ARRA News Service
News for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. Content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for or by this site - no paid ads - no payments for articles. Fair Use doctrine is posted & used.
Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
Contact: (Pub. Since July, 2006)
    Home Page

One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Tuesday, September 27, 2011

Obama Advisors Raised Warning Flags Before Solyndra Bankruptcy

Cartoon by Jeff Parker
Today in Washington, D.C. - Sept. 27, 2011:
The Senate is in recess for the Jewish holidays and will reconvene for legislative business on Monday, Oct. 3rd, when it will take up the motion to proceed to S. 1619, legislation dealing with China’s currency practices. The Senate will also consider a circuit court nominee and 5 district court nominees.

The Senate will hold a pro-forma session on Thursday at 1:45 PM to keep President Obama from making any recess appointments.

Last night, the Senate resolved the week long fight over FEMA funding that Democrats initiated after they were forced to back down from their demand for extra unpaid-for disaster spending, which would have added to the deficit. Democrats failed to get the 60 votes needed for cloture on an amendment to the House-passed continuing resolution (CR), H.R. 2608, offered by Majority Leader Harry Reid (D-NV), which would have removed offsets to pay for extra disaster funding. Instead, the Senate voted 79-12 for a clean CR without extra disaster funding after FEMA announced it had enough money until Fiscal Year 2012 begins on Saturday, when previously-agreed to FY2012 money will be available for FEMA.  The Senate then passed H.R. 2017, a bill funding the government into next week, by unanimous consent.

The House is on recess this week.  The House is expected to endorse that Senate with a voice vote Thursday on a one-week stopgap measure. Then there will be a recorded vote next week to keep the government running through Nov. 18. This second vote will allow conservatives to register their opposition to the spending rates in the stopgap measure.

Today Rep. Jim Jordan, Chairman, House Republican Study Committee shared: "The spending package passed by the Senate last night reveals the startling priorities of Congressional Democrats. As passed by the House last week, the bill contained $3.65 billion to provide relief to the victims of tornados, hurricanes, earthquakes, and other disasters. After going through the Senate, that figure is now $1 billion less.

Why? Because the House tried to do right by taxpayers by “offsetting” the cost of that $1 billion with cuts to subsidies for carmakers and companies like Solyndra. Senator Harry Reid and his colleagues chose to protect these subsidies instead of providing more help to families struggling in the wake of disasters.

The rest of the bill continues federal spending through November 18 at a rate that’s just $7 billion below current levels. For some perspective, imagine the annual federal budget as a family who spends $3,600 a month, $1,300 of which is borrowed. In this scenario, the spending bill cuts $7.00 next month. That’s it. While this bill is almost certain to pass the House next Tuesday even without my support, there’s clearly still a lot of work left to do – and that makes a Balanced Budget Amendment even more important."

The Los Angeles Times reported yesterday, “Long before the politically connected California solar firm Solyndra went bankrupt, President Obama was warned by his top economic advisors about the financial and political risks of the Energy Department loan guarantee program that boosted the company's rapid ascent. At a White House meeting in late October, Lawrence H. Summers, then director of the National Economic Council, and Timothy F. Geithner, the Treasury secretary, expressed concerns that the selection process for federal loan guarantees wasn't rigorous enough and raised the risk that funds could be going to the wrong companies, including ones that didn't need the help. . . . Skeptics, noting that taxpayers could now be on the hook for $527 million the federal government loaned Solyndra, said the administration would have been better off making greater use of market incentives, not individual company loan guarantees. ‘It was completely predictable that there would be a colossal failure among the bets,’ said one person familiar with the internal debate.”

