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Any one care to DEFEND THIS

Tam

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Obama visits and praised Green energy company Solyndra plant in California as being the future of the US.
“It’s here that companies like Solyndra are leading the way toward a brighter and more prosperous future,” Mr. Obama said
He then gives them over $500 million of tax payer backed loans. Does the story stop there NO. Solyndra is raided by the FBI and has filed for bankrupcy, just over a year later. $535 million down the drain and what does the US have to show for it? a BANKRUPT COMPANY and 900 more on unemployment. Shovel Ready wasn't so Shovel Ready and Solyndra is no longer the future of the US well unless Bankruptcy is the future of the US. :roll:

What Happen Oldtimer Jingy, Bullhauler, or anyone other liberal that would like to TRY defend your losers record on economics?

Who is Obama going to Blame for this, Bush had nothing to do with this issue? But guess who did?
.
The company’s bankruptcy petition came two years after Energy Secretary Stephen Chu and Vice President Joseph R. Biden announced approval of $535 million in federal loans to Solyndra.

“This announcement today is part of the unprecedented investment this administration is making in renewable energy and exactly what the Recovery Act is all about,” Mr. Biden said.

And as Obama said when he left Biden in Charge . Nobody messes with JOE. :wink:
OR maybe Joe can be messed with, since one of Obama's big campaign donors was heavily invested in the company. SUPPORTER PAY BACK AGAIN :?


What played a roll in this Bankruptcy?

Solyndra, which was launched in 2005, last week shed more than 900 full-time employees, leaving just a “core group” of 113 employees, according to bankruptcy records. The price for solar panels has dropped by more than 40 percent, in part because of heavy competition from Chinese companies.

And who just sent jobs to China, no other than GE's CEO Jeffery Immelt. Yes that's right the Obama Job Creation Chairman is sending US jobs to China. I guess Obama forgot to tell Immelt the jobs he was to be creating were suppose to be IN THE US. But don't worry Immelt will not be paying any more taxes on his GE Profits when Obama slaps a higher tax on the Billionaires and Millionaires as Jeffery is investing his GE profits in foreign banks to protect it from the US tax rates.

BTW It sure was comforting to hear Immelt escorted Michelle to Barak's little "Made in the US" speech. Wonder if Mr China was listening to the speech or just ignoring him like the rest of his party does when he speaks about civility. Gee maybe he was making faces at him like Joe was. :?

Any comments to defend this?
 
A

Anonymous

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Senator asks Obama to curb Chinese solar panels
ReutersBy Doug Palmer | Reuters – Thu, 8 Sep, 2011

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WASHINGTON (Reuters) - A Democratic senator on Thursday urged President Barack Obama to use U.S. trade laws to restrict surging imports of solar panels from China in a sign that high U.S. unemployment is increasing trade tensions.

"The American solar industry is facing unparalleled challenges and without the leadership of your administration this industry may disappear leaving behind additional workers without employment," Senator Ron Wyden said in a letter.

"Letting that happen is unacceptable."

The plea came just days after solar panel maker Solyndra LLC filed for bankruptcy, becoming the third U.S. solar firm to succumb to pressure from China in recent weeks.

Solyndra said it had been unable to bring down its costs quickly enough to compete with cheaper panels from China despite receiving more than $535 million in U.S. federal loan guarantees.

"Chinese imports of solar panels are surging and are on pace to increase 240 percent this year, compared to 2010," Wyden said. "Furthermore, imports of Chinese solar panels increased 1,593 percent between 2006 and 2010."

The Oregon Democrat said the Obama administration had "ample tools" to restrict the imports, including possible anti-dumping or countervailing duties.

The administration should also consider an emergency safeguard tariff like the one Obama successfully imposed on tires from China two years ago, he said.

"Furthermore, China's subsidization of solar panel production provides the grounds for your Trade Representative to pursue litigation at the World Trade Organization," Wyden said.

"I urge you to work with the domestic industry and to quickly use these authorities to prevent an industry from being decimated by unfair, foreign competition," Wyden added.

The Washington law firm of Stewart and Stewart, which played a key role in the tires safeguards case, has estimated that Chinese state-owned banks have provided nearly $34 billion in financing to Chinese solar producers since 2009.

"Much of this lending is at rock-bottom rates, with interest rates as low as one, two, or even zero percent. Other government subsidies ... include free land, tax preferences, subsidized export credit insurance, and concessional export credit financing," the firm said in a recent newsletter.

Wyden said he would pursue an legislative alternative if the administration is not prepared to act on its own.

Meanwhile, a second Senate Democrat, Sherrod Brown of Ohio, renewed his call for legislation aimed at forcing China to raise the value of its currency after new government data showed the U.S. trade gap with China rose again in July.

The gap totaled $160 billion through the first seven months of the year, compared to $145 billion in same period in 2010, the Commerce Department said.

"Our widening trade deficit with China underscores the need to stand up for Ohio manufacturing by cracking down on Chinese currency manipulation," Brown said.

Many U.S. lawmakers accuse China of deliberately undervaluing its currency against the dollar to give Chinese companies an unfair price advantage.

(Reporting by Doug Palmer; Editing by Will Dunham)
 

Tam

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So what you are saying is Obama gave $535 million dollars to a company that had one foot in the grave and the other on a Chinese provided banana peel. He seems to beable to write and sign into law by executive order, rules to protect illegal immigants but not US businesses he has invested millions of US tax payers money on. Does anyone other than me see a problem with that? :? If Obama is going write his own laws he could at least do it to protect actual AMERICANS AND THEIR JOBS. :roll:
 

Steve

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hurleyjd said:
"Furthermore, China's subsidization of solar panel production provides the grounds for your Trade Representative to pursue litigation at the World Trade Organization," Wyden said.

The Washington law firm of Stewart and Stewart, which played a key role in the tires safeguards case, has estimated that Chinese state-owned banks have provided nearly $34 billion in financing to Chinese solar producers since 2009.

"Much of this lending is at rock-bottom rates, with interest rates as low as one, two, or even zero percent. Other government subsidies ... include free land, tax preferences, subsidized export credit insurance, and concessional export credit financing," the firm said in a recent newsletter.

don't take this as defending China.. but...

The Obama stimulus effort set aside over $100 billion for various clean technology programs to be spent over several years. The funding includes money for solar and wind production, but also cash for R&D,

it looks like China is getting more for it's investment..

or should I say it looks like China is at least getting something from it's investment..

Do you really think anyone would be complaining if this $100 Billion was actually producing results?
 

hypocritexposer

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Stimulus Jobs in China? Senators Angry About U.S. Money Going Overseas


The program has already spent $2 billion, funding enough projects to power 2.4 million homes. Any wind farm created in the U.S. is eligible for stimulus money to put up wind turbines, regardless of where those massive structures are made. Each turbine costs about $3 million, and reaches 40 stories into the sky.

An investigation by ABC News and the Investigative Reporting Workshop found that 79 percent of the program's money has gone to foreign companies, money that Schumer said was "federal tax dollars, the stimulus, which was sold as jobs in America."

http://abcnews.go.com/WN/obama-stimulus-money-spent-overseas/story?id=10002592
 

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