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The "Shining" Example Of Obama's $787 Billion Fiscal Stimulus Act, Solar Energy Company Solyndra, Files For Bankruptcy

Tyler Durden's picture




 

Yesterday Zero Hedge contributor Bruce Krasting had some very insightful and very prophetic words when he asked rhetorically if a "Government investment disaster in the works??" The company in question is (now former) massively subsidized solar energy company Solyndra. Solyndra filed for bankruptcy less than 24 hours after Bruce proposed that the company is nothing but a stimulus black hole. We congratulate him on his investigative efforts. Alas, being private, there was no way to short it and capitalize on this investigative coup de grace. And while there are no winners, there are plenty of losers? Who - why US taxpayers of course. Why? Because as some may recall, Solyndra is one of the "shining examples" of Obama's $787 billion American Recovery and Reinvestment Act. After all none other than president Obama said that Solyndra is "leading the way toward a brighter and more prosperous future.” He also cited it as a success story from the government’s $787 billion economic stimulus package." Alas Solyndra has now become a less than shining example of the complete catastrophe this latest exercise in pointless Keynesianism has been, all on the backs of US taxpayers. But don't worry, Obama is about to bring us a fresh new such fiscal stimulus catastrohpe any minute. This time it will be different.

From ABC:

President Obama visited Solyndra in May 2010, heralding the company as “leading the way toward a brighter and more prosperous future.” He also cited it as a success story from the government’s $787 billion economic stimulus package.

 

“Less than a year ago, we were standing on what was an empty lot.  But through the Recovery Act, this company received a loan to expand its operations,” Obama said at the time. “This new factory is the result of those loans.”

 

In 2009, the Obama administration fast-tracked Solyndra’s loan application, later awarding it $535 million in guarantees from the stimulus funds.

 

The deal later came under scrutiny from independent government watch dogs and members of Congress, which said the administration had bypassed key taxpayer protections in a rush to approve the funds — claims the administration has denied.

All this delightful irony on tape:

 

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Wed, 08/31/2011 - 14:42 | 1619797 MFL8240
MFL8240's picture

CLOWN!

Wed, 08/31/2011 - 14:47 | 1619815 russki standart
russki standart's picture

No surprise here.... with China controlling more than 97% of the rare earths, how the heck could Soyndra  compete? All the so called green jobs will ultimately end up in the middle kingdom, china. Al Gore and his bankster buddies will get rich, america will get fucked, again.

Wed, 08/31/2011 - 15:32 | 1619918 spiral_eyes
spiral_eyes's picture

Krugman will say the fundamentals don't matter, all that matters is the government spending the money, because his mysterious master guru Keynes says so.

Krugman is wrong.

Who the fuck are the gov't to try and determine where GDP needs to be spent?

http://azizonomics.com/2011/08/27/keynes-bernanke-krugman/ 

Wed, 08/31/2011 - 15:40 | 1620101 nope-1004
nope-1004's picture

Gov't grants to build sand castles.  Sweet.  Where do I sign up?

Wed, 08/31/2011 - 17:23 | 1620615 I did it by Occident
I did it by Occident's picture

Yeah, I sure could use half a billion.  I'll be sure not to spend it all in one place. 

Wed, 08/31/2011 - 16:45 | 1620470 IMA5U
IMA5U's picture

it will be bullish when krugman finally shuts up

Wed, 08/31/2011 - 15:15 | 1619958 Long-John-Silver
Long-John-Silver's picture

Each Solar Cell contains 21 grams (2/3oz) Silver. The price break point for Silver used in Solar Cell manufacture was $36 an ounce. This was the reason $36 Silver was so hard fought and resulted in 5 rapid fire margin hikes. Today we have a solid $40 floor under Silver. Bankruptcy is the only outcome for Solar Cell production company’s for all except for use on Satellites, where cost is not an issue.

Wed, 08/31/2011 - 15:34 | 1620026 Leopold B. Scotch
Leopold B. Scotch's picture

None of this subsidized enviro shit is ready for prime-time or else it would not require the subsidy.  We need to allow the market to naturally invest on its own into more usable (e.g. WEALTH PRODUCING / economic advancing) technology that currently is for a known, self-sustaining / in-demand purpose, but otherwise unknown but to some genius entrepreneurs, who will compound that technology to some in demand use, to the point where eventually (and in self-sustainable fashion) it advances knowledge / technology so that solar cells are economically feasible AT THE MARKET PRICE WITHOUT SUBSIDY.

Instead, we're redirecting that investment into wastes like this that can't sustain themselves, and end up with neither the wealth producing technology or the green technology.  Moreover, because this sort of government "investment" is always politically motivated, no legit entrepreneur bothers to put his own money into something when some asshole with connections to Bush or Obamma's administration gets the handout that's liable to put you out of business doing it on your own.

Moreover, we keep wasting resources and killing our economy in the process, the more we can't afford to do environmentally good things....   Enviro is a luxury of wealth, and you don't get it by wealth destroying enviro-socialism.

Fuck them all, these meddlers.

= Exactly Why Central Planning is horribly destructive to an economy and should be avoided at all cost.

Wed, 08/31/2011 - 16:07 | 1620284 TaxSlave
TaxSlave's picture

But Potemkin villages are so pretty!

Wed, 08/31/2011 - 17:39 | 1620691 I did it by Occident
I did it by Occident's picture

Other things that are pretty (in their own ways):

Rome burning

mushroom clouds

Hurricanes

Tornados

Wed, 08/31/2011 - 16:53 | 1620497 karzai_luver
karzai_luver's picture

Whoever ran this POS should have to pay back any money grifted from the taxpayer.

 

To hell with Bk , pay it back or go to jail.

 

Right where Owebama and his cronies should be now.

 

Stick this kind of crap where the sun DON'T Shine boy.

 

 

Thu, 09/01/2011 - 01:55 | 1621847 narnia
narnia's picture

solar and wind are currently terrible investments compared to coal or natural gas in an energy farm / centrally distributed energy model.  they are very viable, however, if all costs of central energy distribution and infrastructure are considered.

i'm confident a hemp house with passive construction & an alternative energy component (depending on where you live: solar, wind, natural gas fuel cell, etc.) in a decentralized grid costs less to build, is substantially less toxic & is substantially more energy efficient than traditional stick frame with all of the stupid union required infrastructure & other building code requirements feeding the central utility.

this isn't just a case study in stupid federal subsidies.  it's an across the board federal, state & local government protect special interest rigid ball fumbling routine.

