“The American people will never knowingly adopt Socialism. But under the name of ‘liberalism’ they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened.”

Socialist Party presidential candidate Norman Thomas

Friday, June 29, 2012

Abound Solar goes belly up

Is anybody surprised by this?

From Businessweek -- Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will suspend operations and file for bankruptcy because its panels were too expensive to compete. 

U.S. taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, Damien LaVera, an Energy Department spokesman, said in a statement today.

Solar power is a good idea, but one that is nowhere near market-ready. For Obama to have dumped so much taxpayer money into an industry that cannot compete in the energy market, rises to a level of incompetence, corruption, and outright stupidity that it is breathtaking.

Any industry that cannot compete on its own without government subsidies, shouldn't exist. It's that simple.

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