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No Joke: DOE Official Calls Energy Loan Program an ‘Enormous Success’

During a hearing on the Department of Energy’s (DOE) loan guarantee program for “green” energy projects on Thursday, DOE Loan Program Office Acting Executive Director David Frantz had some surprising news: contrary to report, after report, after report, the program has actually been an “enormous success.”

“Don’t you agree that the loan guarantee program has had a tough record?” Rep. “Cliff” Stearns (R-FL) asked Frantz.

“Ah, quite to the contrary, sir,” Frantz responded, “I think it has been an enormous success.”

“Okay,” Rep. Stearns continued, “we have Solyndra, we have Beacon, the third recipient went bankrupt in 2011. That’s true, isn’t it?”

“It is.”

“Okay, the fifth DOE loan went bankrupt just a few weeks ago. Isn’t that true?”

“We, we have — ”

“I’m asking the questions, please. Isn’t that true?” Rep. Stearns asked again. “The second recipient, a loan guarantee First Wind has withdrawn its IPO [Initial Public Offering] and has significant debt.”

“The fourth recipient, Nevada Geothermal, was also the recipient of a ‘going concern’ letter from its auditor. Three of the first five are bankrupt and the other two seem to have significant problems,” the congressman added.

At this writing, it‘s unclear what Frantz’s definition of “success” is.

Comments (89)

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  • JoeNY
    Posted on July 13, 2012 at 7:10am

    Quite to the contrary, the program was a great success. All of the President’s donors got 100-1,000x their contribution to his campaign, it lead to the successful “green jobs” campaign- which lead to the villification of our energy system, additional regulations, the shuttingdown of a good part of our existing energy infrustructure, the condemning of new energy infrustructural development (other than “green”), and further dependency of the American people on the federal government. It was a smashing success.

    Report Post »  
    • lovenfl3
      Posted on July 13, 2012 at 8:50am

      Couldn’t agree more. It was a huge success for Obama’s buddies. Remember all the outrage over Halliburton? Between these “green energy” loans and General Electric, Halliburton is like a lemonade stand in comparison. http://www.youtube.com/watch?v=JODQoMEveds

      Report Post » lovenfl3  
    • turkey13
      Posted on July 13, 2012 at 10:01am

      One day 10 to 15 years from now it will probably work. This will be according to weather we as a nation still exist. When one with intelligance goes to a new pond or creek to go swimming you walk in to see what the depth is before diving in. I have a friend that has a small oil company and he has stopped drilling due to EPA regulations. The regulations were already strict enough. If you leak oil or get cited, such as a safety fence to keep cows out or a deer, it is $35,000.00 a dayuntill you comply. That is very expensive for some oil wells that only produce 1 to 2 barrells a day. If you get $65.00 for a barrell – 62% goes to the royality owners. You have to pay some one to check the well twice a day and log those trips and measure the amount of barrells so you can dump it before it goes into the overflow tank.

      Report Post »  
    • AvengerK
      Posted on July 13, 2012 at 11:10am

      No different to Energy Secretary Stephen Chu’s first response to the Solyndra debacle..Chu also said Solyndra was a success.
      Obama‘s clowns will like through their teeth and look you straight in the face while they’re doing it.

      Report Post »  
  • NewLife56
    Posted on July 13, 2012 at 6:49am

    Everthing this entire administration has done has been a horrible Joke.

    Report Post » NewLife56  
    • castuslonginus
      Posted on July 13, 2012 at 7:01am

      Only it’s not funny.

      Report Post »  
    • GeorgieJo
      Posted on July 13, 2012 at 7:17am

      Franz and Clapper—2 idiots that work for Obummer.
      OMG 2012

      Report Post »  
    • HKS
      Posted on July 13, 2012 at 7:26am

      The death of a brain is terrible thing.

      Report Post » HKS  
    • johndoesoetoro
      Posted on July 13, 2012 at 10:46am

      Just imagine being able to go back and keep a detailed, chronological list of all of the failures of this administration and the Left.

      What would such a list look like now?

      Google —>   Legacy of the American Trojan Horse

      Over 8,000 facts and quotes illustrating your point.

