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Solar company that got federal loan shuts down (BANKRUPT!)
msnbc ^ | 8/31/2011 | KEVIN FREKING, JASON DEAREN/AP

Posted on 08/31/2011 7:04:47 PM PDT by tobyhill

A California solar-panel manufacturer once touted by President Barack Obama as a beneficiary of his administration's economic policies — as well as a half-billion-dollar federal loan — is laying off 1,100 workers and filing for bankruptcy.

Solyndra LLC of Fremont, Calif., had become the poster child for government investment in green technology. The president visited the company in May 2010 and noted that Solyndra expected to hire 1,000 workers to manufacture solar panels. Other state and federal officials such as former Gov. Arnold Schwarzenegger and Energy Secretary Steven Chu also visited the company's facilities.

But hard times have hit the nation's solar industry. Solyndra is the third solar company to seek bankruptcy protection this month. Officials said Wednesday that the global economy as well as unfavorable conditions in the solar industry combined to force the company to suspend its manufacturing operations.

The price for solar panels has tanked in part because of heavy competition from Chinese companies, dropping by about 42 percent this year.

Republicans have been looking into the Solyndra loan for months. The House Energy and Commerce Committee subpoenaed documents relating to the loan from the White House Office of Management and Budget. GOP Reps. Fred Upton of Michigan and Cliff Stearns of Florida issued a joint statement on Wednesday saying it was clear that Solyndra was a dubious investment.

"We smelled a rat from the onset," the two lawmakers said.

Shortly after the company's announcement, it became clear that the bankruptcy would serve as further ammunition to criticize an economic stimulus bill that provided seed money for solar startups — even though officials said interest in providing Solyndra with guaranteed government loans was first sought under the Bush administration.

(Excerpt) Read more at msnbc.msn.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: greenieweenies; greenscam; kaliphonia; liberals; pwnd; pwned; solar; solyndra
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1 posted on 08/31/2011 7:04:50 PM PDT by tobyhill
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To: tobyhill

” even though officials said interest in providing Solyndra with guaranteed government loans was first sought under the Bush administration. “

In other words... Bush’s fault.


2 posted on 08/31/2011 7:10:25 PM PDT by Redcitizen (Transmute lead into gold-- buy ammunition.)
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To: tobyhill

Not before they used up 700 million or so of OUR money. And I’m sure any good accounting of their books would make your head explode. Where did all the luxury cars go.. the expense accounts.. the toys..?


3 posted on 08/31/2011 7:12:25 PM PDT by Track9 (Make War!!)
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To: Redcitizen
They may have “first sought” a loan under Bush but it was “first given” by Obama.
4 posted on 08/31/2011 7:14:03 PM PDT by tobyhill (A Democrat that doesn't lie would be a lie)
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To: tobyhill
The price for solar panels has tanked in part because of heavy competition from Chinese companies...

How unexpected.

5 posted on 08/31/2011 7:14:10 PM PDT by Hugin ("A man'll usually tell you his bad intentions if you listen and let yourself hear it"--- Open Range)
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To: Redcitizen

I wonder if the company would have organized in Texas if it would have fared much better_


6 posted on 08/31/2011 7:16:04 PM PDT by rovenstinez
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To: tobyhill

http://www.powerlineblog.com/archives/2011/08/green-jobs-up-in-smoke.php


7 posted on 08/31/2011 7:17:50 PM PDT by ltc8k6
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To: tobyhill

Is Barack Obama dumb? Yes!


8 posted on 08/31/2011 7:19:59 PM PDT by SMGFan
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To: tobyhill
Solar and Wind Energy are not the answer to our major energy needs. In some limited circumstances Solar and Wind might provide a small amount of energy, say something in the order of 3-5%. But for baseline energy you can forget about it.

If solar and wind were so great the engineers at the power companies would have been pushing it for a long time. They haven't because being good engineers, they knew it wouldn't work or wouldn't work very well. These people know a hell of a lot more about electrical energy than politicians and green energy advocates. They are also a lot smarter.

Jerry Brown (the Clown) was just at an alternative energy meeting in Nevada sponsored by the fool Harry Reid. They haven't given up on the dream and they don't care if they bankrupt the state of California, the state of Nevada, and the United States in their foolish pursuit of this energy fantasy. The California Legislature (a house of fools) just past laws requiring that utilities use 33% renewable by 2020. Unless California decides to start building damns soon they either will never be able to meet this requirement OR energy in California will be fantastically expensive and will damage an already weak economy.