Wed, 08/31/2011 - 15:37 | 1620082 Sgt.Sausage
Sgt.Sausage's picture

==> Each Solar Cell contains 21 grams (2/3oz) Silver.

No way, no how. Not. On. Your. Life.

MAYBE, just maybe each PANEL contains 21 grams of silver, but not on your life does each individual CELL contain those amounts. The cells themselves do not contain silver at al. At. All.  It's the wiring ribbon that runs between the cells and connected to the cells that contain the silver.

Here, let me google that for you ... <google, google, google> ...

Relevant: http://www.bloomberg.com/news/2011-06-22/silver-surge-makes-headwind-for-solar-in-fossil-fuel-rivalry.html

" each panel ... require about 20 grams of silver" NOTE: That's PANEL, not CELL

"A typical solar cell uses 0.10 grams of silver for each watt"

 You're at least 2 orders of magnitude off on your statement

Wed, 08/31/2011 - 15:48 | 1620142 Long-John-Silver
Long-John-Silver's picture

CPM Group estimates that 2010 use of silver in solar cells will be 64 million ounces, up from 20.9 million in 2009. Rannestad looks for 15% compounded annual growth from 2009 to 2019, with the amount of silver used for solar cells forecast to rise to 84.5 million ounces over the next 10 years.

VM Group’s Silver Survey, published earlier this year, called for compounded annual growth of 17.5% for silver use in solar panels over the next decade. VM Group estimated 18 million ounces of silver were used in 2009. This is likely to rise to as much as 70 million by 2020, even when factoring in some impact from a rising market share for “thin-film” technology that requires little silver. Furthermore, VM said, still more silver also will be used for reflective mirrors in solar-power-concentrator power plants, perhaps rising to 60 million ounces per year over the next decade.

http://seekingalpha.com/instablog/521936-eps100momentum/112707-solar-dem...

Silver prices nonethe less has killed Solar Cell production.

Wed, 08/31/2011 - 16:08 | 1620292 TBT or not TBT
TBT or not TBT's picture

bollocks. It killed itself, with government and envirowhacko support. The burst of investment in solar tech was MALinvestment. Here we are in the truth part of that experiment...again. Jimmy Carter put solar panels on the White House in the 70's. The nazis scaled up alternative fuels back in the 30's.

The way get richer is by doing things in the lowest cost way available NOW, for example using fossil fuels predominantly as long as they remain more cost effective than alternatives.

Paradoxically, I am looking at doing a small solar system that would have enough juice to keep the fridge and freezer and lights on, assuming blackout events becoming common. You, know, as to panel prices, buy when blood is running in the streets.

We are not there yet on the lead acid battery raws. Depends whether we get debt deflation/austerity type of collapse that market economics has in store for us, or alternatively the world war oriented politically guided currency devaluation and collapse of trade route to perdition. With the current set up, we get one or the other.

Wed, 08/31/2011 - 16:24 | 1620364 OneEyedJack
OneEyedJack's picture

I was looking at solar myself. Since I live in the sunshine state, I thought that would be the way to go. After researching how much I needed to invest vs what I would get in return, I went to the dollar store and bought a $1.00 clothes line. It was cheaper and would save as much power as a $2500.00 investment

Wed, 08/31/2011 - 16:35 | 1620423 TBT or not TBT
TBT or not TBT's picture

The clothes line will not refrigerate your food. I mean unless the wind blows all the time and you can hook your old cattle watering windmill to your fridge compressor somehow....

Wed, 08/31/2011 - 16:39 | 1620444 OneEyedJack
OneEyedJack's picture

You are correct. However I consider where I live to be indefensible and if the SHTF I walk away from it all anyway. I don't like the situation but, it is what it is.

Wed, 08/31/2011 - 21:22 | 1621278 TBT or not TBT
TBT or not TBT's picture

scarecrows...with claymores in them.

Wed, 08/31/2011 - 17:43 | 1620702 I did it by Occident
I did it by Occident's picture

Agree, they didn't need silver going up to kill them.  They were quite capable of destroying the company a 100 different other ways, using govt sugur to get themselves up to ramming speed first. 

Wed, 08/31/2011 - 16:12 | 1620309 Fascist Dictator
Fascist Dictator's picture

And don't the solar cells need to be replaced every ten years or so....???

Thu, 09/01/2011 - 10:58 | 1622671 fallout11
fallout11's picture

Nope, they will last an easy 30-40 years.  There are still-operational installations from the 1970's around, I've seen a few personally. They do lose about 1% of their energy production capability per year though.....and on battery backup or off-grid systems, the batteries themselves have to be replaced fairl freqently (7 years or so for deep cycle marine grade).

Wed, 08/31/2011 - 16:08 | 1620290 Willzyx
Willzyx's picture

Cost may not be an issue for satellites, but how you gonna get them into space?  The shuttle has been scrapped, and an unmanned soyuz rocket crashed last week.  There is talk of abandoning the international space station

Wed, 08/31/2011 - 16:12 | 1620310 Freewheelin Franklin
Wed, 08/31/2011 - 16:13 | 1620316 TBT or not TBT
TBT or not TBT's picture

It will be renamed Skylab II. With any luck we'll get to watch chunks of it burn up overhead as it reenters, and in any case will get urgent infographics treatment of where the surviving chunks might land. Don't know if they had thermal nuke generators on this one. That would make for drama, thanks to public ignorance/fear of RADIATION!".

Wed, 08/31/2011 - 18:03 | 1620773 cheesewizz
cheesewizz's picture

 "Today we have a solid $40 floor under Silver" If I could get a buck for every post that someone said crap like that, I could kick back and enjoy. Sorry...

