The hits keep on coming — Barack Obama’s gleaming example of green technology – Solyndra – filed for bankruptcy today. The Obama Administration gave the solar startup $535 million in federal promises from the Department of Energy.

Obama visited the plant in 2010 and said the factory is just a testament to American ingenuity and dynamism.
“You at Solyndra are leading the way.”

NBC Bay Area reported, via Free Republic:

President Obama faces political catastrophe in the form of Solyndra — a San Francisco Bay area solar company that he touted as a gleaming example of green technology. It has announced it will declare Chapter 11 bankruptcy. More than 1,100 people will lose their jobs.

During a visit to the Fremont facility in spring of 2010, the President said the factory “is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. ”

It’s not his statements the administration will regret; it’s the loan guarantees. The President was celebrating $535 million in federal promises from the Department of Energy to the solar startup. The administration didn’t do its due diligence, says the Government Accountability Office. “There’s a consequence if you don’t follow a rigorous process that’s transparent,” Franklin Rusco of GAO told the website iWatch News.

The President touted the federally back money as a way to create jobs. The President’s opponents immediately jumped on the deal as Solyndra made its first layoffs.

Another Obama disaster. At least this one only cost us $535 million.

 

 

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  1. ++

    have no fear, the “bankruptcy” is a red flag denoting they found a
    better more secreted route, trust me, they have not gone “poof”..

    ==

  2. The biggest mistake Solyndra made was setting up shop here in California.

  3. Wow. One half of a billion dollars flushed down the crapper. Change we can believe in.

  4. I guess green energy is not shovel ready.

  5. I saw one of these solar cell energy farms that was about 10 acres in size and thought that the only profit will be by the window cleaners and grass cutters union. This type of energy farm will be labor intensive

  6. Community organizing is a lot easier than running a profitable busines. But Barry would not know that since he has only done the former and not the latter.

    Goods or services that are only priced competitively because of subsidies do not make a profit. Net profit for solar energy has never been a positive number for any venture. Real world reality is not Barry’s strong suit, either.

  7. does anyone have a list of all these “green” businesses that he has used for political propaganda that have either gone bankrupt or moved to china. they all got money ripped from the paychecks of american workers that ends up being flushed down the toilet that is green technology.

    green technology another wonderful idea of the 60′s generation.

  8. Everything President Downgrade endorses, touches or tries push through turns into Sh!+. Look at what the most prestegious office in the world has turned into; Hip hop bar-b-que’s, gay family day Easter Egg hunts and a”crib”. This moron has only hurt the black community and set the community back for years to come. When Jan.20,2012 gets here I will be in DC to watch this chump and his mate evicted from the Whitehouse and hopefully see him arrested shortly thereafter. Goodbye President “Pimpin’ it up” and good riddance!

  9. The bad news is that they are indeed leading the way… as we all move toward bankruptcy.

  10. Just think of how many coal fired power plants this fiasco could have taken of line, if only it was feasible.

  11. ++

    along with all else, Obama et al are “transitioning” banks as well..

    keep telling you Obama et al aka: Greens (Weathermen, Black Panthers,
    Rothschild, Rockefella, Gore, Strong, Soros, Socialists, Farrakhan, Wright,
    Qadaffi, Islamists, etc..) are hell bent on correcting Hitlers mistakes..

    [In 1933 the German establishment thought it could use Hitler to restore a modicum of order to the confused and confusing Weimar Republic. In fact, Hitler did strengthen the German establishment, but not exactly in the way the bankers and businessmen had wanted; and now, fifty years later, it is clear who was using whom. Nevertheless, the Western World did not complain in 1933 because Hitler, though a fascist and a totalitarian, was seen, like countless American puppet dictators today, as someone who leaves the established order in place.

    Not so the Greens. If a group of young, anti-establishment pacifists with unusual ideas and uncomfortable answers to hard questions terrifies us more today than Hitler, Himmler, Goering and Goebbels did back in 1933, our terror says more about us than it does about the Greens or the Germans. It indicates that we have failed to comprehend the meaning of Nazism and blind obedience to authority in their full horror, and that we, unlike the Greens, have yet ourselves to learn the democratic lesson that we have taught the Germans so well.]

    the old red is the new green..

    ==

  12. Sorry; meant Jan.20,2013.

  13. In 2010, the median household income was $52,026. The government’s initial grants represent the incomes of about 10,200 households. But note that about 1,000 people are losing their jobs.

    Here we have an acme example of how green jobs relate to the jobs held by median households (you know, the little people). In this case, it takes the entire income of 10 households to fund a single green job. At this rate, we are Winning The Future faster than if we were riding high speed rail. Just like with everything in this administration, the hard truth is worse than the opposite of their spin and hype.

  14. just fukken great…more tax payer money wasted by the mooslime POS

  15. ++

    logic tells me that is NOT A TOILET ALL OF THAT MONEY IS
    SUPPOSEDLY BEING FLUSHED DOWN, but what do i know..

    ==

  16. How long after 2013 do you guys think it will be before the Obama’s have to declare personal bankruptcy and move into government housing? Hopefully President Perry, TEA Party majorities in the House and Senate and the American People can repair the damge already done.

  17. We will soon seeing business owners BANNING Obama from naming them in any speeches because that business will soon be bankrupt by the Obama Curse! That curse is worse than Michelle eating deep fried fat cakes!

  18. Finncrisp commented: Community organizing is a lot easier than running a profitable busines.

    When he was organizing his communities, they were a bunch of uneducated dependent idiots. Now he is facing those smarter than himself.

    HUGE difference.

    And where are all the stories about the effectiveness or lack of for our Secretary of State?
    With the world collapsing on her watch, we have seen or read little about her or her job!

  19. No matter how much we try to engineer society, the Laws of Nature (Strong Shall Survive) always prevail. Unless a company meets a recognized demand with proper supply, it will fail. Period.



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