Solyndra shuts its doors
posted at 2:05 pm on August 31, 2011 by Ed Morrissey
At one time, Solyndra was the poster child for Barack Obama’s promise of a green-jobs explosion. Today, the solar-energy technology manufacturer a poster child for the failure of his stimulus, his green-jobs push, and social engineering in general. Solyndra abruptly shut its doors today and declared bankruptcy, two years after getting over a half-billion dollars from the Obama administration’s Porkulus:
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Solyndra, a major manufacturer of solar technology in Fremont, has shut its doors, according to employees at the campus.
“I was told by a security guard to get my [stuff] and leave,” one employee said. The company employs a little more than 1,000 employees worldwide, according to its website.
Obama insisted in a May 2010 appearance last year that Solyndra would prove the effectiveness of his economic policies:
Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs. The President visited the facility in May of last year and said “it is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that. “
Unfortunately, the administration doesn’t have the best researchers in the world. As it turns out, Solyndra never made a profit, either before or after soaking up $535 million in loan guarantees. The money went to build a massive new facility, but eventually canceled an expansion and started laying off workers. Now, with Solyndra moving into Chapter 11, it looks like all that money is lost for good — and instead of saving or creating jobs, a thousand or more workers will have to start looking for a new job soon.
Solyndra certainly proved something about Obamanomics. It proved it to be a costly flop.