Post Solyndra, Obama Stands By Throwing Money Down The Green Drain


Yesterday, we learned that solar panel maker Solyndra, recipient of $535 million in Department of Energy loans via the Stimulus act, was closing shop, laying off 1,100 workers, and filing for Chapter 11 (there are also rumors that they are going to send part of their business to China, but, I can’t find confirmation on that one.) So, what does the Chump in Chief think?

President Barack Obama is standing by his support for renewable energy after Solyndra Inc., a maker of solar panels that received a $535 million U.S. loan guarantee, shut its doors, a White House spokesman said. (snip)

“While we are disappointed by this particular outcome, we continue to believe the clean-energy jobs race is one that America can, must and will win,” White House spokesman Eric Schultz said today in an e-mailed statement…..

Hey, I’m all for the use of renewable energy. I’d love for energy to be cleaner than most current technologies, without the worry of nuclear (especially disposal of used materials), and as inexpensive, if not more, than most of today’s technologies. Dumping federal dollars into it will not magically make it happen, though, especially when workers in the US get paid quite a bit more than workers in China (which is a good thing). And especially when we almost never see the money returned

The company has borrowed $527 million of the $535 million covered by the Energy Department loan guarantee, Damien LaVera, a department spokesman, said in an e-mail.

Solyndra plans to include the Energy Department loan guarantee in its bankruptcy filing.

Obamanomics: give lots of money, say how great this is, watch company never make any profit, close their doors, lay off workers, then file bankruptcy so that the money doesn’t have to be paid back.

Right now, the “green tech” industry reminds me more of the Internet companies during the late 1990’s: a lot of money being moved around, tons of investors, but, surprise!!!!!! no actual product, leading to the dot.com implosion.

Trending Today

Related Articles

0

Keystone XL Protesters Arrested En Masse

And have managed to bring the Gore Effect to D.C. today, where it is snowy and cold, and will be

22

Obama Gives Obamacare Waivers to 28 Unions, His BIG Donors

More on the waivers for Obamacare. A look at the president’s waiver list reveals he’s given waivers to 28 food

16

More Dept. Of Education Stormtroopers: They Are Armed With Shotguns! (Seriously!)

As William was saying below, there really is more to this story. Yesterday I wrote a short post on the