Solar Energy Company Touted By Obama Goes Bankrupt

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

Another winning ‘jobs creation idea’ from the Community Organizer In Chief. Who needs a plan? Just throw the money out there…it’s merely taxpayer dollars…and heck, we’re broke anyway, right?

That golden Obama touch. Another 1100 jobs not saved or created.

Stunning to see the right wing in America gloat over any bankruptcy.

Don’t worry VErn. The idiots in the DOE are throwing money at other california solar companies. That should keep you green and happy.

“Who told you every investment is guaranteed to work?”

Well, the President did so in this case. Used it as a model of things to come. And it’s not gloating when you point out that the stuff you have been suggesting all along actually comes to fruition.

Vern, we’re not gloating, we’re angry!

If there’s one thing the government is exceptionally good at, it’s wasting our money.

If there’s one thing the government is exceptionally good at, it’s wasting our money.

Posted by: newcountryman | August 31, 2011, 3:17 pm 3:17 pm

That’s for sure when you look at the billions accidentally ‘lost’ in Iraq during the Bush administration.

It boggles the mind to read how so called intelligent people will waste money , in this case taxpayers money, manufacturing a grossly inefficient energy conversion product, like solar panels. Don’t these idiots know that until solar panels get close to the energy efficiency of burning fossil fuels, they cannot compete $ for $. And even the fossil fuel , as burnt in the ICE (Internal Combustion Engine) is only 64% energy efficient . Solar panels are 14% energy efficient ,if your lucky.

“The entire industry is booming.”

Green crony capitalism?

“There are bound to be investments that don’t pay off. The entire industry is booming.”

Posted by: Vern | August 31, 2011, 3:23 pm 3:23 pm

If you feel so strongly about that, feel free to put your own money at risk. Leave the rest of us out of it. You’re right. The solar panel industry is booming. In China, India, and South Korea.

Good idea! Let them go public and let people like Vern buy shares.

Vern, we are not talking about the industry as a whole. We are talking about this one company (and probably others) who may have been favored by DoE in a biased loan agreement. Read the GAO’s report. Check out the OK billionaire who is heavily invested in this company and who also just happened to be a big contributor to OB’s campaign. It is just plain old political payback at your expense….and all the rest of us.

A new report shows that the U.S. is central to the global solar supply chain. In 2010, U.S. solar firms achieved a positive trade flow of $1.9 billion globally, according to GTM Research and SEIA U.S. Solar Energy Trade Assessment 2011. Photovoltaic (PV) components accounted for more than 99% of the year’s exports, with solar heating and cooling (SHC) claiming the remainder of the positive balance.

For the U.S. PV manufacturing industry, 2010 was a record year. Exports totaled more than $5.6 billion, with PV polysilicon feedstock and capital equipment leading all components at $2.5 billion and $1.4 billion, respectively. The leading destinations for U.S.-sourced PV components were China and Germany. Meanwhile, U.S. imports of PV products totaled $3.7 billion, the majority of which ($2.4 billion) came from procurement of modules assembled overseas. China and Mexico were the top two sources of PV goods headed to the U.S. in 2010.

“Why is the right wing so prone to gloat? Who told you every investment is guaranteed to work?”

Vern, give me your $. I’ve got some awesome investment ideas. What could go wrong?

“Anything could go wrong. For instance, you might see a massive collapse of the American economy like we saw under the last Republican president.”

Or we could see those shovel ready jobs create an awesome rebound and unemployment stay under 8%. I’ll throw in the closing of Guantanamo too.

Posted by: Vern | August 31, 2011, 4:17 pm 4:17 pm

If Obama’s economic growth is so much better, the common man on the street would be feeling it and you wouldn’t have to keep coming here telling us all how great things are. It would be obvious to everyone. Hope and Change was a lie. You were duped.

If Obama’s economic growth is so much better, the common man on the street would be feeling it

Posted by: Chuck | August 31, 2011, 4:41 pm 4:41 pm

Anyone with a semi-conscious brain is aware of the difference between losing close to a million jobs every month to gaining jobs every month. That is, except for those blinded by their ideological ignorance. You continue to be duped by the Republican lies.

Posted by: Vern | August 31, 2011, 4:48 pm 4:48 pm

Tell it to the 50% currently unemployed in Detroit.

