Via Fox News, Obama is blaming China for the failure of Solyndra.
Here is what he said to NPR’s Marketplace:
“Congress, Democrats and Republicans, put together a loan guarantee program because they understood historically that when you get new industries, it’s easy to get money for new startups,”
“But if you want to take them to scale, often there is a lot of risk involved and what the loan guarantee program was designed to do was to help start-up companies get to scale.”
“Obviously we wish Solyndra hadn’t gone bankrupt. Part of the reason they did was the Chinese were subsidizing their solar industry and flooding the market in ways Solyndra couldn’t compete. But understand, this was not our program per se.”
The free market understands competition and would never have invested in a failed company like Solyndra. Admitting that China had the upper-hand is secondary to what he should have said “Government does not know best.”