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The "Shining" Example Of Obama's $787 Billion Fiscal Stimulus Act, Solar Energy Company Solyndra, Files For Bankruptcy
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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Get out of the way government, you can not pick winners and losers. Stimulus fails every time. How about revamping the tax code, getting back to punishing fraud and enforcing contracts. Obama wants another stimulus, what a fool, do not let your tax dollars get wasted again. Write, email, and call your government representative and/or senator. Only those with their own money to lose can adequately judge the risk in any investment. Because the government takes money from others, generating no wealth of its own it can not discern risk versus benefit. Why it persists in thinking that it can is beyond stupid. How about creating a level playing field and letting businesses do what they are good at, business.
I agree with your sentiment but the virtual (email) torch-lit mob that shut down congressional servers that last time they went sniffing around for stimulus achieved squat.
"We don't care, we don't have to, we're the government". (apologies to Lily Tomlin)
German city of Bonn taxes prostitutes with meter
http://www.bbc.co.uk/news/world-europe-14730704
Now that's hilarious. So, is this a VAT, or end consumer tax?
More of the same. I guess it just goes to show that we are totally fucked. And not getting any better at fixing it. Keep stacking, folks!
How much money did the White insiders abscond with? How many extra bathrooms did the ex AMD vulture capitalist owner with his zirp tax rate built for himself at taxpayers expense, uugh Rick? Where are the tea-baggers complaining about minority welfare queens now: that $535 million could've fed 335,000 homeless.
Classic Rent Seeking 101.
I wonder how much the owners have/will contribute to Obummer and his congressional partners in crime?
According to Open Secrets, Solyndra's VP of Operations just gave Obummer's reelection campaign $1000 in June.
Link fail (can I have a half billion dollar loan guarantee too, since I was just as successful?)
Just enter Solyndra in the employer box and search all cycles.
Don't blame me, I didn't vote for ZerObama
Wilfull Waste leads to Woeful Wanting.
Central planning and malinvestment....peas in a pod.
I would love for this failure to be the beginning of the end of this administration.
EPIC FAIL....
Anything goes as long as they spend OPM (Other People's Money).
But do not fear, Biden is pushing for Billions of $$$$$ for more "clean energy" spending....
You better buy more KY Lube before it's sold out at the local store.
Leadershit at its best!!!
I looked up Solyndra in the urban dictionary. It said "transitory".
Hey, at least the companies that manufacture pink slips are robust. That might be where the elusive multiplier effect comes into play.
:D
Moody's Warns Student Loans May Be The Next Financial Bubble To Burst
""WHY DONT AMERICAN STUDENTS AND THE REST OF THE YOUNGER GENERATION SIMPLY "STARVE" THE GOVERNMENT FROM ITS TAX REVENUES AND STUDENT LOANS INTEREST?""....
http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/08/moodys-warns-...
Because young Amerikan students have decided to starve the government by not finding any non-existent jobs, remaining unemployed for a generation and not having any income to pay any taxes with...
Young Amerikans will win if there are still enough baby boomer parents' basements and Top Raman to out last the Kleptocrat ruling elite and their worthless, toady, corrupt political class...
As an Alzheimer's Puppet Political Douche once said:
Sun-BURN!
Polly-anna-dra Solar
Well, it looks like Bullshit Barry Soetoro has developed the Anti-Midas touch...
Everything Bullshit Barry touches turns to shit...
Should Have Paid Off Jamie & Lloyd
The boys at Polly-anna-dra would have been wise to skip the hedge fund hyenas and pay Jamie & Lloyd their racketeering fraud fees for the IPO...
Then this dog would have Wall Street pump n' dump backing and every one including the geniuses at Polly-anna-dra could have made bank shorting this dog into oblivion...
Say, did taxpayers back a teleprompter startup as well???
