Skip to comments.The Administration's Solar Eclipse
Posted on 09/01/2011 4:25:10 PM PDT by Kaslin
Power Sources: A solar panel manufacturer touted by the president as a symbol of his successful green energy policies files for bankruptcy and cuts a thousand green jobs. Maybe its time to drill, baby, drill.
During a visit to Solyndra Inc.'s Fremont, Calif., facility in spring of 2010, President Obama boasted of what the company was going to do with the $535 million in loan guarantees his stimulus package provided.
"We can see the positive impacts right here at Solyndra," he said. "Through the Recovery Act, this company received a loan to expand its operations. This new factory is the result of those loans."
Loans, by the way, taxpayers are on the hook for as Solyndra on Wednesday announced it is filing for bankruptcy and laying off its 1,100 workers, Solyndra is a poster child for the pitfalls of crony capitalism and what happens when government attempts to pick winners and losers in the marketplace, particularly in the energy sector. It underscores the dangers of an energy policy driven by ideology and not available resources and economic need.
Two months before Obama's glowing speech, PricewaterhouseCoopers released a report expressing concern regarding a company that had accumulated losses of $558 million in its five-year lifetime and which had "negative cash flows since inception." There was, the accounting firm said, "substantial doubt about its ability to continue as a going concern."
(Excerpt) Read more at investors.com ...
This guy is just a loser - everything he touches fails.
This wont phase Obama.
He will be selling more green dreams to the public next Thursday.
Not long ago, such governmental manipulation of the private sector was referred to as fascism.
... President Obama boasted of what the company was going to do with the $535 million in loan guarantees his stimulus package provided.
Yes, that is much weller!
And the fascist on the left are too stupid to realize that...
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This entire fiasco can be incorporated into a wonderful political add for the Republican nominee - with Obama’s words and the outcome all wrapped up into a nice package.
We simply cannot afford four more years of this crap.