Wed, 08/31/2011 - 18:46 | 1620890 Downtoolong
Downtoolong's picture

Reading this story and comments about silver prices and knowing what happened in the bio-diesel industry over the last five years is like deja vu all over again. Government showers these startup industries with tax breaks and cheap financing when what they really need is risk mitigation in the form of supply and sales price protection. In the case of bio-diesel there was enormous exposure to commodity price fluctuations on both ends of their manufacturing process. Most of these startups would have been happy to operate as a tolling facility with a guaranteed fixed margin of $0.20/gallon. Instead, eighty percent of them went out of business due to either feedstock or oil price shocks, even though their long term forecasts showed margins of $0.40-1.00/gal. One would almost think their business model was designed to fail. (???)

Sun, 10/02/2011 - 16:39 | 1731362 AE911Truth
AE911Truth's picture

Mr. Long John Silver,

Where do you get the 21 grams per cell please?

How many grams per watt?

Thanks

Wed, 08/31/2011 - 15:18 | 1619967 jay28elle
jay28elle's picture

Mr Gore!  Now there is someone stoo-pid'r than we the people.

Wed, 08/31/2011 - 16:06 | 1620274 sun tzu
sun tzu's picture

Don't forget to pay your carbon taxes to the high priest of Gaia, Al Gore and his buddies Goldman Sucks and the Rothschilds, lest the oceans rise 50 feet and Wall Street and DC will be flooded in biblical proportions. 

Wed, 08/31/2011 - 16:17 | 1620329 TBT or not TBT
TBT or not TBT's picture

Unfortunately the former "federal," now central government of the US would have plenty of time to relocate, probably decades, and seeing as how their tentacles are pervasive, they'll carry on without a hitch.

Wed, 08/31/2011 - 16:54 | 1620499 fwchiro
fwchiro's picture

I read that as, "and seeing as how their testicles are pervasive, they'll carry on without a hitch."  I may be reading too much ZH, although it probably is just as accurate of a statement.

Wed, 08/31/2011 - 21:26 | 1621293 TBT or not TBT
TBT or not TBT's picture

Individually, federal employees are very small balled, courage-wise. That's one reason they go for the perma-job, wherefrom derives their overcompensation vis a vis treatment of little people that get in their organisation's sights.

Wed, 08/31/2011 - 15:19 | 1619975 DaveyJones
DaveyJones's picture

Has it considered restructuring as a bank?

Wed, 08/31/2011 - 16:42 | 1620453 Jumbotron
Jumbotron's picture

Now that's some funny shit right there !

Wed, 08/31/2011 - 15:50 | 1620168 Pancho Villa
Pancho Villa's picture

They were making copper indium gallium diselenide solar cells. None of these elements are rare earths. But the Chinese solar energy industry is heavily subsidized by the Chinese government, so in that sense it probably was the Chinese government that did them in.

Wed, 08/31/2011 - 15:14 | 1619950 Henry Chinaski
Henry Chinaski's picture

The Chrysler bailout was another great shining example... of moral hazard. 

http://www.nytimes.com/2011/07/30/business/forced-marriage-of-fiat-and-c...

The above NYT article states that the government recovered $11.2 of the $12.5B Chrysler bailout.  This equates a loss of $1.3B.

Chrysler LLC is a privately held company.  It is an interesting coincidence that in the same week Mkt Watch reported the Italian owned parent company FIAT just "cited a one-off capital gain of EUR1.05 billion ($1.5B) related to the acquisition of its controlling stake in Chrysler." 

That's practically the same amount "lost" by the US taxpayers.

http://www.marketwatch.com/story/fiats-profit-bests-forecasts-2011-07-26 

 

Wed, 08/31/2011 - 15:55 | 1620204 sun tzu
sun tzu's picture

Don't forget about all the mutual funds and pensions that got fucked when 0bama handed the company over to the unions. Instead of 40 cents on the dollar, they got 10 cents on the dollar. 

Wed, 08/31/2011 - 15:20 | 1619985 Republi-Ken
Republi-Ken's picture

BRING BACK TRICKLE-DOWN!!!

MORSUPPLY SIDE CUTS FOR RICH WIMPS!!!

Get Off Middle East Oil by MORE WAR!

WAR! OIL! WAR! THE REPUB-LICAN WAY!

CHENEY: "Green Tech Sucks Wind... Or Solar!"

BUSH: "Drill Baby Drill. Solar is the Dark Side"

Wed, 08/31/2011 - 15:57 | 1620216 sun tzu
sun tzu's picture

You fucking LOSERS

Your Messiah has the 0bama Touch. Everything he touches turns to shit.

Wed, 08/31/2011 - 14:45 | 1619800 Construct
Construct's picture

Marxist success ''Bijatch AZZ MATHA FaKAS''

Wed, 08/31/2011 - 14:53 | 1619858 Buckaroo Banzai
Buckaroo Banzai's picture

SCOAMF!!!

Wed, 08/31/2011 - 15:02 | 1619908 Construct
Construct's picture

Maybe! And he will probably just be a one term President but he has done some good things as well I must admit. NOT going into Iran being one of them.

Wed, 08/31/2011 - 15:24 | 1620002 Larry Darrell
Larry Darrell's picture

You haven't read the entire script.

The war w/ iran via syria is still forthcoming.

Wed, 08/31/2011 - 15:51 | 1620036 CompassionateFascist
CompassionateFascist's picture

Actually, construct, Isramerica has been running terror operations (bombings, assassinations) from Afghanistan into Iran's easternmost province - Baluchistan - for some months now. Then there's stuxnet, etc. The war's already on. Just awaiting a pretext for further escalation.   

Wed, 08/31/2011 - 15:31 | 1620055 faustian bargain
faustian bargain's picture

Give that man a Peace Prize.

Wed, 08/31/2011 - 15:58 | 1620219 Translational Lift
Translational Lift's picture

And he will probably just be a one term President but he has done some good things as well I must admit. NOT going into Iran being one of them.

He hasn't gone to Switzerland either!!  Ooops....scratch that!!  I hear he has opened a couple of accounts there.......

