Confirmed: Obama administration sunk $535 million in Porkulus funds in green-energy t

[Stephanie]

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posted at 9:30 am on February 22, 2011 by Ed Morrissey
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Not that there was much doubt about the question of the White House backing of Solyndra in California. The report from November, when I first wrote about the dissipation of more than a half-billion dollars, covered the facts well. In fact, let’s watch the original report from the local ABC affiliate one more time:(video at site.)

Congress has now confirmed the waste in a letter from the House Energy and Commerce Committee to Energy Secretary Steven Chu:
Solyndra, Inc. was supposed to have showcased the effectiveness of the Obama administration’s stimulus and green jobs initiatives, but instead it has become the center of congressional attention for waste, fraud and abuse of such programs.

According to a Feb. 17 letter signed by Energy and Commerce Committee Chairman Fred Upton, Michigan Republican, and Oversight Subcommittee Chairman Cliff Stearns, Florida Republican, to Energy Secretary Steven Chu, the Fremont, Calif.-based solar panel manufacturer squandered $535 million of stimulus money. …According to Biden’s speech, the $535 million loan guarantee was a smaller part of the $30 billion of stimulus money the administration planned to spend as part of its Green Jobs Initiative.
Obama made similar claims in a May 26, 2010 speech at the plant, but the 1,000 jobs he and Biden touted in their respective speeches failed to materialize.

Instead, Solyndra announced on Nov. 3 it planned to postpone expanding the plant, which cost the taxpayers $390.5 million, or 73 percent of the total loan guarantee, according to the Wall Street Journal.
It also announced that it no longer planned to hire the 1,000 workers that Obama and Biden had touted in their speeches and that it planned to close one of its older factories and planned to lay-off 135 temporary or contract workers and 40 full-time employees.
Gosh, who could have predicted that the Solyndra pork project might fail? Perhaps all of those Wall Street investors that avoided Solyndra for one obvious reason:

read it all here with comments.
Confirmed: Obama administration sunk $535 million in Porkulus funds in green-energy turkey « Hot Air

 

[WillowTree]

and shut down the oil wells putting thousands out of work. ain't he special?

 

[boedicca]

Well duh.

That's exactly what Green Investments by the government are: bail outs.

 

[Trajan]

thx steph for the update.........I pass solyndra every single day I go to work....this all started when oops, after building that second plant, the Chinese had already, while it was on the drawing board and being built, ate our lunch...so those 1000 jobs they forecast won't even happen and, I saw it the other day, they are closing the 'older' plant, which will cost jobs as a net loss.




anyway a primer-

http://www.usmessageboard.com/energy/137175-solar-panel-production-china-eats-our-lunch.html

 

[Oddball]

 

[Trajan]

mad money yo!!!

 

[BolshevikHunter]

Meanwhile, Madman "Mr. Green" Obama and his media, cover up the horrific results of the Gulf spill tragedy. ~BH

 

[rdean]

First Solar has solar-panel factories in Ohio, Germany and Malaysia, with additional plants planned in France, Vietnam and possibly China.

First Solar has projected it will produce solar panels totaling 2,742 megawatts in 2012. The new U.S. factory would represent about 9 percent of its total manufacturing capacity that year. One megawatt can generate enough energy for about 250 homes at once in direct sunlight.

Solar Panel Maker May Build In Mesa

You gotta admit, the more right wingers say, the more stupid they appear to be. Then entire world is looking at "Green Energy" and the only group on earth laughing, are Right Wing Confederate Republicans.

Of course, the entire world is laughing at them. The party of "magical creation" and "tax cuts for billionaires".

Hey, don't you guys have an abortion to stop? A school to close down? Some brown skinned people to harass? Some oil company to apologize to?

 

[KissMy]

thx steph for the update.........I pass solyndra every single day I go to work....this all started when oops, after building that second plant, the Chinese had already, while it was on the drawing board and being built, ate our lunch...so those 1000 jobs they forecast won't even happen and, I saw it the other day, they are closing the 'older' plant, which will cost jobs as a net loss.




anyway a primer-

http://www.usmessageboard.com/energy/137175-solar-panel-production-china-eats-our-lunch.html

Wow Obama spent $535 million & lost jobs. Isn't our dear leader just special. I get the feeling he read the companies sales brochure & believed it without critical thought. Or maybe he was just paying someone back for political contributions.

 

[BolshevikHunter]

With his mind on our money and our money on his mind? Snoop Dogg digs it!. ~BH

 

[midcan5]

And Reagan and Bush Jr wasted billions on wars and star wars. Did you notice that fact, or are you only awake during certain election cycles?


