- Prison Planet.com - http://www.prisonplanet.com -
The “Shining” Example Of Obama’s $787 Billion Fiscal Stimulus Act, Solar Energy Company Solyndra, Files For Bankruptcy
Posted By admin On August 31, 2011 @ 1:54 pm In Money Watch | Comments Disabled
Zero Hedge 
August 31, 2011
Yesterday Zero Hedge contributor Bruce Krasting had some very insightful and very prophetic words when he asked rhetorically if a “Government investment disaster in the works??” The company in question is (now former) massively subsidized solar energy company Solyndra. Solyndra filed for bankruptcy less than 24 hours after Bruce proposed that the company is nothing but a stimulus black hole. We congratulate him on his investigative efforts. Alas, being private, there was no way to short it and capitalize on this investigative coup de grace. And while there are no winners, there are plenty of losers? Who – why US taxpayers of course. Why? Because as some may recall, Solyndra is one of the “shining examples” of Obama’s $787 billion American Recovery and Reinvestment Act. After all none other than president Obama said that Solyndra is “leading the way toward a brighter and more prosperous future.” He also cited it as a success story from the government’s $787 billion economic stimulus package.” Alas Solyndra has now become a less than shining example of the complete catastrophe this latest exercise in pointless Keynesianism has been, all on the backs of US taxpayers. But don’t worry, Obama is about to bring us a fresh new such fiscal stimulus catastrophe any minute. This time it will be different.
From ABC :
President Obama visited Solyndra  in May 2010, heralding the company as “leading the way toward a brighter and more prosperous future.” He also cited it as a success story from the government’s $787 billion economic stimulus package.
“Less than a year ago, we were standing on what was an empty lot. But through the Recovery Act , this company received a loan to expand its operations,” Obama said at the time. “This new factory is the result of those loans.”
In 2009, the Obama administration fast-tracked Solyndra’s loan application, later awarding it $535 million in guarantees from the stimulus funds.
The deal later came under scrutiny  from independent government watch dogs and members of Congress, which said the administration had bypassed key taxpayer protections in a rush to approve the funds — claims the administration has denied.
All this delightful irony on tape:
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/the-shining-example-of-obamas-787-billion-fiscal-stimulus-act-solar-energy-company-solyndra-files-for-bankruptcy.html
URLs in this post:
 Zero Hedge: http://www.zerohedge.com/news/shining-example-obamas-787-billion-fiscal-stimulus-act-solar-energy-company-solyndra-files-bank
 very prophetic words : http://www.zerohedge.com/contributed/government-investment-disaster-works
 ABC: http://abcnews.go.com/blogs/politics/2011/08/solar-energy-company-touted-by-obama-goes-bankrupt/
 visited Solyndra: http://abclocal.go.com/kgo/story?section=news/politics&id=7462659
 Recovery Act: http://abcnews.go.com/blogs/politics/2010/06/obama-on-10000th-recovery-act-project-a-big-deal/
 came under scrutiny: http://abcnews.go.com/Blotter/obama-administration-solyndra/story?id=13640783
 Obama Administration Gave General Electric—Parent Company of NBC–$24.9 Million in ‘Stimulus’ Grants: http://www.prisonplanet.com/obama-administration-gave-general-electric%e2%80%94parent-company-of-nbc-24-9-million-in-%e2%80%98stimulus%e2%80%99-grants.html
 The Full List Of How Obama Spent $792 Billion On Fiscal Stimulus: http://www.prisonplanet.com/the-full-list-of-how-obama-spent-792-billion-on-fiscal-stimulus.html
 More Than $125 Billion In Stimulus Funds Still Not Paid Out: http://www.prisonplanet.com/more-than-125-billion-in-stimulus-funds-still-not-paid-out.html
 Stimulus spending at $32 billion monthly: http://www.prisonplanet.com/stimulus-spending-at-32-billion-monthly.html
 QE 2 Was A Disaster: Here Is Why US Fiscal “Stimulus” Was A Complete Failure As Well: http://www.prisonplanet.com/qe-2-was-a-disaster-here-is-why-us-fiscal-stimulus-was-a-complete-failure-as-well.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.