Meanwhile, The Washington Post writes today, “The Obama administration’s vaunted initiative to catalyze the U.S. clean-energy industry — under attack for betting half a billion dollars on the solar-panel manufacturer Solyndra, which closed last month — has become a case study of what can go wrong when a rigid government bureaucracy tries to play venture capitalist and jump-start a nascent, fast-changing market. . . . While [Energy Secretary Steven] Chu was striving to get things moving, top White House economic officials, including Lawrence H. Summers, then director of the National Economic Council, doubted the government’s ability to shape a new industry, and some wanted to tighten up oversight by the Office of Management and Budget — even if that meant some guarantees would never be given out. Meanwhile, tumbling prices for silicon and turmoil in the financial world were changing project assumptions faster than the bureaucracy could make decisions. ‘The Department of Energy supports a process that would limit OMB and Treasury review,’ said an Oct. 25, 2010, memo to the president.”

The Post notes that after the stimulus bill pumped billions into the loan guarantee program used by Solyndra, “‘It was a manna from heaven. Too good to be true,’ said Michael Butler, chief executive of Cascadia Capital, an investment bank that has arranged financing for more than 20 clean-technology ventures. ‘Every proposal we saw planned on getting a government loan.’”

In sum, the latest reporting on Solyndra shows that the president “was warned by his top economic advisors about the financial and political risks” of the Solyndra loan program, yet the White House and the Energy Department were pushing to speed up these risky projects backed by taxpayer money.

Tags: Washington, D.C. Us House, US Senate. continuing resolution, Obama, advisors, Solyndra, Solyndra Bankruptcy To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 3:25 PM - Post Link


Post a Comment

<< Home

View U.S. National Debt

Don't miss anything!
Subscribe to the
ARRA News Service
It's FREE & No Ads!

You will receive a verification email
& must validate you subscribed!

You Then Receive One Email Each AM
With Prior Days Articles / Toons / More

Also, Join us at:

Recent Posts:
Personal Tweets by the editor:
Dr. Bill - OzarkGuru - @arra
#Christian Conservative; Retired USAF & Grad Professor. Constitution NRA ProLife schoolchoice fairtax - Editor ARRA NEWS SERVICE. THANKS FOR FOLLOWING!

Action Links!
State Upper & Lower House Members
State Attorney Generals
State Governors
The White House
US House of Representatives
US Senators

Facebook Accts - Dr. Bill Smith
ARRA News Service
Arkansans Against Big Government
Alley-White Am. Legion #52
Catholics & Protestants United Against Discrimination
End Taxpayer Funding of NPR
Overturn Roe V. Wade
Prolife Soldiers
Project Wildfire 4 Life
Republican Liberty Caucus of Arkansas
The Gold Standard
US Atty Gen Loretta Lynch, aka Eric Holder, Must Go
Veterans for Sarah Palin
Why Vote for Hillary (Satire)
FB Groups:
Arkansas For Sarah Palin
Arkansas Conservative Caucus
Arkansas County Tea Party
Arkansans' Discussion Group on National Issues
Blogs for Borders
Conservative Solutions
Conservative Voices
Defend Marriage -- Arkansas
FairTax Nation
Arkansas for FairTax
Friends of the TEA Party in Arkansas
Freedom Roundtable
Pro-Life Rocks - Arkansas
Republican Network
Republican Liberty Caucus of AR
Reject the U.N.


Request Via
Article Comment

Links to ARRA News
A Patriotic Nurse
Agora Associates
a12iggymom's Blog
America, You Asked For It!
Americans for a Free Republic
America's Best Choice
ARRA News Twitter
As The Crackerhead Crumbles
Blogs For Borders
Blogs for Palin
Blow the Trumpet Ministry
Boot Berryism
Cap'n Bob & the Damsel
Chicago Ray Report
Chuck Baldwin - links
Common Cents
Conservative Voices
Defeat Obama's Agenda
Diana's Corner
Greater Fitchburg For Life
Lasting Liberty Blog
Liberal Isn't Amy
Maggie's Notebook
Marathon Pundit
Patriot's Corner
Right on Issues that Matter
Right Reason
Rocking on the Right Side
Saber Point
Saline Watchdog
Secure Arkansas
Sultan Knish
The Blue Eye View
The Born Again Americans
TEA Party Cartoons
The Foxhole | Unapologetic Patriot
The Liberty Republican
The Lid
The Maritime Sentry
The O Word
The Path to Tyranny Blog
The Real Polichick
The War on Guns
Twitter @ARRA
Underground Notes
Warning Signs
Women's Prayer & Action

