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 implosion.

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8 Responses to “Post Solyndra, Obama Stands By Throwing Money Down The Green Drain”

  1. david7134 says:

    What energy race? If my dog is on the floor chasing his tail, is that a race?

  2. Stuck on Keynesian stupid -or- Hell bent on Alinskyite destruction?

    “Because the Only Good Progressive is a Failed Progressive”

  3. gitarcarver says:

    Solyndra had some interesting technology in relation to ultra thin solar cells. Those patents should revert to the American people and either be sold or be licensed to American companies. At least that we can re-coup some money.

    As for Obama, what does he care? It isn’t his money.

  4. Adobe Walls says:

    According to a Republican congressman, (whose name I don’t recall) his committee which has oversight of this has been having difficulty getting documents relating OMB vetting of this and many other similar loans. This turns out to be because OMB didn’t.
    “Green Energy” is not the future. With current policies darkness is. If what ever standard tax treatments the oil companies get was halted their business might slow and obviously oil prices would rise. If just the credits and outright subsidies for green energy was withdrawn today those industries would collapse tomorrow. As soon as federal guarantees for loans and the subsidies stopped every dime of private investment would flee.

  5. captainfish says:

    Actually, this reminds me of those coupon packs you get in the mail. Most of the time, they are worthless, for products you never use, products not sold in your area, or for a purchase type that you would never do (such as buy 10 to get one free).

    They just get thrown away. Yet, most people say, Yeah, I like those coupons.

    How many of us throw away our weeklies ad\coupon mailers without looking at them?

    Rep Daryl Issa I think you mean Adobe. At least he is one that has been holding hearings. But, tell me honestly….. have you heard any results from his hearings? Have you heard anyone getting in trouble? Have you heard of money being returned? Have you heard of anyone thrown in jail for the mass corruption and theft?

    I mean, the NW home weatherization program…!?!? tens of millions were given and only 3 homes weatherized and 21 people were temporarily hired?!?!

    Someone made off with a bundle.

  6. Adobe Walls says:

    Nope it wasn’t Issa, I know him by sight. Could be someone else on his committee. Issa’s isn’t the only oversight committee, is it?
    As for getting money back I suspect Issa has his hands full on gunwalker. As far as any money for green boondoggles from the stimulus I’m sure that money is long ago squandered and the tracks covered. After all they had two years head start. My hope is that investigations will continue after January 2013 and all the crimes from DOJ to the Transportation department exposed and the appropriate drums-head courts assembled.

  7. proof says:

    Being a liberal means never having to say you’re sorry. (This may be why Al Gore thought the story was about him!)

  8. captainfish says:

    NYPost is stating that one of Solyndra’s biggest investors, and biggest receiver of federal subsidies, is George Kaiser – “one of Obama’s key 2008 campaign donors and bundlers”.

    Actually, from the outset, both House Republicans and the General Accounting Office questioned the wisdom of Solyndra’s guarantees — especially given the company’s inability to raise outside (that is, nontaxpayer) capital.

    Now the House Energy and Commerce Committee is demanding that the White House turn over all communications with Solyndra and its investors — including Kaiser — and correctly so.

    None of this really should surprise, though.

    Seems a $20 million weatherization grant for the city of Seattle — announced last year by Vice President Joe Biden at the White House — that was supposed to create 2,000 “living wage” jobs and retrofit 2,000 homes has been a similar bust.

    More than a year later, only 14 jobs have been created under that grant — and they’re all administrative. And only three homes have been weatherized.

    That’s $6.66 million per house — a great boondoggle if you can pull it off.

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