CHICAGO, September 17, 2011- Sloyndra is not the name of a recent Obama appointee. It’s not a Middle East rebel faction, a country facing revolution, the name of a stripper, rap singer, or a newly discovered planet.
It is the name of a company that robbed the tax payers of over 500 million dollars and tried to come back for more. Aided and abetted by the White House.
Solyndra was a pipe dream California company that planned to manufacture solar panels. It had applied for government loans during the Bush administration. That administration dragged their feet or sat on the deal because the financials did not make sense. There was a prediction Solyndra would go belly up in September of 2011.
What a difference an election makes. The Obama administration comes in and the money flows out. The prediction came true and it is blowing up in everyone’s faces. Timing is everything. While this president is touting spending more taxpayer money for his jobs plan, we are witnessing the failure of past money spent for his jobs plan.
Over a half billion dollars wasted and 1,100 jobs lost at Solydra. That’s change you can believe in. Other new or green technology companies are facing the same problems. They too received government funds in the form of grants or loans. They are falling by the wayside. Money wasted and jobs lost.
Solyndra was fast tracked by the Obama administration, against all expert advice, for three reasons. One, Obama had stimulus money burning a hole in his pocket. He could not wait to spend it. He needed to show the world he could create jobs in new technology and turn the economy around faster than a speeding bullet. He is Obama, after all. Big, bold, comprehensive, and historic.
Two, one of the companies investors, George Kaiser, was a billionaire donation bundler for Obama. One of those evil billionaires who we are supposed to hate. George Kaiser raised tons of cash for Obama. For those of us familiar with the Chicago Way, this is not new. The Chicago Way benefits the insiders not the taxpayer. It’s not what you know, it’s who you know. And pay off.
Lastly, Joe Biden wanted to get his mug all over the media blubbering about the new green jobs technology loan. A “see it works” moment. Jay Carney is trying to spin the rush to waste tax dollars as a mere logistics problem.
“What the emails make clear is there was urgency to make a decision on a scheduling matter.” “It had nothing to — and there is no evidence to the contrary — nothing to do with anything besides the need to get an answer to make a scheduling decision.” (NY Post)
Of course. Get the deal done because Jabbering Joe wants to schedule a speech. Even the true believers in the White House Press church do not believe that one. Hopefully.
Solyndra is a shining example of why government should never be trusted to create anything. Putting the company’s poor financials aside, China had already sewn up the market for high quality inexpensive solar panels. China is also on the forefront of research and development of even more efficient technologies. Solyndra, and other companies, competing with China is business suicide.
This is one of those scandals that shows the incompetence of the Obama administration. Hearings will be held, tons of ink and pixels will flow, and commentators on both sides of the political spectrum will shout and scream. The bark at the moon crowd will call for impeachment.
Currently there is a almost a half trillion dollar presidential jobs bill in congress. More tax money to spend on creating jobs. All of this president’s spending to create jobs failed. Why should we spend more? Even the auto bail out lost tax payer money.
The business, industrial, and commercial world has been demanding changes for decades. Get the government out of the way. That will create a healthy economic environment. It will lower the cost of production and goods sold. It will create American jobs instead of foreign jobs. Instead the government keeps polluting the atmosphere with business and jobs killing toxic regulations, bureaucracy, red tape and an anti-competitive tax structure. Can we just call it Anthropogenic Economic Chilling? The apocalyptic chilling effect of government interference in free enterprise and free markets.
The Obama administration wants full government control over free enterprise with employment dependent on government largess. This does not create prosperity or wealth. It creates a bankrupt nation. We are witnessing the demise of this folly unfolding in Europe.
Speaking of which, Timothy Geithner, another incompetent Obama appointee, was ridiculed by the Europeans last week. He preached fiscal responsibility. Their governments must reduce deficits and debt. Talk about pot kettle black and bricks in glass houses.
Another embarrassment for the United States.
Peter Bella is a retired Chicago Police Officer, freelance writer, freelance photographer, and consultant. He is a passionate cook and eater. He likes to be the sharp stick that pokes, annoys, and provokes. His opinions are his and his alone.
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