"The Nordic countries maintain their dynamism despite high taxation in several ways. Most important, they spend lavishly on research and development and higher education. All of them, but especially Sweden and Finland, have taken to the sweeping revolution in information and communications technology and leveraged it to gain global competitiveness. Sweden now spends nearly 4 percent of GDP on R&D, the highest ratio in the world today. On average, the Nordic nations spend 3 percent of GDP on R&D, compared with around 2 percent in the English-speaking nations." Jeffrey D. Sachs The Social Welfare State, beyond Ideology: Scientific American

 

[rdean]

Meanwhile, Madman "Mr. Green" Obama and his media, cover up the horrific results of the Gulf spill tragedy. ~BH

Yet, it was Republicans who have denied subpoena power to the president to investigate BP over and over again. Maybe it was "part" of the apology?

Subpoena power in BP oil spill investigation blocked by Senate Republicans - National Political Spin | Examiner.com


------------------------

Ouch!

Just curious, how does it make you feel when you get a little "truth" dropped on your tiny head?

 

[uscitizen]

About 2 weeks worth of war costs on green energy stuff?
Develop/help alternative energy and conservation vs killing people?
No choice there for me.

 

[Trajan]

About 2 weeks worth of war costs on green energy stuff?
Develop/help alternative energy and conservation vs killing people?
No choice there for me.

if it were that simple I would agree, but its not, and I suspect you know that...

 

[uscitizen]

About 2 weeks worth of war costs on green energy stuff?
Develop/help alternative energy and conservation vs killing people?
No choice there for me.

if it were that simple I would agree, but its not, and I suspect you know that...

On the level this thread is based it is just that simple.

 

[BolshevikHunter]

Where did that fact dodger rdean run off too? ~BH

 

[Trajan]

First Solar has solar-panel factories in Ohio, Germany and Malaysia, with additional plants planned in France, Vietnam and possibly China.

First Solar has projected it will produce solar panels totaling 2,742 megawatts in 2012. The new U.S. factory would represent about 9 percent of its total manufacturing capacity that year. One megawatt can generate enough energy for about 250 homes at once in direct sunlight.

Solar Panel Maker May Build In Mesa

You gotta admit, the more right wingers say, the more stupid they appear to be. Then entire world is looking at "Green Energy" and the only group on earth laughing, are Right Wing Confederate Republicans.

Of course, the entire world is laughing at them. The party of "magical creation" and "tax cuts for billionaires".

Hey, don't you guys have an abortion to stop? A school to close down? Some brown skinned people to harass? Some oil company to apologize to?

snip-

Evergreen announced last week that it is shutting its Massachusetts plant and will lay off 800 workers. That's the same plant Mr. Patrick had state taxpayers fund in 2007 to the tune of $58 million in grants, loans and land and tax incentives—one of the largest investments in a private company in Bay State history. Remind us not to let the Governor pick our stock portfolio.

A look at the company's finances shows it has lost a cumulative $685 million. The majority of this red ink was on the books prior to Mr. Patrick promising state aid. The company has produced little good news since, including warnings from Nasdaq that it could be delisted, an unproductive debt restructuring, and a string of money-losing quarters. None of this fazed Mr. Patrick, who touted Evergreen as a cornerstone of his strategy to turn Massachusetts into a hub of green energy innovation.

Evergreen blames its plant closing on competition from subsidized Chinese manufacturers. "Solar manufacturers in China have received considerable government and financial support, and together with their low manufacturing costs, have become price leaders within the industry," says Evergreen President Michael El-Hillow.

But Evergreen has also been subsidized in the multiple ways that federal and state governments favor solar power.

snip-

All of this adds up to one more case study in the perils of politically allocated capital. Like President Obama, Mr. Patrick has advertised the illusion that governments can nurture new companies, even whole new industries, with targeted taxpayer "investments." This is the entire premise of the "clean energy" industry, most of which wouldn't exist without subsidies because it can't compete on a market basis.

more at-
Review & Outlook: Solar Power Eclipse - WSJ.com

 

[KissMy]

I bet none of these moon-bats have wind & solar installed. So they have no clue what they are talking about. I however installed both on my remote farm. They suck. The system lasted 3 weeks before the entire system self-destructed. A study in Europe found that the average system takes more energy to build than they ever produce. They are a waste of time, money & energy. Green energy moon-bats are anti American, anti energy & anti human race. We need to rid our government of these ding-bats before it is to late.

 

[Trajan]

I bet none of these moon-bats have wind & solar installed. So they have no clue what they are talking about. I however installed both on my remote farm. They suck. The system lasted 3 weeks before the entire system self-destructed. A study in Europe found that the average system takes more energy to build than they ever produce. They are a waste of time, money & energy. Green energy moon-bats are anti American, anti energy & anti human race. We need to rid our government of these ding-bats before it is to late.

wellll, you know, RFK Jr. that scion of environmentalism and all around gadfly talks a good game, he is all over solar, wind...well, that is except when it spoils his view like the Cape Wind project...you see, it would spoil his sailing.....

 

[GStarz]

EDIT: TRAJAN, WE WERE POSTING THE SAME IDEA AT THE SAME TIME! LOL!


This reminds me of all the liberals in Massachusetts who were all screaming about the need for expensive windmills, until it turned out that those windmills were going to ruin their own ocean views, and then they were screaming to halt their construction!

Liberalism is a metal disorder.