Obama’s Expensive “Green” Project is Epic “RED-INK” Fail in California
One Billion Dollars Wasted in Fremont, CA –“Where are the Customers?”
Solyndra Bail-out Merits Congressional Investigation
Inconvenient truth for President Barack Obama, California Governor Jerry Brown, Senators Feinstein and Boxer:
Solyndra Solar Panel plant in Fremont, California has wasted a billion dollars, $535 million of those a direct bailout from U.S. taxpayers, and it is going “bust.”
The Solyndra Solar panel plant in Fremont, California served as the convenient “backdrop” for Barack Obama’s “green economy” speeches in California, and other campaigning Democrats.
“The promise of clean energy isn’t just an article of faith,” Obama said, “It’s not just some abstract possibility for science fiction movies or a distant future or 10 years down the road or 20 years, it’s happening right now. The future is here.” – President Obama, speaking at Solyndra Solar.
There were warning signs of the President’s hypocrisy. For example, the “inconvenient optic,” non-union Solyndra workers, were told to “stay home” with no pay on the day of Obama’s plant tour and speech.
Never one to let the facts get in the way of a photo op, Democrat Barbara Boxer shamefully shilled for the “green” Solyndra “cause” prior to her re-election.
That was “then,” a billion dollars ago, ($535 million of those dollars are a bailout from the 2009 “stimulus” bill ) this is now. The “green” industry is propped up by government subsidies, it has no basis in science, it’s not economic, and most of all, NOBODY is buying “green,” at least not in big enough numbers to make it a viable business.
Just one day after the November election, after the company had just served its “duty” as the “green” “success story” of Democratic energy policy, came the “shocking” admission that Solyndra was actually in deep financial trouble:
“Solyndra, the poster child of green energy in Silicon Valley, that was going to create the jobs of the future, announced that it will layoff 17.5% of its workers just one day after the elections. The company received $535 million in U.S. tax payer bailout to create jobs. President Obama and Senator Barbara Boxer visited and campaigned at the plant.”
Stop wasting taxpayer dollars on “green” projects that have no basis in reality: What has happened in Fremont, California is a failure of epic proportions that should not be repeated over and over again.
China, whose murderous dictator was just wined and dined as a “friend” at the White House, has determined to put the American “green” industry out of business by heavily subsidizing its own competing industries in solar panels and wind turbines. America, no matter how much it cuts costs, cannot compete with SLAVE LABOR. We will never win a “price-point” war with China.
Something needs to change. Free trade with China as it is now, MUST end. We are subsidizing China’s military, while they restrict what they allow their own people to buy from us.
Free trade is a fraud on the American worker.
Exhibit “A” is what has just happened in Fremont, California: Read it all here at San Jose Mercury News.
Here are just a few excerpts:
Solyndra canceled its plans for an IPO in June, citing “adverse market conditions.” Then in July, Chris Gronet, the company’s founder, was replaced as CEO by Brian Harrison. Gronet remains at the company and chairs the board of directors.
Harrison’s first big move was to shut down Solyndra’s older factory, consolidating production in Fab 2, the newer Fremont factory, and disrupting the company’s plans to add 1,000 jobs.
“The company says it shipped 60 megawatts worth of panels last year and expects to double that quantity this year. One megawatt of power is enough to power about 200 California homes.
But analysts question whether it can capture enough of the market.
“At the end of the day, customers pay the bills,” [Ramesh Misra, a semiconductor and solar energy analyst at Brigantine Advisors ]said. “Where are their customers? That’s where the story starts to unravel. Solyndra is a disaster waiting to happen.”
The bottom line is…..the bottom line:
“Many low-cost Chinese manufacturers, which benefit from massive government support, are manufacturing at costs in the $1.10 to $1.20 a watt range. Thin-film leader First Solar, based in Tempe, Ariz., manufactures at 75 cents a watt and aims to be at 53 cents a watt by 2014. Solyndra says its current manufacturing costs are about $3 per watt.”
Greg Pollowitz of National Review Online has been asking for an investigation in the Department of Energy’s $535 million bailout of Solyndra. Agree. A round of subpoenas is way overdue. House Republicans, are you listening?
Christian Science Monitor
Flashback, Obama on Solyndra: