Obama's Green Energy "Bloodbath"

Last year in the U.S., we had the government led "Green Energy" boom, get ready this year for the bloodbath prices have gotten so low that the manufacturers in the U.S. can't make money.

You can now add to the long growing list of "Green Energy" companies that are going out of business -- Solyndra LLC of Fremont, Calif., -- Obama visited the company in May 2010 and noted that Solyndra expected to hire 1,000 workers to manufacture solar panels. Touted by the Obama administration in 2010 as a as a "gleaming example of green technology" today announced bankruptcy. 1,100+ employees will be fired.

Please Consider: Solyndra Filing a Disaster for Obama

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.

There is that ugly word the Obama administration loathes so much -- "transparency" .

The collapse also exposed the folly of the stimulus programs -- Solyndra had received a $535 million federal loan guarantee. Solyndra was one of about 40 projects funded since 2009 through a U.S. Department of Energy loan program that helped major wind, solar, nuclear and ethanol projects. Together, those projects were expected to create about 60,000 jobs.

I wonder if anyone considered that the artificially high energy prices the greens have forced upon states like California might have something to do with increasing manufacturing costs.

And how about the high taxes placed upon individuals and businesses there. And all the regulatory morass that makes doing ANYTHING so difficult, slow and expensive, that everyone is giving up and moving to China.-- I guess not -- at least no one with any influence in the Obama administration, but there were plenty of doubters, no one wanted to listen.

Do the math, The "seen" math is simple enough. $535 million divided by 1,100 is roughly $486,363 per job saved -- which are now jobs lost, the unseen is incalculable.

Obama obviously rushed this pitiful company so he could get his photo op and push his  "Green Energy" agenda with taxpayer money. What is amazing is that this company could blow through over half a billion dollars in such a short time. Congress needs to look into this, there must be some fraud involved.

Generally,  if companies cannot survive without government subsidies then they should not survive at all.

From : Mish's global Economic Trend Analysis