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.