Politics
Out of context: Reply #16112
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FBI agents executing search warrant at Solyndra
http://www.mercurynews.com/break…Uhmmmmm....?
http://www.pasadenastarnews.com/…
Last year, President Obama came to the Bay Area to tout "green jobs" at an event at solar-panel manufacturer Solyndra's Fremont plant. Quoth the president: "The true engine of economic growth will always be companies like Solyndra."On Wednesday, Solyndra announced it was shuttering its remaining Fremont factory, laying off 1,100 workers and filing for bankruptcy. It was a sorry day for the Bay Area.
I remember that day, May 26, 2010, vividly. Then-Gov. Arnold Schwarzenegger came to greet the president and wave to the hard hats. Venture capitalists preened. Just to show how brainy and farsighted the solar crowd is, Obama reminded the audience that his energy secretary, Steven Chu, is a Nobel Prize-winning physicist.
Rube that I am, I didn't understand what Obamaland was thinking. Solyndra had not turned a profit since it was founded in 2005. The plant in which Obama stood was bankrolled with a $535 million federal loan guarantee. Two months before, PricewaterhouseCoopers questioned Solyndra's "ability to continue as a going concern."
If the president wants to send a positive message on the U.S. economy, I wondered, then couldn't his people have found a California company that didn't rely on a federal loan and actually made money?
Bad advance work, I figured.