Here are some facts that I am sure will never air on fair and balanced Fox News.
The Tesla $465 million loan that yesterday was repaid 9 years early is one of 30 loans made by the Department of Energy in a program to foster energy innovation. Another one of the 30 loans was to Solyndra that had an innovative cylindrical solar panel design.
The loans to Tesla and Solyndra create a question: does the successful Tesla or the bad Solyndra loan best represent the performance of the Department of Energy $34-billion-30 loan portfolio?
Solyndra is the exception of default to the rule of good performance among the $34-billion-30-loan portfolio. Indeed, DOE states that losses to date represent just 2% of the $34 billion portfolio, with the other 98% being repaid.
And Congress expected losses in this program to foster innovation, when it authorized and funded it during the George W. Bush Administration. Yes, you can give credit to President Bush, if you want, for launching a successful program, though the Obama Administration has administered nearly all the loans made under it.
Congress funded a loan loss reserve for this program, as it realized its purpose was to finance innovative but risky energy ventures. At this point, 90% of the funds set aside to pay for loans that defaulted remain unused.
In short, this DOE loan program will cost the taxpayers considerably less than was expected and it is delivering large benefits.
The loan portfolio includes not just Tesla and its enormous repaid success but also 19 clean energy power plants that are producing enough power for 1 million homes, with little or no air or water pollution.
The real facts about the performance of the 30-loan portfolio that includes both Tesla and Solyndra show big benefits to taxpayers at much less cost than was budgeted. Just don't expect to see or hear any of these real facts on Fox, the Wall Street Journal editorial page, Hannity, Limbaugh, and the rest of right wing media.
The right wing ideological bubble strengthens daily and so loses touch with America a bit more each day.