      Report Post »  
  • BehindBlueEyes
    Posted on July 13, 2012 at 5:36am

    Progressive math 2 + 2 = 5

    Report Post » BehindBlueEyes  
    • OhioRifleman
      Posted on July 13, 2012 at 6:56am

      Actually, I thought the normal Progressive thought 2 + 2 = $7.38, given how much they have devalued our currency in recent years…

      Report Post » OhioRifleman  
    • RamonPreston
      Posted on July 13, 2012 at 12:51pm

      Modern math:
      How many fingers do I have?
      (Holding up right hand and counting fingers down) 10-9-8-7-6
      (Now holding up left hand) and 5 make 11

      Report Post » RamonPreston  
    • G-WHIZ
      Posted on July 13, 2012 at 2:18pm

      2 + 2 =minus8trillion, when you takeout for taxes and graft and continuous-flow of never-ending regulations!

      Report Post »  
  • wakewiseone
    Posted on July 13, 2012 at 5:25am

    frantz’s definition of success = spending the taxpayers $$$ frivolously and behaving stoopidly.

    ah yes…………he s a success alright

    Report Post »  
  • wboehmer
    Posted on July 13, 2012 at 4:58am

    Solution: Make these incompetents put only their own money into these enormous successes.

    Report Post »  
  • Diane TX
    Posted on July 13, 2012 at 4:50am

    It will certainly be “strange” to have a President that has never drank, smoked, or illegally used narcotics. It’s like he respects the human form that God bestowed upon him. Romney says: Thank you God for giving me the pleasure of being alive. He is happy that he is alive, and lives his life without the dulling effects of drugs or drink. I’m not a believer of his religion, but I can also say that every Mormon that I’ve ever known has been as good and decent person.

    Report Post »  
  • Diane TX
    Posted on July 13, 2012 at 3:08am

    I’m glad to see that most people have come to realize that ANYTHING connected with Obama is a bunch of poo. King Midas had the touch of gold. King Obama has the touch of poo.

    Report Post »  
  • Docroxall
    Posted on July 13, 2012 at 2:45am

    Understanding Liberals Rule Number 23: “Success is based on INTENT and NOT on RESULTS”. If I MEANT to do well, that is ALL that matters. You see this world-view reflected in SO many ways…like, trophies for all participants!

    Report Post »  
    • RepubliCorp
      Posted on July 13, 2012 at 4:34am

      The old fart is thinking, Please don’t cut my budget. The kickbacks are sweet

      Report Post » RepubliCorp  
    • Bill Rowland
      Posted on July 13, 2012 at 5:14am

      These professional bureaucrats have lived in the Ivory Tower called Washington DC for so long that their perception is warped. Success is what they say it is and don’t confuse them with facts because then they start stuttering and avoiding the questions. If you expect truth and logic you will have to go somewhere else.

      OMG Nov 6, 2012

      Report Post »  
    • Thatsitivehadenough
      Posted on July 13, 2012 at 6:34am

      It’s called Newspeak. They make up the lies, and then they all agree to believe them to stay in control of their power.

      Report Post » Thatsitivehadenough  
  • Goldi
    Posted on July 13, 2012 at 2:15am

    I saw him say it and I just about fell over. The look on his face made me sick. W#ho the heck does he think he is! He looked like he could hardly stand being questioned by these no nothings in congress.
    Let’s get rid of all of them!

    Report Post »  
    • PATTY HENRY
      Posted on July 13, 2012 at 2:34am

      AND THEY CALL US STUCK UP!! The Arrogance of these nut cases is beyond belief. Did he empty out a loony bin or what? How can they say these things with straight faces??? Are they all operated by computer chip? Seriously…. from PIGLOSI on down… nuttier than a fruit cake.

      Report Post » PATTY HENRY  
    • docgreen
      Posted on July 13, 2012 at 3:15am

      WOW! He reminds me of how Madoff was. Everything is Fine; no problems here and your going to make trillions when were done! OOPS, I forgot to tell you, Everything I did was all a Scam! Everything was fine as long as I was in Control of the money and books! We didn’t start having issues until Our Gov. Stepped in! Our Govt. even said we were, look at the half a billion they gave us! Also look at what our New Building is all about! We had to have the Best one made when we knew obama was coming! Don’t you know who he is? He’s the Global Caliphate/12th imam the muslims Messiah. LOL, how can people stand in front, be sworn in and yet they still sit there and lie? Hmmmmm , they must be related to obama!

