Romney: Entrepreneurs should just ask parents for money

By David Edwards
Thursday, February 16, 2012 14:43 EDT
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Mitt Romney in Michigan
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Republican presidential candidate Mitt Romney suggested to a group of business people in Michigan on Thursday that entrepreneurs should ask their parents for money instead of using loans from the federal government.

In a speech to the Greater Farmington Area Chamber of Commerce, the former Massachusetts governor blasted the Obama administration for trying to jump start renewable energy with government loans to companies like Solyndra.

“When the president says I’m going to take your money and give it to Tesla and Fisker, two new car companies, which by the way, Fisker now builds their cars in Finland, that’s not good,” he explained. “When he takes $500 million and puts it into Solyndra, that’s not good. That’s not good for American enterprise and innovation.”

“The president wanted to encourage solar energy and he thought by taking $500 million and giving it as a loan to a company would do that,” Romney continued. “It did just the opposite. Not understanding the private enterprise system explains why he doesn’t understand that.

“Because my guess is that there are about 100 or more entrepreneurs in America that have ideas for solar energy, and they’re trying to go out and get funding for their business, for their startup for their ideas. Going to venture capitalists and angels and their parents to try and get funding.”

Although the Obama administration did approve funds for Solyndra, the loan process began under President George W. Bush’s administration.

Watch this video from CNN, broadcast Feb. 16, 2012.


(H/T: Think Progress)

David Edwards
David Edwards
David Edwards has served as an editor at Raw Story since 2006. His work can also be found at Crooks & Liars, and he's also been published at The BRAD BLOG. He came to Raw Story after working as a network manager for the state of North Carolina and as as engineer developing enterprise resource planning software. Follow him on Twitter at @DavidEdwards.
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