From the 1 Sep Wall St Journal: Another day, another stimulus burnout. On Wed, solar panel maker and White House favorite Solyndra announced they will suspend business and file for bankruptcy. Its demise is a reminder of the perils of politically directed investment.
This was supposed to be a big success. In March 2009, Solyndra was the first company to get an Energy Dept loan guarantee, worth $535 million. Vice Pres Joe Biden spoke via closed circuit TV at the groundbreaking of the company’s Fremont, CA plant, and President Obama touted the thousands of jobs the stimulus money would create. Such investments were all the better, Mr. Obama said at a visit to the plant last spring, because “The true engine of economic growth will always be companies like Solyndra.” You know, “green jobs.”
Starting to manufacture something for which there is no consumer demand is asking for failure; we have the same thing going on at a battery plant in West Mich. Our govt is simply wasting our money–while giving false hope–like to the people who had jobs there.
