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December 21, 2011

Hey, Who's Up For Another $2.1 Billion In Stimulus Money Lost on Yet Another Bankrupt Solar Company?

It's even better. This company isn't even American. It's German, or at least the parent company is.

$2.1 billion spent on this particular company, Solar Millennium. You're welcome.

Bell also tells Newsmax that untold billions of stimulus funds actually went to benefit foreign companies. A new solar plant in Blythe, Calif., received a $2.1 billion stimulus grant, despite the fact that the project was awarded to a German firm, Solar Millennium and its U.S. subsidiary, Solar rust of America.

The company might want to consider changing its name from Solar Millennium to Solar Six or Seven Years, Tops.

Solar Millennium said today it has begun insolvency proceedings, the second German solar manufacturer to do so this month.

The company has been trying to sell its pipeline of large-scale concentrating solar projects in the U.S. But because Solar Millennium was not able to negotiate desired terms, it had to enter into insolvency to "save existing assets," the company said in a statement.

The steep drop in the cost of photovoltaic cells doomed Solar Millennium, as it previously doomed Solyndra. So apparently for all of Obama's and Biden's squawking about "beating China," we will not beat China in this field, and all the money spent on subsidizing companies to "beat China" will be lost.

This also is a case of the state attempting to pick winners and losers and failing, as usual. Obama tried to pump up companies promising flashy new technology. These technologies have failed, or, at the very least, are not commercially viable at the moment.

It is claimed -- and I think it's actually been proven true, but correct me if I'm wrong -- that picking stocks by random throws at a dart board produces results in line with lots of research and serious thinking.

But Obama, of course, can predict the market, and millions of happenstance events that shape the market, because he's smart, you see, and he has smart people working for him.

So they will make this planned-economy/socialism thing work, because, God knows, no "smart people" have ever had their hands in such a venture in the past.

The beginning of wisdom is the realization that you're just as smart as you think you are.

Dumbass.

Thanks to Ogre Gunner.


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posted by Ace at 02:54 PM

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