The problem in California is Californians.
9 posted on 08/31/2011 7:20:45 PM PDT by truthguy (Good intentions are not enough.)
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http://www.freerepublic.com/focus/search?m=all;o=time;q=quick;s=solar


10 posted on 08/31/2011 7:21:51 PM PDT by ButThreeLeftsDo (Obama Loves America Like OJ Loved Nicole.)
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To: tobyhill

Another large empty barn in Fremont.


11 posted on 08/31/2011 7:23:22 PM PDT by Huskrrrr
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To: tobyhill

Well considering that democrats claim that we just didnt spend enough tax payer dollars with stimulus yet to see the economic success then maybe the democrats should take the stand to give Solyndra more. Lets see the dems follow their own logic through on this one.

Maybe another 700 million?


12 posted on 08/31/2011 7:23:43 PM PDT by TheBigIf
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To: rovenstinez
I wonder if the company would have organized in Texas if it would have fared much better

Not really. The laws of physics apply in Texas just as they do in California. Solyndra's technology didn't work or more accurately the price of energy produced by their technology (even with government subsidies) was hideously expensive. Their technology just didn't cut it. Simple as that.
13 posted on 08/31/2011 7:24:12 PM PDT by truthguy (Good intentions are not enough.)
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To: rovenstinez
Same thing would have happened in Texas because it's a dead end business regardless what state it's in.

Here in Texas we believe in drilling.

14 posted on 08/31/2011 7:24:59 PM PDT by tobyhill (A Democrat that doesn't lie would be a lie)
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To: rovenstinez
I wonder if the company would have organized in Texas if it would have fared much better_

Well, the tax laws and regulatory climate here would have been more favorable, but I doubt they would have sold any more solar panels. Probably never really made any to begin with, since they had all that 'seed' money from "Obama's stash" and just doled it out amongst those Obama donors who were looking for their election payback. It's really hard to make a profit when you spend all the seed money on payoffs and the product never really gets manufactured. At least that's what I suspect happened.

15 posted on 08/31/2011 7:25:48 PM PDT by erkyl (We hang the petty thieves and appoint the great ones to public office --Aesop (~550 BC))
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To: tobyhill

If and when this all shakes out there will be hundreds or thousands of criminal enterprises masquerading as businesses that will be shown to have plundered the public fisc in the name of good government. Man is not perfectable.


16 posted on 08/31/2011 7:26:48 PM PDT by Inwoodian
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To: truthguy
That's true but with the environmentalist nutcases logic, common sense, and basic understanding of electrical theories and laws goes out the window. They remind me of persons who think you can start a generator in motion then have it power a motor to keep the generator turning.

Cost alone makes solar power prohibitive in most cases. In some cases it is cheaper than paying for electric utilities but not often. A mountain cabin a mile from nearest powerline would be such an example.

17 posted on 08/31/2011 7:28:06 PM PDT by cva66snipe (Two Choices left for U.S. One Nation Under GOD or One Nation Under Judgment? Which one say ye?)
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To: tobyhill

Same thing would have happened in Texas because it’s a dead end business regardless what state it’s in.”

I agree,but it would have taken longer. I’ve seen reports that it is 30% more expensive to produce in California due to regulations.


18 posted on 08/31/2011 7:34:25 PM PDT by Lurkina.n.Learnin (The democratic party is the greatest cargo cult in history.)
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To: tobyhill
Solar and Wind power is so appealing because they trumped it up as something from nothing. The logical route is to look deeper, like the core of the earth.
19 posted on 08/31/2011 7:34:29 PM PDT by oyez ( America is being pimped.)
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To: tobyhill

Liberals no nothing about science, and even less about business.

Math is not only not their friend, math is a language far beyond their meager ability to comprehend.

From Marx on, their legacy is one of all-consuming failure.

As in “massive fail’.

And they are the ones claiming “intelligence”.

Heh!


20 posted on 08/31/2011 7:34:40 PM PDT by Da Coyote
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To: Huskrrrr

Well CA liberals kicked out Toyota manufacturing plant from Freemont and brought this junk as replacement.
After 40,000 job loss add another 1100.
Lets Congratulate CA liberals and environmentalist.


