Obama's Solyndra skylarking failed to address the central issue—why your money is being gambled on pig-in-a-poke new market development in the first place—and also created new doubts. While the president at least provided an “I have confidence in” sop to Attorney General Eric Holder (who is on the run from the much more serious "Fast and Furious" incident), he didn't even pronounce Steven Chu's name. The assurance that the Department of Energy used “their best judgment” was not a ringing endorsement either.
Obama’s speech misfired in other ways. His jingoistic jabs at Rep. Cliff Stearns (R-Florida), who heads up oversight for the Energy Committee, set Stearns up for an obvious rejoinder.
“If President Obama believes that we should borrow billions of dollars from China to subsidize American businesses trying to compete with China then he doesn’t understand this country’s economic system,” Stearns said in a statement. “We should not be picking winners and losers, which is a fundamental flaw in his stimulus scheme.”
Obama also tried to create distance between himself and the company by saying the loan guarantee program “predates” him. This is unlikely to stick given Obama’s famous photo opp at Solyndra’s swanky headquarters and the Bush Administration’s decision to pass on the company’s loan application.
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