...laid off 1,100 workers Wednesday after raising more than $1 billion from investors and securing a half billion dollar federal loan guarantee to build a state-of-the-art robotic factory that opened less than a year ago...And given the shellacking taken by Solyndra’s investors – who include Richard Branson, the Walton family and Silicon Valley venture capital firms such as CMEA and US Venture Partners – will VCs be willing to place future bets on high-tech renewable energy startups or continue to back companies such as Nanosolar and MiaSolé? - Forbes
There's also multiple other company casualties in this exchange of frank views about solar between China and the USA. But let's put that ratio into effect 2:1 losses of private to public spending.1 They still have the newest factory (they dumped the older one last year btw) and presumably some patents that the Chinese haven't copied (yet). So its not all doom & gloom.
In terms of massive government losses, that's chump change. Remember, this is a government that lost $12,000,000,000 in Iraq, and has no idea where the fuck it went. Or DoD overspends regularly hit billions23
$500,000,000 is like... "left briefcase in diner with laptop in it". Happens all the time.
A screen saver that's useful: http://costofwar.com/en/
Oooh.. Right. Sorry, I forgot that magic spell where business spending is viewed at x100 magnification over military spending... in the CCCP and USA. This being 1962 and all.
In reply to Use of Weapons Well stated! -The Fascist live in a sociopathic world of their own.
Someone should use this as the next election slogan:
End government waste. Cut GDP by 35%!
Well 1100 jobs saved for 2 years.
Take the $535m divide by 1100 jobs and that is roughly $486,000 per job saved.....now lost.
Seems about par for the course these days.
What an absolute clusterfuck.
Let me guess. The solar panel technology that was developed as an American technology with naturally, American tax payer money, will move to China. (Have already moved to Communist China).
Wait- I know, the Chinese will use that technology and build solar panels and install them in the old U.S.A. at taxpayer expense.
How can you rebuild an American Main Street economy (old AMS economy moved to China and are partners with Communist China) when the very technology that would grow within a new wave of development in the AMS economy (green energy) is exported to a foreign (and Communist Fascist) country?
Globalization is Fascist; The American Multinational Corporate Oligarchy is Fascist (merger of corporate power with government). The elite globalist best interest is Fascist globalization (banksters) and World power (UN) - the American People are their debtor slaves, like all the rest and they would like to kill at least half of us.
Get it! There are no plans for an economic recovery in the good old United States of America. There is a Fascist Austerity plan, however, for the revolt and control of debt slave American citizens (like in the rest of the World).
http://www.usdebtclock.org/
Is it easy to recover the silver in a Solyndra solar panel? If so, you may have to factor an armed guard into the cost of owning one soon.
I saw this today on CNBC and it just tells me how much our economy and Obama's investments haven't helped. We are done as a country, it's just a matter of time. And when it happens, we will devolve into a third world hell hole.
Solar is the epitome of whats wrong with our government/economy. Uneconomic government imposed solutions that require subsidy after subsidy after subsidy. Solar costs about 70+ cents per kWh and displaces natural gas costing 3 cents per kWh. State renewable laws require it and it's subsidized via federal 30% investment tax credits, state subsidies of 45%, renewable energy credits, exemption from paying the cost of running the local utility known as reverse metering, exemption from property taxes that other forms of generation pay, and subsidized loans and guarantees.
Natural gas costs 3 cents per kWh because you're ignoring all the sunk costs of the infrastructure.
Honestly, it was a waste of money to ever run phone and electrical lines in the first place. It cost a fuckin' fortune and people were just fine with the telegraph and oil-lamps back then.
Note that less than 1% of US electricity comes from oil so thery is no reason to build solar or wind for energy independence...nor is the price of traditional electricity subsidized by the cost of having a military to secure oil supplies as some claim.
I think Obama hates black people, and wants to see them hanging from trees.......ooops, wrong audience......
I'm looking forward to the followup piece interviewing the CEO, the clown construction forman and the idiot worker heaping praise on Odumbo. Of course, I'm not holding my breath waiting on that one.
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It's too easy to trash Keynes this way.
Obama's stimulus' destination were mainly banks and the bonuses for finance people which is not exactly the idea of stimulus Keynes had in mind which was more about helping industry and infrastructures thus boosting employment.
Paul
How is that other govt stim scam (GM) doing these days? How is the Chevy Volt selling? Not so good...ah shucks..don't worry once they build more, demand will pick up. Obamalogic.
http://content.usatoday.com/communities/driveon/post/2011/08/gm-general-...
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