21 posted on 08/31/2011 7:34:47 PM PDT by jennychase
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To: Da Coyote

Oops, too many martinis.

That’s “know”, not “no”.

But what the heck?

Even with that faux pas, I’m still quantum levels above the Cretin-in-Chief.


22 posted on 08/31/2011 7:36:15 PM PDT by Da Coyote
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To: cva66snipe

It should be noted that in addition to directly subsidizing the manufacturer they are still giving away state money and federal tax credits for installing solar. With all that they still went belly up. The same has happened to the ethanol industry and windmills aren’t far behind. A waste of money and our taxes.


23 posted on 08/31/2011 7:36:28 PM PDT by Oldexpat
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To: cva66snipe

It should be noted that in addition to directly subsidizing the manufacturer they are still giving away state money and federal tax credits for installing solar. With all that they still went belly up. The same has happened to the ethanol industry and windmills aren’t far behind. A waste of money and our taxes.


24 posted on 08/31/2011 7:36:40 PM PDT by Oldexpat
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To: tobyhill

Why build solar or wind when you must have a coal, gas, or nuclear plant as a backup for when the wind doesn’t blow or the sun doesn’t shine (except in progressive fantasies). You can spin it a hundred different ways, but you come back to this same basic fact ... the wind doesn’t always blow and the sun doesn’t always shine.


25 posted on 08/31/2011 7:37:11 PM PDT by RetiredTexasVet (There's a pill for just about everything ... except stupid!)
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To: tobyhill
The price for solar panels has tanked in part because of heavy competition from Chinese companies...

So long as we let the Chinese subsidize their exports by currency manipulation, we'll never get this economy going or get any jobs back.

Innovation is dead too. The Chinese just take what technology they need. MFN for China was one of the worst decisions ever.

26 posted on 08/31/2011 7:38:06 PM PDT by Last Dakotan
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To: Track9

“Not before they used up 700 million or so of OUR money.”

Exactly. Where did the money go? A little accounting is in order.


27 posted on 08/31/2011 7:38:41 PM PDT by Parley Baer
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To: tobyhill

Here in Texas we believe in drilling.

I understand you have a large number of whirlygigs out there in Texas, and that they are not doing you much good.


28 posted on 08/31/2011 7:42:05 PM PDT by Chickensoup (In the 20th century 200 million people were killed by their own governments.)
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To: tobyhill
Solyndra is the third solar company to seek bankruptcy protection this month. Officials said Wednesday that the global economy as well as unfavorable conditions in the solar industry combined to force the company to suspend its manufacturing operations.

Oh, please. "Global economy," my eye. If they had a product people actually wanted to buy, the "global economy" wouldn't matter.

29 posted on 08/31/2011 7:46:32 PM PDT by hsalaw
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To: tobyhill
Here in Texas we believe in drilling.

But not in Washington. And it stands to reason that OPEC finances their way of thinking. It is like the relationship between junkies and heroin dealers. Its does not take rocket science to determine who call the shots.

30 posted on 08/31/2011 7:51:53 PM PDT by oyez ( America is being pimped.)
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To: Oldexpat
It should be noted that in addition to directly subsidizing the manufacturer they are still giving away state money and federal tax credits for installing solar. With all that they still went belly up. The same has happened to the ethanol industry and windmills aren’t far behind. A waste of money and our taxes.

Yea the windmills are being pushed by some very big money wanting to use our money. As for solar unless someone is ready to do some serious sacrificing and conservation in their power consumption they are in for some disappointment. Especially if they are installing solar to replace utility services. BTW I've also noticed government seems to be the biggest buyer of panels these days.

31 posted on 08/31/2011 7:54:47 PM PDT by cva66snipe (Two Choices left for U.S. One Nation Under GOD or One Nation Under Judgment? Which one say ye?)
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To: tobyhill

Will boner and the republicans ever decide to do some work and investigate this crap and see who got the money.


32 posted on 08/31/2011 7:55:08 PM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: cva66snipe
"Cost alone makes solar power prohibitive in most cases. In some cases it is cheaper than paying for electric utilities but not often. A mountain cabin a mile from nearest powerline would be such an example."

That was very well considered and well said. I'm in a situation like that (too far from any power company hookup).