Vern,

Anyone with a semi-conscious brain also realizes that the global financial crisis wasn’t just Bush’s making. It was hinged on policy that stretched all the way back to Carter and was shaped in a large part by Chris Dodd and Barney Frank. When banks (and very smart derivative experts) found they could take advantage of that policy, they did over and over again until it was too late. We can blame Wall Street fat cats (they deserve a large share), but we can also blame anyone that got into a house they had no right getting into based on their financial situation and has since defaulted. It is human nature to want to bring down the fat cats rather than kick the guy who is already down, yet both had a hand in it. That is now history. Obama’s bad policies are central to the present morass that should have been, by historical standards, a huge recovery.

Posted by: Vern | August 31, 2011, 4:48 pm 4:48 pm

Gallup: American workers’ concerns about various job-related cutbacks have returned to the record highs seen in 2009, after improving slightly in 2010. Three in 10 workers say they are worried they could soon be laid off, double the level recorded in August 2008 and for several years prior.

Sorry, mentioning a couple of names is not an argument.”

Yeah, those guys are nobodies. No involvement with Obama either. Dodged that bullet…

Anything Obama endorses is a kiss of death.

“Anything Obama endorses is a kiss of death.”

Maybe for you. But for Wall Street it is easy $. And you should listen to Vern more. His comments are great. He talks about success, but continually ignores the actual unemployment rate and discounts the fact that Obama hired an individual whose company pays no taxes. Convincing stuff. Now eat your peas and make sure your kids get to public school this September!

This smells like a money grab by people who did not have the expertise to build the product at a price which provided a reasonable payback. The Administration is full of people who have never created a product and are in such a hurry to force technology not ready for prime time!

The bottom 50% of Americans only have 2.5% of the wealth. Even if you taxed them by taking away HALF OF EVERYTHING THEY OWN, it wouldn’t even amount to the returns on a 2% tax increase on the wealthiest. Sure, let’s base our tax reforms on the bottom 50%.

That’s right Al, losing almost a million jobs every month, month after month – like under Bush – is far better than gaining jobs every month like we are now. There’s right wing logic for you.

Vern, remind us of the unemployment rate. You know, per-cen-tage…We’re all shovel ready ’round these parts regarding your posts.

I understand Al, you have no answer for the fact there were almost a million jobs being lost each and every month by the time Bush left office. And the fact we’re now adding jobs every month.

If you had an answer for that you’d be stating it, but you don’t.

The fact is we’re now far better off than under the massive economic collapse Bush presided over. Far better off.

“The fact is we’re now far better off than under the massive economic collapse Bush presided over. Far better off.”

Wall Street is truly paved with gold, Vern. Now that’s infrastructure improvement! Hey, what is the unemployment rate these days? I didn’t see you post it…

“You try to figure it out Al. Another 100,000 jobs added in August after 100,000 added in July. This versus Bush losing close to a million jobs month after month by the time he left office. Sure sounds like things are a lot worse, right?”

I’m bad with math (PS, I went to Harvard Law). Just post the current unemployment rate %.

0bama remains undefeated against business, including “green” jobs! I remember when the Tea Party was chastised for saying that the stimulus scam wouldn’t save jobs, but in reality, it would kick the can down the road to a double-dip severe depression for 0bama and the socialists. The Tea Party was accused of “standing in the way and obstruction” when we were simply saying “But, that is nothing more than a waste of money and won’t work…” and the response back is again, “Stop standing in our way of pulling this off!” So then they spent $800 million to destroy 2.4 million more jobs, as the Tea Party said would say would happen. Just as with the debt ceiling bill, the Tea Party said that won’t keep our credit from being downgraded and really will not solve any problem, but will make things worse. Again, the Tea Party was called “obstructionists”, even though we were right again. Now we are hated by the same leftists who are spreading lies of racism and vile statements of pure hate. Unfortunately, that line won’t work and even of all the hate in the left’s collective hearts for us were harnessed, it won’t affect the truth. It only reveals the core of their will and agenda with their lust for class and race warfare, but those are defunct pillars of illegitimate rhetoric.

So then they spent $800 million to destroy 2.4 million more jobs, as the Tea Party said would say would happen.
___________________________________________________

“The nonpartisan CBO has confirmed that the Recovery Act delivered as promised, lowering the unemployment rate by as much as 2 percent, boosting GDP by as much as 4 percent and creating and saving as many as 3.6 million jobs.”

