WASHINGTON — A California solar-panel manufacturer once touted by President Barack Obama as a beneficiary of his administration's economic policies — as well as a half-billion-dollar federal loan — is laying off 1,100 workers and filing for bankruptcy.
Solyndra LLC of Fremont, Calif., had become the poster child for government investment in green technology. The president visited the company in May 2010 and noted that Solyndra expected to hire 1,000 workers to manufacture solar panels. Other state and federal officials such as former Gov. Arnold Schwarzenegger and Energy Secretary Steven Chu also visited the company's facilities.
But hard times have hit the nation's solar industry. Solyndra is the third solar company to seek bankruptcy protection this month. Officials said Wednesday that the global economy as well as unfavorable conditions in the solar industry combined to force the company to suspend its manufacturing operations.
The price for solar panels has tanked in part because of heavy competition from Chinese companies, dropping by about 42 percent this year.
Another shining example of what happens when government attempts to pick winners and losers based on the political profit involved instead of letting the market make that choice based on the economic viability of the product or service. Think the consolidationists will ever learn the lesson? Neither do I.
Just wait, Obama will tout more green jobs as part of his "jobs speech". More green products that we can't afford and tax payer subsidies for jobs that will evaporate in a few years or less...brilliant!
The left is angry because they are now being judged by the content of their character and not by the color of their skin.
