As we contemplate Obama’s latest scheme to spur the economy, Investors.com has a stunning article up about how a crony of Obama’s  managed to get a $535 million loan guarantee for a dubious solar scheme…which recently went bankrupt.

Solargate

….Despite a warning from Solyndra’s own accountants at PricewaterhouseCoopers that the company’s business model was suspect and raised “substantial doubt about its ability to continue as a going concern,” President Obama visited the company and gave it a glowing endorsement as a government-picked winner alongside electric cars and high-speed rail.

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And David Brooks has an excellent commentary on how the green jobs efforts has cost a lot of money and produced few new jobs:

Where the Jobs Aren’t

There’s a wealth of other evidence to suggest that the green economy will not be a short-term jobs machine. According to Investor’s Business Daily, executives at Johnson Controls turned $300 million in green technology grants into 150 jobs — that’s $2 million per job.

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Solar company to file for bankruptcy despite $535 million loan guarantee

This entry was posted on Wednesday, September 7th, 2011 at 7:55 am and is filed under politics. Tags for this post: green jobs, obama, solar energy. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.