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.
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A fitting tribute to Obama's economic expertise and programs - bankruptcy for all.
ReplyDelete1. First it was BP's Manassas, VA thin film solar plant factory that closed.
ReplyDelete2. Then Astropower filed bankruptcy and was purchased at a discount rate by GE. Then GE sold out to Takoma.
3. BP announces closure of Frederick, MD solar plant.
4. Evergreen - highly subsidized by US Government files bankruptcy just a week ago.
5. Now Solyndra files for bankruptcy protection.
What gives with all of these green industries going belly up!