Obama Solar Panel Company: Bankrupt

Discussion in 'Economy' started by PoliticalChic, Aug 16, 2011.

  1. PoliticalChic
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    PoliticalChic Diamond Member

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    "The Obama touch continues: Solar Panel company Obama pimped filing bankruptcy."

    1. "Obama’s pet green jobs scheme continues to cost millions and the job loss continues. This is what happens when the government sticks its nose into the free market. Evergreen Solar took Obama’s stimulus money, only to send jobs overseas to China and now is filing for bankruptcy.

    2. Wonder how the White House will spin this?

    3. From The Boston Herald:
    Evergreen Solar Inc., the Massachusetts clean-energy company that received millions in state subsidies from the Patrick administration for an ill-fated Bay State factory, has filed for bankruptcy, listing $485.6 million in debt.

    They also receive Obama stimulus money. All the taxpayers got was the bill.

    4. Evergreen and the White House claimed it would hire 90 to 100 people with the stimulus money. Instead we ended up with a -900 job creation deficit. Sound familiar?
    The Obama touch continues: Solar Panel company Obama pimped filing bankruptcy | Scotty Starnes's Blog


    So, what have we learned.
    a. Obama knows nothing re:business

    b. 'Green Energy' as a support for the economy is a fraud.

    c. In the bigger context, 'crony capitalism,' in which government picks - or attempts to pick- winners and losers, is a failed endeavor.
    Pretty much the political epitaph of Barack Obama.

    d. Another repudiation of Obama, Green Economy, and socialism.


    Still waitin' for that apology, Lefties.
     
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  2. iamwhatiseem
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    iamwhatiseem Gold Member

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    It's what happens when business decisions are made for political and idealogical reasons instead of practical reasons. Solar power has a negative cost/savings ratio. So instead of throwing $100's millions at a company manufacturing solar panels that cost more than they save - spend $100's millions INVESTING in R&D to find better technology so the panels don't take 2 generations to pay themselves back!
    $100's millions of dollars so a company could move to China and file bankruptcy in America...this is what happens when politics and business mix.
     
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  3. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Just like the high speed rail BS, throwing billions of good money after bad. And Obama wouldn't allow it on the table for discussion for the debt ceiling negotiations. If it's not economically viable, it's a waste of money that we ain't got to spare.
     
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    Last edited: Aug 16, 2011
  4. PoliticalChic
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    PoliticalChic Diamond Member

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    What an excellent example of the 'government knows best' attitude: high speed rail!
    The billion dollar boondoggle!

    I'll send you the rep in a moment!
     
  5. PoliticalChic
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    PoliticalChic Diamond Member

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    Want a fast way to blow some taxpayer dollars? Buy a ticket on President Barack Obama’s high-speed spending trains.

    High-speed rail is one of the president’s pie-in-the-sky green energy dreams, which would do little to relieve Americans who are suffering the effects of high gasoline prices.


    Obama’s High-Speed Spending on Slow-Speed Rail
     
    Last edited by a moderator: Aug 16, 2011
  6. PoliticalChic
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    PoliticalChic Diamond Member

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    Some dreams are better left unrealized, anyhow. Heritage’s Ronald Utt details some serious problems with high-speed rail, including high cost, the need for perpetual government subsidies, and wasted money from lack of ridership. Add that to false claims that the projects create jobs and empty promises that the trains will help the environment by getting cars off the road, and America has plenty of reasons not to get on board.

    California provides a perfect example. Greg Pollowitz at National Review Online writes that the day after the federal government granted the Golden State $300 million for high-speed rail, the independent agency overseeing the state’s high-speed infrastructure spending shot down the project, calling for it to be put on hold due to questions over funding and project management. The rail plan has been estimated to cost $43 billion—and to date, the state has only $6.3 billion in place ($3.5 billion of that is federal dollars). The Orange County Register reports that those costs are going even higher, and an independent estimate pegs it at $81.4 billion.http://blog.heritage.org/2011/05/12/obamas-high-speed-spending-on-slow-speed-rail/
     
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  7. Unkotare
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    Unkotare Diamond Member

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    That should read, "Deval Solar Panel Co. Bankrupt"
     
  8. iamwhatiseem
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    iamwhatiseem Gold Member

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    I love the high speed train in California.
    The first government estimate was $1.4 billion...which became $43 billion....which became $83 billion.
    let's put this in perspective...a contractor gives you a price to build your dream home at $315,000...he digs the foundation, pours the basement...and runs out of money and tells you he needs $17,955,000 to finish.
    Yeah...that is how far off they were.
     
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  9. Trajan
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    Trajan conscientia mille testes

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    California's 'commission' on high speed rail just published their rework of the costs, and yes its ugly.

    its a sink hole, but they will probably go on with it anyway.

    so 10 years there after it begins operating, where in it becomes the Amtrak of California, consuming cash flow from the cali treasury to remain in operation, the very same people will scream for higher taxes to offset that big suck and will throw up their hands and scream how did it come to this and those that don't ant to pay are cheap bastards ?
     
  10. Trajan
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    Trajan conscientia mille testes

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    sorry bro, I didn't see your post I jumped straight from PC's.

    yup, its a balls up Big Dig style robbery.....


    Is California’s high-speed rail a boondoggle?
    08/16/2011

    Back in 2009, after Congress passed the stimulus bill — with $8 billion set aside for high-speed rail projects — there were plenty of headlines heralding the dawn of a new age of fast passenger trains in the United States. Trundle forward a few years, and the situation looks quite different. Republican governors in Florida, Ohio, and Wisconsin have all rejected billions in high-speed rail money, while the House GOP is now flatly opposed to any further federal funding.

    That leaves California, which in 2008 approved a $9.95 billion bond measure to kick-start a new high-speed line from the Bay Area and Sacramento down to San Diego. The state has become the focal point for all arguments high-speed rail. And so, earlier this week, a San Jose Mercury News story got a lot of attention for reporting that the price tag on the San Francisco-Anaheim portion has ballooned from its original $33 billion to between $60 billion and $80 billion—or more. “This is a national embarrassment,” noted National Review’s Reihan Salam. “Sacramento needs to pull the plug on this,” wrote Mother Jones blogger Kevin Drum. “We have way better uses for this dough.”

    But is California’s project really doomed? Not necessarily. Or — perhaps a better way of putting it — not just yet.

    more at-
    http://www.washingtonpost.com/blogs...-a-boondoggle/2011/08/16/gIQApisjJJ_blog.html
     
    Last edited: Aug 16, 2011

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