      Report Post »  
  • DEFCON4
    Posted on July 13, 2012 at 2:11am

    No mention of gov’t secured loans for nuclear power plants permits.Should have been at least one of his talking points…

    Report Post » DEFCON4  
  • SUNBURST
    Posted on July 13, 2012 at 1:47am

    This administration has NO compunction whatsoever about making the most breathtakingly ridiculous statements and pronouncements that any of us has ever heard.

    10 minus 10 = 9……yep…….what?…..it does….it’s great.

    Report Post »  
  • GeoInSD
    Posted on July 13, 2012 at 1:42am

    These bureaucrats have no idea what true success is. These loan guarantees are simply EXTREMELY bad policy. If the venture is successful, the taxpayers break even. If it is unsuccessful, the taxpayers pay up. Obama keeps talking about fairness. Is that fair, we bear all the risk and get no benefit? I say, not only is that not fair, it is robbery of the American taxpayer.

    People like that DOE official are living in another universe.

    Report Post »  
  • showlocindy
    Posted on July 13, 2012 at 1:27am

    We will be taxed into supporting this mindset. They are licking their chops in hope of an Obama win.

    Report Post »  
  • TSUNAMI-22
    Posted on July 13, 2012 at 1:27am

    Of course it was considered a success. It was aimed at wasting money, devaluing currency, killing gainful employment, raising energy costs, and breaking the coal industry.

    If you understand that Obama is trying to destroy the USA, it makes perfect sense.

    Report Post »  
    • docgreen
      Posted on July 13, 2012 at 4:05am

      tsunami, our 100% correct! Most people haven’t heard that Obama is supposed to head the NWO! I believe this is how he was able to move into the White House under everyones Radar! Per henry kissinger “obama will head the NWO”! They have a currency allready made for it. Even Amadinajad is calling for it! Imagine that. Then look at muslims Global Caliphate/12th imam and the Christians Antichrist. I know allot of people are skeptics but think about this. obama has to get us to a point, where the Dollar becomes useless. The way to do it, increase the deficit by trillions. When the dollar fails all other currencies will also. Then he steps forward with a New Currency and a Global Power Hungry dictator with the help of Satan! This has all been planned out for years! Its just a matter of time before all the pieces are in order to fall. Somehow he‘ll divide the world into territory’s, but hell control everything. If Romney wins, somehow obama will not cede power to him. The collapse of the dollar, or a major disaster and Martial Law is declared! Its here and we have a few months left. God Help US!

      Report Post »  
    • MAMMY_NUNN
      Posted on July 13, 2012 at 1:24pm

      As a money laundering scheme I to say it was a success.

      Report Post »  
    • TSUNAMI-22
      Posted on July 13, 2012 at 5:16pm

      @ Docgreen

      Even Amadinajad is calling for it! Imagine that.
      ~~~~~~~~~~~~~~~~
      Years ago I saw a YouTube video titled “The energy non-crisis”. In it, the guy specifically mentions Iran and the dollar being not being used to trade oil.

      I agree with the currency being dumped in favor of the global NWO version. As an aside, the health care bill talks about micro-chipping. All of it is interrelated. All they need is to disarm everybody because as John Bolton correctly sated “tyranny‘s don’t like armed civilians”.

      ….and what is Hillary Clinton doing with the UN weapons ban treaty right now? Exactly.

      It’s only “conspiracy theory” until it actually happens. It’s happening.

      Report Post »  
  • lylejk
    Posted on July 13, 2012 at 1:19am

    Watching Greta talking to Sarah Palin now and they just discussed this (2nd time; missed it earlier this evening). What a joke. We lost $Billions in loans to these poser solar companies and the loan program is running fine? Really? Why do posers like this guy get well paying jobs and losers like me have to wait til a contract comes my way (though I do have a possible opportunity; wading through some red tape now)? This is freaking crazy. Looks like the progressives succeeded in breaking the system. What happens next is anyone’s guess but Beck told us (before he got the shaft at FOX) what will happen. Let’s hope the American populous finally wakes up before it gets that far, but again, I don’t think the populous will since they still are sleeping from taking the Blue pill. Only few folks (many here but we are such a few among the sea of the zzzzzzzzzzzzz) have taken the Red pill. Sad for us all. :)

    Report Post » lylejk  
  • JACKTHETOAD
    Posted on July 13, 2012 at 1:15am

    Nevada Geothermal isn’t the word for it. You cannot imagine how DEEP it goes…]:)

    Report Post » JACKTHETOAD  
  • lukerw
    Posted on July 13, 2012 at 1:10am

    The Joke is upon America: We (they) elected Insane People to Office, who brought in more Insane People to Administrate!

