This is another bad day for those who pay federal taxes.
Fifteen months ago, Obama used Solyndra, a solar technology company near San Francisco, as a shining example of green job creation. Below is the video of that speech. The first four minutes is Obama as conversationalist. The real speech begins at 4:00.
This company was so "successful" it received a $535,000,000 guaranteed loan from the Department of Energy. Today, Solyndra announced it is filing a Chapter 11 bankruptcy and laying off 1100 employees . OTR's little Sharp Elsi-Mate EL-240 Solar Calculator-on his desk for twenty years-tells him that Solyndra burned through that loan at the rate of around $116,000 a day. There are so many things wrong with this scenario at so many levels it's hard to know where to begin. OTR will leave it at two:
1. Unrealistic expectations
2. Striking incompetence
Barack Obama likely knows very little about Solyndra. He may have the vision, but he's relying on the green energy gurus in his administration to make the tactical decisions. In this case, they made some very poor choices and made him look mighty foolish in the process. And this is just one of many stumbles at the starting gate for next year's re-election campaign. Not good if you're a "hope and change" fan.
UPDATE: Gateway Pundit has the story here.
UPDATE: An Oklahoma billionaire and major fundraiser for the 2008 Obama-Biden campaign is the principal owner of Solyndra. Anybody smell something?
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