Wed, 08/31/2011 - 16:23 | 1620357 TBT or not TBT
TBT or not TBT's picture

Ideally we would have regime changed Iran FIRST, but they didn't give us quite the level of UN-speak legal cover as SodamnInsane and the WeirdBeards of Afghanistan very clearly did. If we weren't hamstrung by this monster of our own creation, the UN and its notions of national sovereignty, we could have helped the Persians liberate themselves from the very foreign arab religious theocracy that has them in a death grip now. That would benefit the whole planet, as Iran has been subverting and murdering in the region full time since 1979.

Wed, 08/31/2011 - 21:39 | 1621320 Libertarian777
Libertarian777's picture

I'm-a-dinner-jacket IS the regime change. The Shah was the US installed dictator.

Wed, 08/31/2011 - 14:43 | 1619805 Hugh G Rection
Hugh G Rection's picture

Mmmmm, Mmmmm, Mmmmm!

Wed, 08/31/2011 - 14:44 | 1619808 Dick Darlington
Dick Darlington's picture

In the spirit of Sarah Brightman and Andrea Bocelli let's all sing a song to O'bummer.

"It's time to say gooooooodbye..."

Wed, 08/31/2011 - 14:45 | 1619814 DoChenRollingBearing
DoChenRollingBearing's picture

Ha ha ha!  Another Marxist style planning scheme goes up in flames!  Yet again!

Problem is that we have to pay for yet another of Obama's Follies...

Wed, 08/31/2011 - 15:50 | 1620172 Nascent_Variable
Nascent_Variable's picture

I could get behind a grant program to advance R & D in alternative energy, so long as any discoveries were released publicly, but market manipulation fails time and again.

Stimulus is just another word for government malinvestment, mostly in the form of pork barrel favors.

Wed, 08/31/2011 - 15:58 | 1620226 sun tzu
sun tzu's picture

In this case, the pork went to Nancy Peloser's district and down the sewer

Wed, 08/31/2011 - 14:47 | 1619820 fyrebird
fyrebird's picture

I don't know why this is seen as a "stimulus failure" since the money went somewhere. Unless it went off shore, I suppose, it stimulated the hell out of a lot of lucky people.

Business failure, of course. But in a centrally-planned economy you measure things differently.

Not saying I like it. Just say'n.

Wed, 08/31/2011 - 14:52 | 1619853 faustian bargain
faustian bargain's picture

A few hundred lucky people, perhaps. "A lot"...I doubt it. Malinvestment is always a failure, even if the money goes 'somewhere'.

Wed, 08/31/2011 - 14:58 | 1619891 Calculated_Risk
Calculated_Risk's picture

Why wasn't that "somewhere" in my fucking pocket?!

oh, that's right.. i don't suck bernanke dick!

Wed, 08/31/2011 - 16:00 | 1620237 sun tzu
sun tzu's picture

In that case, give the $500 million to degenerate gamblers and set them loose in casinos. The money will go somewhere and it will be another "success"

Use the money to build more spec condos in South Florida or Las Vegas. The money will go somewhere if that's all that matters. 

Wed, 08/31/2011 - 16:31 | 1620403 TBT or not TBT
TBT or not TBT's picture

Nah, pay em to dig ditches, with spoons, and pay another team to refill the ditches. They'll spend their well earned income in the economy, but most importantly will thereby perform a service that raises GDP. The service sector can save us! If that ditch program doesn't sell, let's prepare our federal taxes not annually, not even bi-annually, not quarterly, but monthly! That will stimulate the service sector immensely, including the post office, IRS workers, tax accountants, accountants writ large. Immense penalties for mistakes would help employ lawyers, jail operators and ancillary services. Jailing people takes up slack in the labor market, reducing unemployment as it boosts the service sector. More laws, regulators, prisons, enforcers. It's all good for GDP.

Wed, 08/31/2011 - 16:58 | 1620510 Jumbotron
Jumbotron's picture

It stimulated a lot of sales in Peruvian blow for the Golmanite celebration when there CDS's on this shitpile went golden.

Wed, 08/31/2011 - 14:48 | 1619823 Die Weiße Rose
Die Weiße Rose's picture

meanwhile, back home in the troubled US economy...aham....yes BEN, we need urgently more QE3 please !

Millions of Distressed Properties Stuck in 'Shaky' U.S. Housing Market

Yes. We have somewhere in the neighborhood of four million distressed properties out there.

Those are either seriously delinquent mortgages or ones already in the foreclosure process.

What's more, the survey of 20 cities found overall home prices have actually fallen over the last 12 months.
And home sales for this year are on track to be the worst in 14 years.

And things could get worse yet, once banks pick up the pace on millions of foreclosures, as expected.

They have been delayed by a government investigation into mortgage lending practices.

And most of those loans have to be pushed through the system at some point.

And the longer we take to get through that, the longer the housing market is going to take to recover.

http://www.pbs.org/newshour/bb/business/july-dec11/housing_08-30.html

Wed, 08/31/2011 - 14:59 | 1619824 Justaman
Justaman's picture

I am surprised they weren't bailed out.  Oh yeah, I forgot, they aren't in the "TBTF" category.  My bad. 

Wed, 08/31/2011 - 14:48 | 1619825 Joebloinvestor
Joebloinvestor's picture

I guess the re-writers are busy today on Barry's newest propaganda campaign based on financial bull shit about new industries.

 

Maybe he will say not enough money was put into this black hole of a company.

Wed, 08/31/2011 - 14:49 | 1619831 Christophe2
Christophe2's picture

If you are tired of learning about the harm our bullshitmasters are visiting upon us, please check out

http://betterinfos.com/WhatToDo.html

Hopefully you'll also take a look at the few other pages I set up, as I am trying to present some of our most relevant issues in short order and to lead people to action - it is madness to think that the banksters don't have monstrous false flag attacks set up for us, that they have not planned for the aftermath of the economic destruction they are visiting upon us.  If we remain apathetic and reactionary, THEY WILL WIN.  Conversely, if we decide to act and take the initiative away from them, WE WILL WIN. :)

Wed, 08/31/2011 - 14:56 | 1619880 Gully Foyle
Gully Foyle's picture

Christophe2

"If we remain apathetic and reactionary, THEY WILL WIN.  Conversely, if we decide to act and take the initiative away from them, WE WILL WIN. :)"

HAHAHAHAHA.

