Friday, September 2, 2011

Solyndra & Obama: Another Example of Government Picking the Winners

Government can pick the winners say statists of all sorts. And, once again, with the bankruptcy of Soyndra we see the problem of corporatism -- government experts cannot pick the winners. In the 1980s numerous American statists pointed to Japan as the way of the future. Japan, Inc. it was called. Corporatism was the perfect blend of big business and big government.

The future didn't work the way the statists expected; but then it never does. The US government sunk over $500,000,000 in Solyndra only to have it end in bankruptcy.

The California solar panel manufacturer that received a high-profile $535-million Energy Department loan guarantee said it was ceasing operations, laying of 1,100 workers and preparing to file for bankruptcy protection. ...
It was quite a fall from late 2009, when Solyndra received a $535-million federal loan guarantee as part of the $787-billion economic stimulus package. In May 2010, company executives hosted President Obama on a factory tour and said they expected to add employees. ...
Solyndra would become the third such company to file for bankruptcy in recent days. Spectrawatt Inc. of Hopewell Junction, N.Y., filed for Chapter 11 bankruptcy protection Aug. 19. Evergreen Solar Inc. of Marlboro, Mass., filed for Chapter 11 on Aug. 15.
Solar panel firm Solyndra to cease operations


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