Swag Out, Risky Energy Loans Still In?
White House criticizes waste while standing behind Solyndra loan
- Duration 7:39
- Date Nov 12, 2011
White House criticizes waste while standing behind Solyndra loan
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Swagger out risky energy loans still ahead this week president Obama's side in an executive order banning governments whack things like coffee mugs T shirts -- Why -- wants to wipe out wasteful spending.
But critics are saying if that's the goal stop pushing billions of dollars in risky Solyndra like loans.
Hi everybody I'm David has been welcome to forge on fox let's go in focus Suisse Steve.
-- -- guard Rick junger bill -- Elizabeth MacDonald and Victoria -- so Steve is this penny wise and dollar foolish.
It's penny wise 100 dollars foolish the fact of the matter is it's a small part of the federal budget and in terms -- things like slender -- that.
President Obama wants to be at a venture capitalist -- -- 12012 and see what he can -- on Wall Street instead of wasting taxpayers' money.
So -- this is just comes out -- waste of money when you factor in all the billions and so liberal like loans.
Well I I have to disagree a little bit I'm afraid with the buses characterization there.
First of all there's never anything wrong with cutting waste in government I don't care how much it matters with respect the Solyndra it's not the president who's playing venture capitalists.
The Department of Energy has been making these kinds of investments.
For years and years and years in fact cylinder is only one point 3% of the total investments the Energy Department.
As in these kinds of efforts and by the way it's the only lone.
That appears to have gone wrong which means that over ninety.
Here's how -- that.
Are actually yeah actually -- that's not quite true I mean -- -- was another one an -- -- I mean there're there -- other examples.
And who knows how many more will be damage down -- Victoria.
Well -- and and Steve mentioned the term venture capital and a lot of folks -- you know.
In the pros cylinder camp will say you know it's it's a role for government.
To take some capital and turn it into risk capital of the nature of the venture capital business is that you don't have all Google's and Facebook's you do have some dads.
But the difference is no one's on the hot it's tax Payer money.
There's no venture capital firm here that isn't going to be able to raise -- -- another fund in five years instead they're just gonna take more taxpayer money and and fund companies that opt to have ties to folks in high plains and that's the -- very efficient way to allocate risk cap.
Well that's another good point bill is effective through political influence affects these loans and could not business decisions so there's about what.
But the president's efforts are they just chipping around the edge of the problem.
I think there -- the efforts -- Maybe it's small case to the iris is not gonna handing out coffee mugs with smiling faces and -- -- not gonna reimburse employees for downloading pornography at work.
It's small but a step in the right direction I think if we gave them poor beleaguered president -- little positive reinforcement to deal of respect he builds momentum.
We got bigger things to fix our department's cold apartment until well into coveted artist Rick -- her third volume Iraqis not support -- -- -- millionaires so we don't have -- has partly to but the fact is is that what -- say he's trying to make a good faith effort in cutting some expenses.
Yeah I agree with bill to some extent but still this is straining at naps while swallowing camels when -- bring up.
And you compare to what happened with Solyndra I don't care for the dollar wasted taxpayer money that's a problem.
Also -- is only gonna create what was going to print what fifteen permanent jobs -- -- the Keystone Pipeline project.
Which are not cost any -- -- money.
Wouldn't trade anywhere from 7012.
To 2000 jobs so why we stopping that project and giving out taxpayer money to boondoggles that belly flop.
Within -- in Reno a fraction of the time that it takes to get.
Great energy projects up and -- rich -- the.
You stand here.
Where I stand is the president has added one trillion dollars per year.
A deficit over George W.
Bush who is considered the deficit came.
And now he's talking about cutting one billion that's 11000.
Of what he is added per year as her energy.
You know -- just saw -- not be you know when you start -- that energy czar Steven choose says they're going to be no need for fossil fuels within.
You know five or ten years then you're just way off into the way off into the deep weeds.
Add Steve this is happen before where the president where instead of making real cuts.
He has just made very sliver.
Edged cuts -- -- really using the scalpel instead of the acts.
He's trying to we'll put symbol over substance is like saying I drink diet soda after -- five apple pies.
Now it's not not an -- that's not gonna lose you -- he still going to be loaded elbow he said he.
Can we cut its work soon as this rich guy and he's slack at all goodness knows -- -- didn't stop this whack which we all arms Stephen I would be affected.
Well he's still the point is he still -- the department attitude loan program as creating -- CA at saving jobs and the problem is as they cannot -- the Washington has attacked oil speculators financial speculators -- -- -- speculators have got to get a haircut and Department of Energy Annika government officials pick if they'd give us taxpayer money and that money goes into -- -- -- a better idea -- longer what do you think of that idea Rick.
Why why is it that in investing in and clean Green technologies is bad.
But investment -- that they can subsidies investments -- -- -- subsidies to oil companies for all these years.
Is good well -- I can't do that -- question let me answer any investment that should make that makes money is good any investment that you make that loses money is bad.
It's that's a government is not government is not in the business of making money government is in the business wolf hello to you about NASA and -- Steve that's the -- government and business.
Edited it's all dominating got a -- of investment and by the way Rick that's why we need the flat tax we get rid of all this jumped in the tax out and -- people in the markets decide what they want.
Instead of governments telling you this -- I'll have go ahead -- Mark I know I absolutely agree I just want to point out I'm going back to that this -- thing for a moment.
You know it accurately that he's doing this now I mean shouldn't we have been doing this.
Two years and now it just seems so odd to me that.
-- -- so knee deep in this deficit and now you're just you're just beginning to cut you're just beginning to make these sort of symbolic gestures.
I wish -- -- compare it to what the private sector has done over the past three years and cutting their debt.
Are cutting their expenses our business sector in America right now is cut to the -- why can't government take a cue from them.
Because they're government and particularly this government has you know wants to manage and regulate almost everything that moves.
But here we are where the Saudi Arabia of natural gas if we wanna go -- -- pretty clean energy that would provide.
Tens of thousands hundreds of thousands of blue collar jobs that pay well that's where you go.
Knock down some soul -- -- all the solar does not.
You just simply doesn't scale up in the way that Steven Chu thinks it's.
-- -- bill Baldwin natural gas is carbon and carbon is evil according this administration know.
Listen there's carbon and is currently not -- -- is a whole lot better than coal let's cut to also call -- get those natural gas and Mallorca and I know I make you well.
You know it and we don't build that pipeline and create those jobs those 20000 job guess who's gonna take that carbon now Koppel stepped in it Hitler I thought it there I the president was for infrastructure spending right in stimulus -- -- -- -- -- SpinRite.
That argument you -- -- bellied -- and we had a rampant that thank you very much.