Last week, America reeled in shock when Obama???s Acting Executive Director of the Energy Department???s Loan Program Office, David Frantz, declared Solyndra to be ???an enormous success.???
It turns out that wasn???t an isolated incident. It looks like the Obama team is actually going for broke, and thinks they can make America forget about the Solyndra catastrophe by repeatedly describing it as a ???success.??? Here again we see the clear superiority of the private sector over government central planners, because anyone who tried describing an ???investment??? like Solyndra as wise or successful at a corporate board meeting would be escorted from the building by armed security guards.
Today we???ve got Obama campaign spokeswoman Lis Smith, quoted at the Detroit News in response to Mitt Romney???s assault on Obama???s crony failures: “The reality is that Solyndra received funding through a Department of Energy program created under the Bush administration ??? a program that has supported tens of thousands of jobs across the country and is moving forward with investments in innovative projects like the first nuclear plant built in the U.S. in decades and the world’s largest wind farm. In fact, both Republican and Democratic administrations advanced Solyndra’s application, and the company was widely praised as successful and innovative both before and after receiving the Department of Energy loan guarantee.”
There???s so much disinformation and spin packed into Smith???s statement that Obama really should consider jettisoning Joe Biden and putting her on the ticket. Just for starters, let us once again dispose of the hoary lie that Bush was responsible for Solyndra somehow. The Bush Energy Department refused to give Solyndra a loan ??? that???s why George Kaiser got cozy with Obama and made sure the wheels of crony capitalism were properly greased.
As ABC News explained last March, Solyndra???s ???$500 million in fast-tracked loan guarantees came from an entirely new section of the program created under Obama by the 2009 American Recovery and Reinvestment Act, also known as the stimulus.???
Smith skirts around outright lying with a little clever misdirection, saying the DOE program was created in the Bush Administration, and then implying Obama???s predecessor had something to do with the Solyndra failure. In fact, she immediately praises the program itself, and offers the vague idea that ???both Republican and Democratic administrations advanced Solyndra???s application.??? The more salient point is that the Bush Administration stopped it from advancing any further.
The assertion about ???wide praise??? for Solyndra???s ???success??? is pure bunkum. Months before Obama???s highly publicized visit to Solyndra headquarters in May 2010, auditors were loudly warning that the company was troubled enough to ???raise substantial doubt about its ability to continue as a going concern,??? according to a Bloomberg News report. Nevertheless, ???the Obama administration stood by Solyndra through the auditor???s warning, the abandonment of a planned initial public offering, and a last-ditch refinancing where taxpayers took a back seat to new investors.???
An analyst quoted by Bloomberg News said, ???People including our government put blinders on and did not want to believe in the obvious??? The fact that the government chose Solyndra as their white horse is mind- boggling.??? Everyone knew Solyndra???s business model, which involved selling $6 solar panels for $2, was unsustainable. One of Obama???s own budget analysts wrote in an email that ???this deal is NOT ready for prime time.??? Congressional investigators are still laboring to unravel the decision making process behind Obama???s stunning string of ???green energy??? failures, a process that involves chiseling through the Obama Administration???s comical boasts of ???transparency??? with subpoenas.
It was only a couple of months ago that a desperate Barack Obama famously stammered that Solyndra ???was not our program per se.??? Remember those widely-mocked words? But now his campaign is trying to claim everyone thought Solyndra would be a sure-fire success? Once again, the Obama campaign relies upon near-total amnesia from the American public, and will hopefully be disappointed.