A CBS investigation reveals that there are 11 or 12 more Solyndras out there to further burden the taxpayer. This is taxation without representation, so when Obama tells you he hasn’t raised taxes, remember this.
To make it all the more despicable, we outsource to China.
Now we have 11 or 12 more crony socialist investments by our government. Solyndra was only the tip of the proverbial iceberg.
CHU and Obama are vulture capitalists and it’s all for a good ideological reason – they want clean energy. They don’t care if it’s a good taxpayer investment and they don’t care if it’s failing when they invest in it. That is vulture capitalism though vulture socialism would be a more accurate term. Ideology trumps rational thought and taxpayer well-being in this administration.
Better still, the insourcing President is outsourcing to China.
CBS News is reporting that there are 11 more Solyndras in the Obama Administration’s green-energy program:
CBS News counted 12 clean energy companies that are having trouble after collectively being approved for more than $6.5 billion in federal assistance. Five have filed for bankruptcy: The junk bond-rated Beacon, Evergreen Solar, SpectraWatt, AES’ subsidiary Eastern Energy and Solyndra. . .Standard and Poor’s had given the [Beacon] project a rating of ‘CCC-plus.’
(A CCC rating is also shared by Greece, a virtually bankrupt nation embroiled in a massive debt crisis).
A liberal Congress must share the blame for this fiasco, since the massive $800 billion stimulus package it passed in 2009 funded these boondoggles. As a Solyndra stakeholder exulted, “there’s never been more money shoved out the government’s door in world history.” But as the Washington Post noted, energy programs were “infused with politics at every level” under Obama. His Administration hastily approved subsidies for Solyndra, whose executives are now pleading the 5th Amendment, despite obvious danger signs and warnings about the company’s likely collapse. (Later, federal officials successfully pressured Solyndra to delay its announcement about upcoming layoffs until just after the 2010 election, to avoid embarrassing the Obama Administration).
The Obama Administration also used green-jobs money from the stimulus package to outsource American jobs to countries like China: “Despite all the talk of green jobs, the overwhelming majority of stimulus money spent on wind power has gone to foreign companies, according to a new report by the Investigative Reporting Workshop at the American University’s School of Communication in Washington, D.C.” As the Investigative Reporting Workshop noted, “79 percent” of all green-jobs funding “went to companies based overseas . . .In fact, the largest grant made under the program so far, a $178 million payment on Dec. 29, went to Babcock & Brown, a bankrupt Australian company.” (The stimulus package also funnelled money to left-wing community organizers and liberal lobbying groups.)…
We need the Republican candidates to go after this instead of each other…Read more: GlobalWarming.org