    Report Post » lukerw  
    • RamonPreston
      Posted on July 13, 2012 at 12:57pm

      The joke is that most people don’t know what an illusion our voting process is. Henry Kissinger tapped Obama out to be president years ago. If America survives the next presidents will be Hillary Clinton and Jeb Bush.

      Report Post » RamonPreston  
  • rsanchez1
    Posted on July 13, 2012 at 1:09am

    Well, Cliff Stearns has my vote.

    Report Post »  
  • Mutiny
    Posted on July 13, 2012 at 12:57am

    Isnt this one of the departments that Ron Paul would cut?

    http://www.usnews.com/news/articles/2011/10/17/ron-paul-1-trillion-cut-plan-targets-five-cabinet-departments

    Yep, Ron Paul right again.

    Report Post » Mutiny  
    • TexasHunter
      Posted on July 13, 2012 at 2:35am

      Our Coal factories wouldn’t be on the verge of bankrupt due to Obama and his EPA chicago thugs. Americans won’t see this until we all 95% dependent on foreign countries for fuel, electric, gas. By then the UN will have it’s body in the door and we will be part of a world domination..

      OMG 2012 SOROS choke on a frog tonight.

      Report Post » TexasHunter  
  • kindling
    Posted on July 13, 2012 at 12:50am

    People have got to stop measuring Libs by the standards we hold ourselves to. Of course it is an enormous success, it was meant to line the pockets of big libs and it did. It was meant to help bankrupt the country and it did. It is doing what Obama and his lefty friends wanted it to do. Everything Obama does involves spending money faster than the country can recover and he is having enormous success! I think it is time for another Obama vacation.

    Report Post » kindling  
  • pwatkins
    Posted on July 13, 2012 at 12:48am

    It depends on what the word “success” means…says the democraps.

    Report Post »  
  • joekiddone
    Posted on July 13, 2012 at 12:47am

    This was never about jobs — this was about paying off Obama campaign donors!

    FLASHBACK: “DOE representatives participated in the structuring of the Argonaut term loan. The DOE specifically granted the preferred position. Six months ago the good folks at the DOE had to have known that Solyndra was a sinking ship. If we later hear that either the DOE or the President were shocked and surprised that Solyndra went into the tank, then we know they are lying.” ~Bruce Krasting

    Report Post » joekiddone  
  • joekiddone
    Posted on July 13, 2012 at 12:46am

    This was never about jobs — this was about paying off Obama campaign donors!

    FLASHBACK: “DOE representatives participated in the structuring of the Argonaut term loan. The DOE specifically granted the preferred position. Six months ago the good folks at the DOE had to have known that Solyndra was a sinking ship. If we later hear that either the DOE or the President were shocked and surprised that Solyndra went into the tank, then we know they are lying.” ~Bruce Krasting
    http://www.businessinsider.com/a-close-look-at-the-motives-behind-the-solyndra-raid-2011-9

    FLASHBACK: “…hundreds of thousands of dollars were contributed by shareholders and executives of Solyndra to the Obama 2008 campaign. One of the company’s largest investors, George B. Kaiser of Tulsa, reportedly contributed $53,500 personally and bundled large amounts more for Obama in 2008. Kaiser is a billionaire with banking and oil and gas interests that rank him among the wealthiest people in the world. Kaiser also visited the White House 16 times between 2009 and 2011.”
    http://nation.foxnews.com/solyndra/2011/09/12/obamas-pet-billionaire-solyndra-may-take-white-house-down

    PS- Speaking of jobs: White House Jobs Chart proves Obama’s ƧU˩UMITƧ worked!
    http://thepeoplescube.com/peoples-blog/white-house-chart-proves-millions-of-stimulus-jobs-t5676.html

    Report Post » joekiddone  
  • CatB
    Posted on July 13, 2012 at 12:41am

    Everything with these jokers is inside out upside down .. time to THROW THEM OUT! They should be in prison. They truly are destroying the country.

    Report Post »  
    • lukerw
      Posted on July 13, 2012 at 2:13am

      We seem to need… a Sanity Test… for anyone who desires to serve in Public Positions!

      Report Post » lukerw  
  • mharry860
    Posted on July 13, 2012 at 12:36am

    Lousy asshats, how do I get one of these unaccountable overpaid jobs?

    Report Post » mharry860  
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