| News

Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Obamanomics: Exposed again

Email Newsletters

Sign up for one of our email newsletters.

Daily Photo Galleries

Sunday, Sept. 4, 2011

Solar-panel maker Solyndra LLC's Chapter 11 bankruptcy filing last week left taxpayers on the hook for more than half-a-billion dollars in federal loan guarantees and put 1,100 out of work. And it's the latest case study in the predictable failure of Obamanomics -- a "green" beneficiary of crony capitalism, unviable even when subsidized by a government trying to pick winners.

Touted and visited by the president, Solyndra received those loan guarantees in 2009 from an Obama administration that ignored such red flags as Solyndra's own accountants warning it was in dire financial straits.

The Department of Energy ignored taxpayer-protecting guidelines to grant the loan guarantees. And among Solyndra investors who benefited was Oklahoma billionaire and major Obama-Biden campaign "bundler" George Kaiser.

"We smelled a rat from the onset," said House Energy and Commerce Committee Chairman Fred Upton, R-Mich., and Oversight and Investigations Subcommittee Chairman Cliff Stearns, R-Fla., in a joint statement reacting to Solyndra's bankruptcy.

Investigating the loan guarantees, last winter they subpoenaed related White House Office of Management and Budget documents. The White House has been stonewalling for seven months. There can be little wonder why.

The essence of Obamanomics long has been its manifest unsustainability. (Think of the abysmal August jobs report.) But this case raises the specter of criminality being part and parcel to it as well.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Stories

  1. Crosby scores twice, Malkin delivers OT goal as Penguins beat Blues
  2. Friends, family, history lure natives back to Western Pennsylvania
  3. Steelers veteran linebacker Harrison focused on stretch run
  4. Penguins co-owner Lemieux snuffs rumored rift with Crosby
  5. Steelers notebook: Tomlin ends practice with third-down work
  6. Year’s worth of rain floods Qatar
  7. Pittsburgh Symphony Orchestra offers own tradition with ‘Waltz’
  8. Artis leads Pitt to lopsided victory over Cornell
  9. Violinist, pianist join for evening of sonatas at Carnegie Music Hall
  10. Signs of steady U.S. economy: Pay, home sales up, unemployment applications down
  11. Woman pulled from Mon, taken to UPMC Mercy conscious and alert