What’s more foolish than using taxpayers’ money to build a bridge to nowhere? That’s easy, handing out a major federal government loan to a company that is bankrupt. But that’s what President Barack Obama is doing with his green initiative stimulus program.

According to the Houston Chronicle, “the Obama administration’s energy chief, facing increased pressure over the failure of solar panel maker Solyndra, defended on Saturday a loan guarantee program that has provided billions of dollars for solar energy and other renewable energy projects.”

The loan program has transformed into a rallying cry for skeptics of the White House’s green energy program after a California solar panel maker declared bankruptcy in spite of receiving a $528 million federal loan. Solyndra LLC, the company, has laid off 1,100 employees.

As reported by the Houston Chronicle, “Chu did not mention Solyndra in a speech at a Solar Decathlon sponsored by the Energy Department. Students competed to build model solar homes in the event, which was won by the University of Maryland.”

Nevertheless, Chu claims that loan guarantee projects would generate clean energy to power more than 2.5 million homes.

To read the entire article from the Houston Chronicle, link here:

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