What 2.4 million jobs are you talking about? Surely you don’t mean the jobs that were being lost by the millions as Bush left office? You’re not attributing them to the stimulus are you?

On a more serious note it’s unfortunate that this company went under. Unfortunately this type of company is doomed to fail as long as we allow China to undercut us by using slave labor and with lax environmental laws.

Posted by: Doug | August 31, 2011, 7:22 pm 7:22 pm

Depends where you’re getting your information.

From US News & World Report:

To show her support for American workers, President Obama’s labor secretary, Hilda Solis, has junked the standard black limo and purchased a new Chevrolet Equinox to ride around Washington in. The problem: the crossover SUV is built and assembled in Canada from parts also made in Canada.

The car is made at two Canadian plants and has been so popular that General Motors has been hiring more workers in Canada to keep up with demand.

—–

Brilliant. Nice to see that the Obama administration bailed out GM with billions of taxpayer dollars to help employ Canadians at the expense of Americans. Great job, idiots!

“Modern automobile manufacturing is a global industry and General Motors is a company whose reach extends far beyond the boundaries of the United States,” Labor Department spokesman Carl Fillichio said in response to Solis’s comments. “Cars assembled here in the U.S. are made from globally sourced parts, just as cars assembled in other countries utilize parts made in America.

“Not only is the Equinox the second fastest selling SUV in America – a good sign for the overall health of the U.S. auto industry – 66 percent of its parts were made in the United States. That’s up from about 50 percent just a few years ago.”

The problem: the crossover SUV is built and assembled in Canada from parts also made in Canada.

Posted by: Chuck | August 31, 2011, 9:16 pm 9:16 pm

Wrong. 66 percent of its parts were made in the United States.

A sad day for Mr. Obama. A sadder day for America.

Simply put, the GOP is bad for business and bad for ensuring we are able to compete in emerging markets against China where companies receive massive subsidies. The GOP created the uncertainty, just as they did in the debt ceiling debates.Right wing idealogues like to talk about the free market unencumbered by gov’t intervention forgetting the playing field will include companies from China and India and that the issue is not simply regulations or taxes but subsidies, subsidies, subsidies. As Green for all puts it, ” We can choose to compete in the global economy, or we can choose to import our solar panels – and our batteries, and our water, and everything else – from overseas. We can choose to fight harder to keep jobs for workers like those at Solyndra…Or we can give up on our nation’s future. It’s our choice.”

By the way, the money for the loan was taken from the $787 billion stimulus slush fund. If roughly $500 million wasn’t enough, why didn’t the Obama administration give them more? They had 1,574 times more than that amount to play with. How is that not a massive fricking subsidy? Is it possible there was something wrong with Solyndra? Is it possible they weren’t a good investment? Is it possible that government bureaucrats making investment decisions with taxpayer dollars isn’t “a good thing”? Is it possible that “green energy”, as we currently know it, is just bad policy?

“The U.S. solar power market grew a record 67% last year, making it the fastest-growing energy sector, the industry reports Thursday.” And the Obama administration manages to blow $475 M on this company that fails to make it. Incredible!

Obama in his own mind . : baron, captain, czar (also tsar or tzar), magnate, lion, lord, mogul, monarch, Napoleon, prince, tycoon

“The U.S. solar power market grew a record 67% last year, making it the fastest-growing energy sector, the industry reports Thursday.

Its market share jumped from $3.6 billion in 2009 to $6 billion in 2010, helped by federal tax credits and declining technology costs, according to a report by the Solar Energy Industries Association (SEIA) and GTM Research.

Enough solar power was installed last year to power about 200,000 homes, the report says.”

Posted by: Vern | August 31, 2011, 3:10 pm 3:10 pm

Who cares? The entire U.S. energy sector has a market capitalization of $2.25 TRILLION. The U.S. solar market represents a laughably small 0.27% of that market share. And it took taxpayer money to get it even that far. It’s MEANINGLESS in the grand scheme of things.