PV solar power can only be competitive with grid power for someone close to the grid in my area (over 300 sun days per year), if he does good research (theory, products, prices, etc.) and installation himself. And a self-install must be inspected and strictly to code (NEC). A self-install can also be dangerous for anyone who lacks safety knowledge or education in electrical/electronics work.

On the other hand, solar radiant heat with a homebuilt drainback system can be very competitive against the costs of conventional furnace heat in any fairly sunny part of the country, but installation involves quite a bit of study and work (electrical safety and code knowledge probably also required to a lesser degree, and maybe an inspection).

I'm not a greenie by any stretch, but I'm cheap, and a believer in self-sufficiency during these economic/government times for anyone who has enough will to work at it.


33 posted on 08/31/2011 7:56:45 PM PDT by familyop ("Plan? There ain't no plan!" --Pigkiller, "Beyond Thunderdome")
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To: tobyhill
Need to stick the forensic accountants on this and start Jailing people!
34 posted on 08/31/2011 7:59:18 PM PDT by Cheetahcat (Carnival commie side show, started November 4 2008 ,A date that will live in Infamy.)
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To: Chickensoup
One small nuke plant could out produce twice as many “whirligigs”. And when the wind calms, the nukes keep pumpin’.
35 posted on 08/31/2011 8:01:39 PM PDT by oyez ( America is being pimped.)
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To: cva66snipe

you be correct, I decided to Solar Power my well on some property I own because it would cost around 15k to run power up my mountain, I did it for 6k going Solar, now the House has real electricity.


36 posted on 08/31/2011 8:10:24 PM PDT by eyeamok
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To: familyop
PV solar power can only be competitive with grid power for someone close to the grid in my area (over 300 sun days per year), if he does good research (theory, products, prices, etc.) and installation himself. And a self-install must be inspected and strictly to code (NEC). A self-install can also be dangerous for anyone who lacks safety knowledge

I would make as many things in the home as non electric as I could. Stove, oven, hot water heater, I would go gas. If you use solar for heating water I would have gas as a back up. I would also get a 4200 watt generator. I have a friend with solar in a fairly remote area. A year or two ago I wired in a 12 volt freezer for him. The solar basically powers lights, freezer, fridge, TV and that's about it. The heat is wood stove the hot water and range is gas. He also has a generator for bad weather or breakdowns.

In East Tennessee anyone using solar alone is going to be in a world of hurt unless they live out in the middle of a field on top of a high ridge. To give you some idea a green Wally World was built nearby using sky lights as the primary lighting for daytime. It's like being in a room with someone flipping the lights off and on.

37 posted on 08/31/2011 8:15:24 PM PDT by cva66snipe (Two Choices left for U.S. One Nation Under GOD or One Nation Under Judgment? Which one say ye?)
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To: cva66snipe
"As for solar unless someone is ready to do some serious sacrificing and conservation in their power consumption they are in for some disappointment."

Also true. ...chest-type, DC fridge and freezer: about $1,100 each for reasonably large enough ones, at least. No air conditioner, electric range or electric clothes dryer. LED lights and/or DC florescents. Periodical battery maintenance (if unsealed lead-acid batteries, safety precautions doing that, too). Other than that, okay, if the system is well sized. With a lot of study and product research, and doing everything oneself, about $10,000 for one of the sunniest areas, if one does a great job of balancing costs with quality.

So a year or two of part-time study, saving money, and quite a bit of work. Otherwise, an installer will charge a pretty ugly little fortune for a good system (far more than the figure mentioned above), and that's only PV solar for electricity.

[I am not seeking any income from solar energy products or contracts and am not seeking any government funding or tax credits for my own installation.]


38 posted on 08/31/2011 8:19:06 PM PDT by familyop ("Plan? There ain't no plan!" --Pigkiller, "Beyond Thunderdome")
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To: familyop

I have a friend that works in the solar industry in CA. Obviously if you can’t get electrical power in a remote area you have to do something. He said solar on-the-grid only made financial sense in the expensive markets in CA with the current energy prices and state and federal subsidies. You are still breaking even at the end of the life for those solar panels. In areas of California that produce their own power solar is way more expensive.