Goddamn that was funny.

The only way to win is to not play. If I know your game is rigged, why the fuck do I want to be in it?

See, you still choose to play the game. You lose. Even if you get a new dealer, the game is still rigged. Unless you choose to be the dealer then you need to rig the game in your favor.

I don't really see any of those options as a victory?

Reread fucking Animal House, better yet "meet the new boss, same as the old boss".

If you whistle while you're pissing, you have two minds, where one is quite sufficient. If you have two minds, you are at war with yourself. If you are at war with yourself, it is easy for an external force to defeat you. This is why Mong-tse wrote. "A man must destroy himself before others can destroy him."

Wed, 08/31/2011 - 15:01 | 1619901 blunderdog
blunderdog's picture

I love that part in Animal House when D-Day rides the motorcycle up the steps!

That's funny shit.

Wed, 08/31/2011 - 15:56 | 1620211 Christophe2
Christophe2's picture

The only way to truly not play the game is to die.  We are all headed there, but losers like you give up and let themselves be abused while still alive.  You sound like a person who relishes perpetual serfdom and weakness.  Well you know what?  Fuck you.  If I'm to go down, I'll go down fighting.  People who refuse to fight, who refuse to even try to change their lot in life deserve their miserable state of being.

 

Seriously, your comment is so dumb I can't even believe it.  Did you even bother to visit the link I gave?  Much of what I suggest is total divestment from the corrupt system that imprisons us.  Starve the beast, at the very least.

 

If you know the game is rigged, you give up?  Why not play a different game instead?  Your lack of imagination, verve and energy is pathetic.

Wed, 08/31/2011 - 14:49 | 1619832 LawsofPhysics
LawsofPhysics's picture

Funny, but do not be disingenuous, I am sure that Solyndra did not get all 787 billion.  Still, pass the KY.

Wed, 08/31/2011 - 15:09 | 1619942 The Limerick King
The Limerick King's picture

 

 

Solyndra we must say goodbye

The latest "Green" business to die

Your taxpayer cash

Is now in the trash

Joe Sixpack, deploy your KY!

Wed, 08/31/2011 - 15:11 | 1619948 I Got Worms
I Got Worms's picture

Article states pretty clearly that Solyndra got 535 mill out of the 787 bill. Funny/depressing/bizarre that a number with only 6 zeros behind it seems like chump change you could dig out of the couch cushions these days.

Wed, 08/31/2011 - 14:50 | 1619836 The Axe
The Axe's picture

YES..Bruce did a excellent job.....!!!!!!!!

Wed, 08/31/2011 - 14:50 | 1619837 RSloane
RSloane's picture

It is EXACTLY a shining example of Obama's successes.

Wed, 08/31/2011 - 14:50 | 1619840 Gully Foyle
Gully Foyle's picture

Is the sun dying out?

Wed, 08/31/2011 - 16:02 | 1620258 sun tzu
sun tzu's picture

No, just America's hopes and dreams

Wed, 08/31/2011 - 14:51 | 1619846 Jim B
Jim B's picture

Rent Seekers!

Wed, 08/31/2011 - 14:51 | 1619848 Immortal Flatulence
Immortal Flatulence's picture

John Maynard Keynes was an asshole, and all who follow him are his ass wipes. None of them have any common sense.

Wed, 08/31/2011 - 15:01 | 1619910 Conrad Murray
Conrad Murray's picture

The Democratic Socialist Progressives love some good Johnny Keynes. Spend spend spend everyone else's money. Keep the already poor hooked on their masters teat like good slaves while slowly, and not-so-slowly, eroding the wealth of the middle class. Let them eat iFags.

Common Sense - http://www.archive.org/details/commonsense00147gut
Human Action - https://mises.org/resources/3250
Human Action Study Guide - https://mises.org/resources/3810/Study-Guide-to-Human-Action-A-Treatise-...
Lots of Free Books(buy the ones you like!) - https://mises.org/literature.aspx
Democracy in America - http://www.gutenberg.org/ebooks/815

The American Dream - https://www.youtube.com/watch?v=ZPWH5TlbloU
The Century of the Self - https://www.youtube.com/watch?v=IyPzGUsYyKM
Human Resources - https://www.youtube.com/watch?v=lrJiCmcdELQ

Wed, 08/31/2011 - 15:08 | 1619935 asdasmos
asdasmos's picture

TY for the study guide

Wed, 08/31/2011 - 14:52 | 1619850 tawdzilla
tawdzilla's picture

"But don't worry, Obama is about to bring us a fresh new such fiscal stimulus catastrohpe any minute."

I can't wait to see how he's going to top this one. 

 

Wed, 08/31/2011 - 14:59 | 1619894 RSloane
RSloane's picture

He could easily top that, like pouring 800$ billion into another venture that will ultimately go bankrupt. I have faith in Obama to do just that!

Wed, 08/31/2011 - 14:53 | 1619860 SheepDog-One
SheepDog-One's picture

Total asswipes are in charge....wow just great.

Wed, 08/31/2011 - 14:53 | 1619861 Richard Head
Richard Head's picture

Let's blame this BK on the Tea Party.  If only the "rich" (>$250k income of course) paid their "fair share", we would have more money to support companies like Solyndra.

Wed, 08/31/2011 - 14:56 | 1619866 EB
EB's picture

And...the video is pulled.

[Update: back up]

Wed, 08/31/2011 - 14:54 | 1619867 oogs66
oogs66's picture

bet you the owners of this piece of cr*p took out a few million over the time.   great for the owners, bad for taxpayers..  probably got other free government money too

and in the end, somehow, the owners will own whatever comes out of bankruptcy because the government will let them.

Wed, 08/31/2011 - 16:59 | 1620513 karzai_luver
karzai_luver's picture

CLAW IT BACK from these scum sucking Owebama luvers.

 

CLAW IT BACK or send them to jail along with the imposter.

 

Wed, 08/31/2011 - 14:54 | 1619868 DonnieD
DonnieD's picture

GM is next.

Wed, 08/31/2011 - 15:38 | 1620092 Cash_is_Trash
Cash_is_Trash's picture

GM tapped The Hill and then the banks tapped dat shiat, then The Hill tapped da pipl.

