Thursday, September 01, 2011

The Obama Economy in miniature

Solyndra to Declare Bankruptcy
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.

Shortly after it opened a massive $700 million facility, it canceled plans for a public stock offering earlier this year and warned it would be in significant trouble if federal loan guarantees did not go through.

The company has said it will make a statement at 9am California time, though it's not clear what that statement will be. An NBC Bay Area photographer on the scene reports security guards are not letting visitors on campus. He says "people are standing around in disbelief." The employees have been given yellow envelopes with instructions on how to get their last checks.

Solyndra was touted by the Obama administration as a prime example of how green technology could deliver jobs.

I have enormous sympathy for the people losing jobs. There's no part of that that's fun. But if a company can't compete, those resources are much better spent in a company that can. And having the government prop up a company that can't compete is just a plain and simple wealth transfer.

Solyndra is almost the archetype of an Obama economy job creator. Which is a big part of why there aren't many jobs being created...

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