39 posted on 08/31/2011 8:20:18 PM PDT by USNBandit (sarcasm engaged at all times)
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To: oyez
geothermal energy hasn't even begun to be explored. try it, though, and liberals will scream bloody murder. their next algore will insist we are throwing the earth out of orbit, like poking a hole in a balloon to let it fly willy nilly.
40 posted on 08/31/2011 8:25:07 PM PDT by Fester Chugabrew (minds change)
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To: cva66snipe
"In East Tennessee anyone using solar alone is going to be in a world of hurt unless they live out in the middle of a field on top of a high ridge."

Agreed. I once lived not so far from there. Now I'm at over 9,000 ft. elev. in the West with sunny days almost all year. Even wind turbines work here, if they're built strong enough (high winds nearly all winter require large, heavy, open, homebuilt alternators on trailer hubs with the new MPPT controller). But we pay for it with weather so cold, that most people couldn't imagine it, and high winds most of the year (e.g. 30 below with 80 mph + winds and icy snowdrifts, once in a while, taller than me).

If I were in a much cloudier place, I'd almost surely go with much firewood, insulation and frugality.


41 posted on 08/31/2011 8:31:57 PM PDT by familyop ("Plan? There ain't no plan!" --Pigkiller, "Beyond Thunderdome")
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To: familyop

I don’t have solar but I do have a battery back up system with a 750 watt inverter for lights. When my wife gets new batteries for her wheelchair I get the old ones :>}. Last winter I picked up a used 4200 watt generator for back up. I can use the inverter to keep from having to run the generator full time if the power goes out.


42 posted on 08/31/2011 8:34:29 PM PDT by cva66snipe (Two Choices left for U.S. One Nation Under GOD or One Nation Under Judgment? Which one say ye?)
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To: Fester Chugabrew
Algore’s thinking is confined to his beloved “Lockbox”. He fears something that would bring about the equivalent of another Industrial Revolution.
43 posted on 08/31/2011 8:44:14 PM PDT by oyez ( America is being pimped.)
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To: Fester Chugabrew
Algore’s thinking is confined to his beloved “Lockbox”. He fears something that would bring about the equivalent of another Industrial Revolution.
44 posted on 08/31/2011 8:44:17 PM PDT by oyez ( America is being pimped.)
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To: cva66snipe
"To give you some idea a green Wally World was built nearby using sky lights as the primary lighting for daytime. It's like being in a room with someone flipping the lights off and on."

So true. Can't emphasize that enough. Here, there's also very little atmosphere overhead. Go outside in a dark colored shirt on a summer day with 65-70 degrees in the shade, and pretty quick, the shirt'll get really hot and smell like it's being ironed...and stay that way. It's not like most oxygen-rich places at all.


45 posted on 08/31/2011 8:48:29 PM PDT by familyop ("Plan? There ain't no plan!" --Pigkiller, "Beyond Thunderdome")
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To: cva66snipe
"I don’t have solar but I do have a battery back up system with a 750 watt inverter for lights. When my wife gets new batteries for her wheelchair I get the old ones :>}. Last winter I picked up a used 4200 watt generator for back up. I can use the inverter to keep from having to run the generator full time if the power goes out."

That's very wise. If you keep those batteries charged all the time, they'll last quite a while.


46 posted on 08/31/2011 9:10:42 PM PDT by familyop ("Plan? There ain't no plan!" --Pigkiller, "Beyond Thunderdome")
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To: hsalaw

But what about the “unfavorable conditions”? They were limited to only a half a billion in free money and tax incentives for people to use their products


47 posted on 08/31/2011 9:27:36 PM PDT by When do we get liberated? (A socialist is a communist who realizes he must suck at the tit of Capitalism.)
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To: hsalaw

But what about the “unfavorable conditions”? They were limited to only a half a billion in free money and tax incentives for people to use their products


48 posted on 08/31/2011 9:27:41 PM PDT by When do we get liberated? (A socialist is a communist who realizes he must suck at the tit of Capitalism.)
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To: tobyhill; ex-Texan

My 'Green' scam is raking in the (taxpayers) dough!

49 posted on 08/31/2011 9:56:45 PM PDT by M. Espinola (Freedom is never 'free'.)
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To: When do we get liberated?
They were limited to only a half a billion in free money and tax incentives for people to use their products

Those are "unfavorable conditions," all right. I wish I had those "unfavorable conditions."

50 posted on 08/31/2011 10:54:39 PM PDT by hsalaw
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