about "crony capitalism" Glaber? How about Medicare Part D? The 500 billion dollar drug plan that basically stated, "Ok Medicare beneficiaries, we can't negotiate the prices of the drugs you are receiving, and you can only buy from these pharmaceutical companies." And then the leader of the bill retired from Congress and took a $2 million job as president of the largest pharmaceutical lobbying group in Washington. Countless more took jobs as lobbyists in the pharma industry. I guess Fox News doesn't cover that. Not only that, but those 1100 people that lost their jobs, they are now highly skilled green energy employees. I typed into Google Search, " solar panel companies hiring", and these were the results. Help Wanted: 24 Clean Energy Firms Hiring 300 New Employees Right Now [url]http://www.cleanenergycouncil.org/blog/2011/04/07/help-wanted-24-clean-energy-firms-hiring-300-new-employees-right-now/[/url] Maryland solar power industry is hiring [url]http://www.bizjournals.com/baltimore/blog/2011/06/maryland-solar-power-industry-is-hiring.html[/url] I think you get the idea.[/QUOTE] Can I get a name on that leader? I'm preforming a search and i need a name so I can narrow down the search.
Billy Tauzin.
[QUOTE=GunFox;32365819]Thanks, still taking the ineptitude of the Democrats over the corruption of the Republicans. The Democrats may fuck up a lot, but the usually have good intentions. The Republicans however are quite capable (well, up until the tea party), but are among the most terrible human beings I have ever had the misfortune to encounter. I'd rather aim high and fail, like we have seen here, than just be a corrupt fuckwad.[/QUOTE] Last good republican was Barry Goldwater.
Okay, I found an article covering the resignation, but I did not find the Specific company part covered anywhere. [url]http://www.foxnews.com/politics/2010/02/12/lobbyist-drug-makers-resigning-ill-fated-health-deal-white-house/[/url] however I did find these: [url]http://www.foxbusiness.com/markets/2011/04/21/drug-industry-president-renegs-health-deal/[/url] [url]http://www.foxnews.com/politics/2009/06/20/key-senator-white-house-strike-deal-drug-industry-health-coverage/[/url] [url]http://www.foxnews.com/politics/2009/08/13/drug-companies-resist-white-house-reduce-rights-exclusive-drug-data/[/url] This one is from Glenn Beck before he left: [quote]It's about the years of lies from both parties — a Republican Party that claims to be for small government but gives us Medicare Part D that's got $17 trillion in unfunded liabilities.[/quote] [url]http://www.foxnews.com/story/0,2933,516476,00.html[/url] Now I can't seem to find anything that says "you can only buy from these pharmaceutical companies." unless it's the part where Medicare Part D only covers Name brand drugs.
[QUOTE=Glaber;32357839] Senate Republican Leader Mitch McConnell, R-Ky., pointed to the loan controversy in arguing against the president's latest call for a stimulus-style jobs package. "More money was lost on Solyndra than came to my state to fix roads and bridges out of the entire stimulus package last year, and now he's asking us to do it again," he said on NBC's "Meet the Press." "One of my favorite sayings here in Kentucky ... is there's no education in the second kick of a mule."[/release] Read more: [url]http://www.foxnews.com/politics/2011/09/18/solyndra-loan-crony-capitalism-at-its-worst-republican-says/#ixzz1YKAdDDsc[/url][/QUOTE] You know I've never actually heard that saying here.
[QUOTE=Glaber;32369027]Okay, I found an article covering the resignation, but I did not find the Specific company part covered anywhere. [url]http://www.foxnews.com/politics/2010/02/12/lobbyist-drug-makers-resigning-ill-fated-health-deal-white-house/[/url] however I did find these: [url]http://www.foxbusiness.com/markets/2011/04/21/drug-industry-president-renegs-health-deal/[/url] [url]http://www.foxnews.com/politics/2009/06/20/key-senator-white-house-strike-deal-drug-industry-health-coverage/[/url] [url]http://www.foxnews.com/politics/2009/08/13/drug-companies-resist-white-house-reduce-rights-exclusive-drug-data/[/url] This one is from Glenn Beck before he left: [url]http://www.foxnews.com/story/0,2933,516476,00.html[/url] Now I can't seem to find anything that says "you can only buy from these pharmaceutical companies." unless it's the part where Medicare Part D only covers Name brand drugs.[/QUOTE] [url]http://www.politico.com/news/stories/0210/32879.html[/url] It is illegal to buy drugs from other countries like Canada where it is much cheaper, and coupled with the fact the federal government can't negotiate to bring the prices down, means you have to buy very expensive drugs, way past the the manufacture cost, from a very selective group of pharmaceutical companies.
[QUOTE=Glaber;32369027]Okay, I found an article covering the resignation, but I did not find the Specific company part covered anywhere. [url]http://www.foxnews.com/politics/2010/02/12/lobbyist-drug-makers-resigning-ill-fated-health-deal-white-house/[/url] however I did find these: [url]http://www.foxbusiness.com/markets/2011/04/21/drug-industry-president-renegs-health-deal/[/url] [url]http://www.foxnews.com/politics/2009/06/20/key-senator-white-house-strike-deal-drug-industry-health-coverage/[/url] [url]http://www.foxnews.com/politics/2009/08/13/drug-companies-resist-white-house-reduce-rights-exclusive-drug-data/[/url] This one is from Glenn Beck before he left: [url]http://www.foxnews.com/story/0,2933,516476,00.html[/url] Now I can't seem to find anything that says "you can only buy from these pharmaceutical companies." unless it's the part where Medicare Part D only covers Name brand drugs.[/QUOTE] Fox, Fox, Fox, Fox.
have you tried using google, not fox, for searching for news articles? I think it would lead to a marked improvement glaber
I searched for fox articles because of this: [QUOTE=5killer;32365711]You want to talk about "crony capitalism" Glaber? How about Medicare Part D? The 500 billion dollar drug plan that basically stated, "Ok Medicare beneficiaries, we can't negotiate the prices of the drugs you are receiving, and you can only buy from these pharmaceutical companies." And then the leader of the bill retired from Congress and took a $2 million job as president of the largest pharmaceutical lobbying group in Washington. Countless more took jobs as lobbyists in the pharma industry. [B]I guess Fox News doesn't cover that.[/B][/QUOTE] The whole point of my post was to show what fox did cover in regards to what 5killer said they didn't cover. Or do we need the bad reading rating back?
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