Posted by: Ken | September 1, 2011, 2:26 am 2:26 am

Ken, your misread is basically your own problem with which to contend, but thanks for shining a light on it so people can assess your summaries with your tendencies in mind. Simply put, the GOP is bad for business. Not only have they walked away from and disappointed business and middle class America in every important debate when both business and middle class America were urging action , they are dead set against competing in the global market against China where companies receive massive subsidies. As you might recall, the GOP spends a lot of time concern trolling about “uncertainty” yet they do all they can to create it. The GOP created the uncertainty here, just as they did in the debt ceiling debates.Right wing idealogues like to talk about the free market unencumbered by gov’t intervention forgetting the playing field will include companies from China and India and that the issue is not simply regulations or taxes but subsidies, subsidies, subsidies.

I agree with this post: “Among the challenges that doomed Solyndra: Low-cost Chinese manufacturers backed by large subsidies from the government are building massive factories that have rapidly driven down the price of solar panels and shifted more than 50 percent of production to China. IMO – that ship has sailed and we weren’t on board.

Posted by: naturalcuriosity | August 31, 2011, 5:29 pm 5:29 pm

Are we going to continue to allow small-minded and backwards thinking Republicans create uncertainty about whether we want to be on board, whether we want to lead in global markets, whether we want jobs here in America? Right wing idealogues like to talk about the free market unencumbered by gov’t intervention forgetting the playing field will include companies from China and India and that the issue is not simply regulations or taxes but subsidies, subsidies, subsidies. As Green for all puts it, ” We can choose to compete in the global economy, or we can choose to import our solar panels – and our batteries, and our water, and everything else – from overseas. …”

Cryos, voting against tea party Republicans is an action. So is pointing out clearly that the GOP is bad for business. Not only have they walked away from and disappointed business and middle class America in every important debate when both business and middle class America were urging action , they are dead set against competing in the global market against China where companies receive massive subsidies. The GOP spends a lot of time concern trolling about “uncertainty” yet they do all they can to create it. Boehner flatout lied in his letter to Obama when he made claims about the GOP not wanting to create uncertainty. That’s their entire MO. They have no plans or solutions.

There are many valid reasons that Congressional republicans and the tea party are so unpopular. Even Rasmussen had to run headlines concerning how negatively the tea party is perceived by Americans.

Since you’re interested in trade agreements, perhaps you could write tea party House Republicans and ask them to stop stalling on the trade agreements with South Korea, Colombia and Panama. They repeatedly refuse to let the perfect from their out-of-step perspective get in the way of moving forward and taking action. Personally, I think its Congress that needs your lectures on action. Particularly, Congressional Republicans. Pelosi’s House was one of the most productive in recent history.

Obama Job Crisis in America: Searching for a Solution , Obama was last seen out side the white-house looking under a rock.

Can I have my incandescent light bulbs back?

Al – don’t know if you really went to Harvard Law, but you certainly argue like a lawyer. Narrow the focus of the argument to the tiniest point that you think you can win, while distracting from the overall theme. You’ve clearly lost your argument with Vern if your only response to gaining jobs>losing jobs is “post the unemployment rate %” Okay. The current unemployment rate as reported in August is 9.1%. Happy? Does the posting of the number change the fact that slowly gaining jobs under the current administration is an improvement over rapidly hemorrhaging them under the previous?
For that matter, nearly all of the rebuttals to the various quotes and stats that Vern has posted have been of the “Obummer sux, lefties suck” variety. C’mon folks, if all your arguments are rhetorical, rather than factual (despite the stats, it “feels” like the economy is worse), perhaps you could re-examine your beliefs, just a little?
Also, I particularly loved the posts that went along the lines of “we’re not gloating–we’re saying ‘I told you so’”. Ah. Thanks for clarifying.
Oh, and on the point about the right’s part in creating economic uncertainty, I quote the following directly from the S&P website: “We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related
fiscal policy debate indicate that further near-term progress containing the
growth in public spending, especially on entitlements, or on reaching an
agreement on raising revenues is less likely than we previously assumed and
will remain a contentious and fitful process.”

That whole stimulus bill was nothing but a scam upon the American people . The fraud-in-chief handed out tax payer dollars to his campaign donators and then many of them have gone belly up . It is a money laundering scheme when Obama gave Tom Carnahan 170 million of stimulus and then Carnahan is hosting a 25 thousand a plate fundraiser for Obama in St.Louis , how much you wanna bet some of our money is going to Obama ??? How corrupt. Obama belongs behind bars . This is illegal , when will the left wake up and admit this man is a fraud with a flashy smile , who is purposely destroying the United States of America ???? Will it happen before Nov.2012