Political Quotes

“Madam Chair, the Federal loan guarantee program is exactly what it says. They are loans that are guaranteed by the Federal Government. Of course, that just transfers the risk of those loans to the taxpayers. As with any government subsidy, they reduce the market discipline of loan recipients. Recipients get the loan, they know the Federal Government is going to pay the bill if it fails, and when it fails that is exactly what happens. Now there is a checkered past in the Department of Energy's Loan Guarantee Program, and it demonstrates that it is not immune from these concerns. As it currently stands today, it hasn't been reformed; it hasn't been revamped. We are just going to keep on loaning money. Among the most egregious examples of title 17 loan failures are Solyndra, Fisker Automotive, and A123 Systems. All three entities received hundreds of millions of dollars in loan guarantees before filing for bankruptcy and leaving the taxpayer holding the bag. They filed for bankruptcy, by the way, because they produced things that the American people didn't want but were forced on them. To add insult to injury, A123 Systems and Fisker Automotive were purchased by, you guessed it, Chinese companies for pennies on the dollar. You pay the bill; they get the money. Meaning, the CCP, the Communist Party of China, was the ultimate beneficiary of our tax dollars and the good people that are working hard every day to pay those loans.…”