Editor's Managed Twitter Accounts
Twitter Dr. Bill Smith @arra
Twitter Arkansas @GOPNetwork
Twitter @BootBerryism
Twitter @SovereignAllies
Twitter @FairTaxNation

Editor's Recommended Orgs
Accuracy in Media (AIM)
American Action Forum (AAF)
American Committment
American Culture & Faith Institute
American Enterprise Institute
American Family Business Institute
Americans for Limited Government
Americans for Prosperity
Americans for Tax Reform
American Security Council Fdn
AR Faith & Ethics Council
Arkansas Policy Foundation
Ayn Rand Institute
Bill of Rights Institute
Campaign for Working Families
CATO Institute
Center for Individual Freedom
Center for Immigration Studies
Center for Just Society
Center for Freedom & Prosperity
Citizens Against Gov't Waste
Citizens in Charge Foundstion
Coalition for the Future American Worker
Competitive Enterprise Institute
Concerned Veterans for America
Concerned Women for America
Declaration of Am. Renewal
Eagle Forum
Family Research Council
Family Security Matters
Franklin Center for Gov't & Public Integrity
Freedom Works
Gingrich Productions
Global Incident Map
Great Americans
Gold Standard 2012 Project
Gun Owners of America (GOA)
Heritage Action for America
David Horowitz Freedom Center
Institute For Justice
Institute for Truth in Accounting
Intercollegiate Studies Institute
Judicial Watch
Less Government
Media Reseach Center
National Center for Policy Analysis
National Right To Work Foundation
National Rifle Association (NRA)
National Rifle Association (NRA-ILA)
News Busters
O'Bluejacket's Patriotic Flicks
Open Secrets
Presidential Prayer Team
Religious Freedom Coalition
Renew America
Ron Paul Institute
State Policy Network
Tax Foundation
Tax Policy Center
The Club for Growth
The Federalist
The Gold Standard Now
The Heritage Foundation
The Leadership Institute
Truth in Accounting
Union Facts

Blogs For Borders

Reject the United Nations

Adopt Our Troops in Prayer

Thousands of Deadly Islamic Terror Attacks Since 9/11

FairTax Nation on FaceBook
Friends of Israel - Stand with Israel
Blog Feeds
Syndicated - Get the ARRA News Service feed Syndicated!
ARRA Blog Feed

Add to Google Reader or Homepage

Add to The Free Dictionary

Powered by Blogger

  • To Exchange Links - Email:!
  • Comments by contributing authors or other sources do not necessarily reflect the position the editor, other contributing authors, sources, readers, or commenters. No contributors, or editors are paid for articles, images, cartoons, etc. While having reported on and promoting beliefs associated with the former Arkansas Republican Assemblies (ARRA), this blog/site is controlled and supported by the editor. This site/blog does not advertise for money or services nor does it solicit funding for its support.
  • Fair Use: This site/blog may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. Such material is made available to advance understanding of political, human rights, economic, democracy, and social justice issues, etc. This constitutes a 'fair use' of such copyrighted material as provided for in section Title 17 U.S.C. Section 107 of the US Copyright Law. Per said section, the material on this site/blog is distributed without profit to readers to view for the expressed purpose of viewing the included information for research, educational, or satirical purposes. Any person/entity seeking to use copyrighted material shared on this site/blog for purposes that go beyond "fair use," must obtain permission from the copyright owner.
  • © 2006 - 2018 ARRA News Service
Creative Commons License
Creative Commons Attribution Noncommercial Share Alike 3.0 Unported License.