Wed, 08/31/2011 - 14:55 | 1619870 kito
kito's picture

those economic storm clouds really diminishing solar output....

Wed, 08/31/2011 - 14:55 | 1619874 GolfHatesMe
GolfHatesMe's picture

The great thing is that Tyler will be able to re-run this article by just changing the company name and date.  End result for all of these chump 'shovel-ready' entities will be the same.  We could just have a couple of blanks and fill in like a Mad-Lib. 

Wed, 08/31/2011 - 15:18 | 1619971 slaughterer
slaughterer's picture

Could we put together a basket of publicly traded companies that received Obama fiscal stimulus so that we can collectively short them?  Earlier this year, the ZH ChinaScam short basket was very successful.   

Wed, 08/31/2011 - 14:55 | 1619875 sabra1
sabra1's picture

what ever happened to oBLAHmas clean coal program? meanwhile he's closing down countless dirty coal plants!

Wed, 08/31/2011 - 14:55 | 1619877 red red wine
red red wine's picture

No change with Obama!

“Following the large BP discharge in the Gulf of Mexico, Obama gave the OK to expand drilling over 20 million acres in the Gulf and soon probably in the Arctic Ocean. He delayed clean air rules over at EPA. Following the worsening Fukishima nuclear disaster last March in Japan, he reaffirmed his support for more taxpayer guaranteed nuclear plants in the U.S. adding his Administration’s hopes to learn from the mistakes there.”....

http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/08/no-change-wit...

Wed, 08/31/2011 - 14:56 | 1619883 NumberNone
NumberNone's picture

1 empty steel building shell, property, and non-functional equipment - $5 Millon Dollars

100 prop construction workers - $1 Million Dollars

$529 Million in payments from the government for worthless, fake and padded invoices...well, $529 Million dollars. 

Wed, 08/31/2011 - 15:01 | 1619903 Calculated_Risk
Calculated_Risk's picture

fucking the taxpayer... priceless!

Wed, 08/31/2011 - 15:37 | 1620074 JW n FL
JW n FL's picture

 

 

 

$16 Trillion Dollars???

http://info.publicintelligence.net/GAO-FedAudit.pdf

 

PLUS!!!

 

Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans

http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html

 

PLUS!!!

 

SEC Covering Up Wall Street Crimes?

http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817

 

but this time was a waste of public funds???

 

PLUS!!!

 

How about the $2.5 Trillion in Social Security Bailouts??

http://moneywatch.bnet.com/retirement-planning/video/good-news-on-social-security/478373/

Wed, 08/31/2011 - 15:09 | 1619943 fishface
fishface's picture

thats what I thought, how many jobs could you have created for 529 Million over 2 years

jeez what a waste

 

Wed, 08/31/2011 - 17:01 | 1620517 karzai_luver
karzai_luver's picture

ONE , bwhaaaaaaaaaa!

 

 

 

Wed, 08/31/2011 - 14:57 | 1619888 Lazarus Long
Lazarus Long's picture

on obama's watch

the lost of america's AAA rating

the end of US manned space flight

the best will be the end of Keynesianism.

everything else we can bring back.

i would gladly suffer the pain of the last 3 years if it end's the fucking stupidity of Keynesianism.

Wed, 08/31/2011 - 17:03 | 1620531 Jumbotron
Jumbotron's picture

I agree totally with the facts.

But let's be fair and balanced, this shit has been coming since Nixion took us off the gold standard, issued price controls, failed to acknowledge our own Domestic Peak Oil event and opened our trade lanes with Communist China.

It's not Right vs Left, Republican vs Democrat, Bush vs Obama...

It's the Elites vs Us.

Wed, 08/31/2011 - 14:59 | 1619893 JW n FL
JW n FL's picture

 

 

look at the band wagon fill up.

I wonder what the corporate owned media will have you ALL! parroting tomorrow?

we should have spent those monies where?

maybe given more to Wall Street?

maybe given NONE! Away???

I have solar, physical.. thusly I will have AC and Ice Cream, all the while you fuckers sweat your balls off when the lights go out!

AUSTERITY BITCHEZ!!!

Wed, 08/31/2011 - 15:01 | 1619905 RSloane
RSloane's picture

Would you like some kleenex while you weep over Obama's  wounded ego?

Wed, 08/31/2011 - 15:15 | 1619957 JW n FL
JW n FL's picture

 

 

yes new guy!

I LOVE OBAMA!!!

You hit the nail right on the head on your first try!

You are amazing!

You should do shows!

Do you work at the Carnival?

Can you guess my weight too?

You are FANTASTIC! NO! Really! do you have representation? YOU! NEED SOME!! with ALL! of that TAlent YOU! HAVE!!

 

Wed, 08/31/2011 - 15:25 | 1620014 RSloane
RSloane's picture

No, you don't need a box of kleenex, you need a sponge.

Wed, 08/31/2011 - 15:42 | 1620116 JW n FL
JW n FL's picture

 

 

you are just boring.. you are not even any fun to bash. 

it is not your fault.. you are from the shallow end becuase your mother and father were weak and less than.. so chin up, there was nothing you ever could do.

Wed, 08/31/2011 - 15:52 | 1620179 RSloane
RSloane's picture

*because

Wed, 08/31/2011 - 15:31 | 1620045 SilverRhino
SilverRhino's picture

If you were trying to be witty or funny you just failed.

Wipe that Hope and Change off your chin already. 

Wed, 08/31/2011 - 15:39 | 1620099 JW n FL
JW n FL's picture

 

 

I am sorry that I bitch smacked your boyfriend.. I know how emotional your wanna be girls can get.

Please forgive me!

Wed, 08/31/2011 - 15:44 | 1620128 RSloane
RSloane's picture

I think you meant *you wanna be girls. I am a woman and not a little girl like you. The only person you're bitch-smacking is you. Its fun to watch, please continue.

Wed, 08/31/2011 - 15:31 | 1620051 Bay Area Guy
Bay Area Guy's picture

I commend you for getting solar.  With my energy bills, it doesn't make economic sense for me to do it.  I ran the calculations and I would need a 30+ year horizon to make it pay off.  That being said, when the whole idea of the stimulus first came out, I knew that it was destined to fail.  The main reason it was doomed was that it talked about "shovel ready jobs" for major projects.  Well, having dealt with major projects at various points in my career, I can tell you that from the time a major project is proposed to the time it starts (that is, if it ever starts) is a minimum of two to three years.  It takes that long for the environmental process, as well as the NIMBY complaints to play themselves out.  It's also worth noting that major projects tend to have funding available already.  In the case of state and local governments, this funding would typically be either general obligation or some some kind of revenue bonds.  The point is that major projects that could have impacted jobs in a short term time frame would likely already have had funding available, so all the Federal stimulus money would do is replace that with a different source.  The result, no net gain.

While I did not support the stimulus, I would have preferred to see something along these lines.  Use the stimulus money to fund solar installations for all residential properties in the US.  This would help reduce energy uses from other sources, would add jobs in the US (assuming the government was smart enough to require the use of US products) in manufacturing, installation and maintenance of the panels and would have given OPEC a small poke in the eye.  Again, I would have preferred that no stimulus funds had been spent, but if they just had to be spent (that "extra" money burning a hole on the government's pocket), I would have liked to have seen the general public benefit instead of the TBTF or TPTB.

Wed, 08/31/2011 - 14:59 | 1619895 SeverinSlade
SeverinSlade's picture

BHO really has a career in stand up. 

Wed, 08/31/2011 - 15:18 | 1619959 I Got Worms
I Got Worms's picture

Banzai needs to photoshop together a stand-up playbill for his next jobs speech, and use as Bammer's headshot, the goofy-smile pic that Tyler uses to announce his press conferences.

Wed, 08/31/2011 - 15:01 | 1619907 Marcuz Aurelius
Marcuz Aurelius's picture

" But don't worry, Obama is about to bring us a fresh new such fiscal stimulus catastrohpe any minute. This time it will be different." Damn i love the optimism here. so they finally will start throwing some good money after "good resources" Wow so actually they are creating products that do serve a purpose. 

i work in the solar industry and man the Crystaline cells with their infamous watt-peak semantics. it's the joke of the century product in terms of true renewable but more importantly sustainable technology. There are alot of people working in the shadows of the current status quo on components that actually do what they promise and are not some megalomane administrative solution that serves no purpose other then "HOPEIUM"

Good riddance to be fucking honest, invest more in mom and dad entrepeneurs eco system. i'm sure you all read the 1985 Playboy interview with steve Jobs. Apple of 1985 is not the Apple of 1997-2011 especially with steve resigning. it's stuffed with corporatism but it's lacking idealism just like Solyndra is lacking. You people should read fractal theories by the swiss biologist Max Kleiber it's truely an eye opener. We live in a fractal WORLD !

Wed, 08/31/2011 - 15:06 | 1619928 RSloane
RSloane's picture

Thanks for the reference, I will take a look at his theories.

Wed, 08/31/2011 - 15:25 | 1620013 DaveyJones
DaveyJones's picture

thanks for the post

Wed, 08/31/2011 - 15:02 | 1619911 the not so migh...
the not so mighty maximiza's picture

this guy has the kiss of DEATH

Wed, 08/31/2011 - 15:02 | 1619912 buzzsaw99
buzzsaw99's picture

don't worry, the ceo got plenty.

Wed, 08/31/2011 - 15:24 | 1620009 Van Halen
Van Halen's picture

Here's an interesting article from a year ago quoting the CEO on a bunch of things:

http://www.greentechmedia.com/articles/read/solyndra-modules-to-drop-by-...

Wed, 08/31/2011 - 15:30 | 1620049 RSloane
RSloane's picture

Thanks, I hadn't seen that.

Wed, 08/31/2011 - 15:08 | 1619921 docj
docj's picture

But don't worry, Obama is about to bring us a fresh new such fiscal stimulus catastrohpe any minute.

Right. And The Teleprompter has asked to broadcast his latest "ideas" before a joint session of CONgress on September 7th - directly opposite a months-in-the-works scheduled debate among his would-be contenders for next year's election.

The timing is "coincidental", according to his paid mouthpiece - and anyone stupid enough to believe that is stupid enough to vote to re-elect this JV-league hack (which is, sad to say, at least 40% of the voting population of this once-great nation).

Wed, 08/31/2011 - 17:04 | 1620536 karzai_luver
karzai_luver's picture

if everyone would just turn off the boob tube and the ones's teleprompter and then all the lights in DC we would not need solar panels that we can't build.

 

Where the hell is Algore to tell them to turn the shit off up in there!

 

Wed, 08/31/2011 - 15:05 | 1619924 rosiescenario
rosiescenario's picture

"Obama said that Solyndra is "leading the way toward a brighter and more prosperous future.”

 

...so 'Solyndra" translated into English means "oncoming train" or "incoming meteorite"....or "a bright and shiny black hole"

 

Here's hoping someone does an article on where the rest of this $787 bil. money went and what the results were, other than added campaign contributions for the prez. I'll hazard a guess, a disproportionate amount nended up in Chicago.....just a guess.

Wed, 08/31/2011 - 15:46 | 1620136 CompassionateFascist
CompassionateFascist's picture

Hunter Wallace at http://occidentaldissent.com has a series going on BRA - black-ruled America. In the archives you'll find much on where porkulus$$ went - billions and billions into black/democrat-ruled urban sinkholes like Detroit, Mobile, Newark, Philly, etc.

Wed, 08/31/2011 - 15:08 | 1619933 0ppenheimer
0ppenheimer's picture

Those of you who have been through San Jose in the last few years noticed the absolute monster of a facility that Solyndra built with their stimulus; then they couldn't expand operations into the space... Aren't you glad we subsidized more vacant real estate?

Wed, 08/31/2011 - 15:09 | 1619940 buzzsaw99
buzzsaw99's picture

The man has the Sadim touch. Everything he touches turns to shit.

Wed, 08/31/2011 - 15:14 | 1619955 Sigma X
Sigma X's picture

Yea, but he didn't lie when he said they're "shovel ready", so he's got that going for him.....

Wed, 08/31/2011 - 15:18 | 1619966 buzzsaw99
buzzsaw99's picture

King Midas starved to death but Owebama can eat shit and die.

Wed, 08/31/2011 - 17:05 | 1620540 karzai_luver
karzai_luver's picture

ya as in 6 feet under ready with this clown.

 

Wed, 08/31/2011 - 15:26 | 1620027 DaveyJones
DaveyJones's picture

why can't he "touch" Cheney? 

Wed, 08/31/2011 - 15:55 | 1620198 NotApplicable
NotApplicable's picture

Because that would be shit squared, which just doesn't compute.

Wed, 08/31/2011 - 15:13 | 1619951 Bay Area Guy
Bay Area Guy's picture

So, even with a $535 million guarantee from the Feds (meaning us), this company couldn't make it?  Nothing like the government doing first rate due diligence on companies that get Federal money.  What's even worse is that they're immediately discontinuing operations and are going to lay off 1,100 people.  Sounds like a transitory increase in unemployment coming up.

Wed, 08/31/2011 - 15:19 | 1619973 docj
docj's picture

Here's a hint, if your company is working on a "new" technology or anthing high-tech and you require a 9-figure "investment" from Uncle Sam odds are that you're business is only going one way - under.

Wed, 08/31/2011 - 15:20 | 1619979 NumberNone
NumberNone's picture

Don't worry too much about the laid off workers, there's a wind farm plant down the road getting $1 Billion to hire them and get this economy back on track...

Wed, 08/31/2011 - 15:20 | 1619983 DonnieD
DonnieD's picture

That's 35 Louisiana Purchases for what this company burned through in a couple years. Amazing. Who owns this colossal fuck up?

Wed, 08/31/2011 - 16:35 | 1620422 andybev01
andybev01's picture

Well, we paid for it so...

Wed, 08/31/2011 - 15:17 | 1619963 MoneyWise
MoneyWise's picture

Perhaps any company BK is also good for ZH community..???

Cheering up any collapse, whatever it is..

"I'd poke my eye off, just to make sure my neighbor

get completely blind" ZorroHead.com :)))

Wed, 08/31/2011 - 15:57 | 1620218 faustian bargain
faustian bargain's picture

I will cheer the failure of government meddling, every time. The more it happens, the more likely people will start waking up to the shenanigans.

Or not.

Wed, 08/31/2011 - 19:30 | 1621019 owensdrillin
owensdrillin's picture

Problem is, if you don't read this type of website, good luck in seeing something like this on the mainstream media. You will never hear about Obama's failures on CNN or ABC.

Wed, 08/31/2011 - 16:28 | 1620390 NumberNone
NumberNone's picture

Know what would have saved them for another 2 years?  Another $500 million in taxpayer money.  I'm sure that's something we all could cheer about. 

Wed, 08/31/2011 - 15:19 | 1619974 Republi-Ken
Republi-Ken's picture

BRING BACK TRICKLE-DOWN!!!

MORSUPPLY SIDE CUTS FOR RICH WIMPS!!!

Get Off Middle East Oil by MORE WAR!

WAR! OIL! WAR! THE REPUB-LICAN WAY!

CHENEY: "Green Tech Sucks Wind... Or Solar!"

BUSH: "Drill Baby Drill. Solar is the Dark Side"

Wed, 08/31/2011 - 15:19 | 1619978 mynhair
mynhair's picture

Looks like the EUR will be filing bk soon, too.

Wed, 08/31/2011 - 15:22 | 1619987 Everybodys All ...
Everybodys All American's picture

and every Keyensian hack will tell you they just did not get enough money from the Fed.

 

Wed, 08/31/2011 - 15:22 | 1619990 Canuckistan Al
Canuckistan Al's picture

Looks like another one of those green shoots just turned turd-brown.

Wed, 08/31/2011 - 15:28 | 1620037 Chippewa Partners
Chippewa Partners's picture

Would WalStreetPro2 please smash a few hard drives while rapping to a song about the BK of this POS company?

Wed, 08/31/2011 - 15:29 | 1620041 dehdhed
dehdhed's picture

there's a big difference between repairing infrastructure and funding a new infrastructure.  in the first case, if it's going to be necessary to repair bridges, roads, sewers, schools, etc. .. might as well do it when labor is plentiful.   the solar industry was funded when the need wasn't necessary in an already crashing economy.

Wed, 08/31/2011 - 15:30 | 1620043 rodocostarica
rodocostarica's picture

just fucking great news. Solar stimulas gone wrong.

 

Well at least there is some new unused factory space for rent in the bay area which will just serve to bring down other factory rental space value.

Just call him the Renegade like the secret service calls him.

For the definition of Renegade:

ren·e·gade  (rn-gd)

n.
1. One who rejects a religion, cause, allegiance, or group for another; a deserter. 2. An outlaw; a rebel. adj.
Of, relating to, or resembling a renegade; traitorous. intr.v. ren·e·gad·ed, ren·e·gad·ing, ren·e·gades
To become a deserter or an outlaw. Maybe the secret service are teapartiers like me. Cudos to them for picking the right name. Rick Perry should pick up on this. Good sound bite

 

 

 

Wed, 08/31/2011 - 17:44 | 1620707 blunderdog
blunderdog's picture

I like word games.

We should've elected the lost calf, instead.  Then everything would be better.

mav·er·ick  (mvr-k, mvrk)

n.
1. An unbranded range animal, especially a calf that has become separated from its mother, traditionally considered the property of the first person who brands it. 2. One that refuses to abide by the dictates of or resists adherence to a group; a dissenter.
Wed, 08/31/2011 - 15:30 | 1620048 carbonmutant
carbonmutant's picture

LOL...

Obama blames Europe for his Green Jobs failure 

http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/ob...

Wed, 08/31/2011 - 16:34 | 1620418 docj
docj's picture

Good googly-moogly.

This batch of miserable failures are simply beyond parody at this point.

Wed, 08/31/2011 - 15:33 | 1620062 disabledvet
disabledvet's picture

LOOK! It's Senator Charles Grassley! Can I have your autograph sir! YOU'RE THE BEST! THANX!

Do NOT follow this link or you will be banned from the site!