Flashback: Obama Touts $400 Million Taxpayer Loan To Solar Company That Declared Bankruptcy Yesterday

[imamomzilla]

 During his weekly address in July 2010, Obama boasts of Abound Solar which is now bankrupt (July 3, 2010).

UPDATE:

Solyndra Part VIII.

Via Forbes:

Abound Solar, a Colorado thin-film photovoltaic panel startup that snagged $400 million in federal loan guarantees to take on industry leader First Solar, is shutting down and filing for bankruptcy, according to the U.S. Department of Energy.

The company did not immediately respond to an inquiry seeking comment. Abound’s shut down was first reported Thursday by Greentech Media.

The company made thin-film solar panels that while less efficient than standard crystalline silicon panels were cheaper to manufacture, particularly when silicon prices were high.

But Like Solyndra and other thin-film startups, Abound increasingly found itself squeezed by plummeting prices for standard solar panels as Chinese manufacturers ramped up production and silicon costs fell as well as by the entry into the thin-film market by General Electric, which is building a 400-megawatt factory to produce cadmium-telluride solar panels.

(weaselzippers)

[rocketracer]

Status quo....no change.

[itsmesteph11]

 AGAIN.........

[sweet-a-kins]

Tis is being filed under

THIS IS ALL THEY HAVE 

[shimamab]

Sad that another company that was trying to make solar more affordable was pushed out of the market by the Chinese and GE. But let's just take the president's efforts to carve out a chunk of the future market for these goods for American companies and use it's failure as political fodder. That's more important.

[4kidz916]

Oh, jeez....another one. 

[Kate_Momof3]

I think it's been pretty evident for the past three and a half years that some conservatives are so for their "side" that they'd prefer to see this country fail than see it succeed under the leadership of the "enemy." They see this as a war to be fought and the American worker will ultimately be the loser.

Quoting shimamab:

Sad that another company that was trying to make solar more affordable was pushed out of the market by the Chinese and GE. But let's just take the president's efforts to carve out a chunk of the future market for these goods for American companies and use it's failure as political fodder. That's more important.

[erika9009]

My thought is if it was a legit company that looked promising, yeah maybe give them some help.

However, what usually happens is the guys that give donations get the loans whether that have a good plan or not.  I call it pay to play.  Some call it corruption.  Both parties do it a lot, but the Dems do press releases about it.

Quoting rocketracer:

Status quo....no change.

[sweet-a-kins]

Since republicans were pushing this group getting the money for two years prior..I don't think this was the case

Quoting erika9009:

My thought is if it was a legit company that looked promising, yeah maybe give them some help.

However, what usually happens is the guys that give donations get the loans whether that have a good plan or not.  I call it pay to play.  Some call it corruption.  Both parties do it a lot, but the Dems do press releases about it.

Quoting rocketracer:

Status quo....no change.

[imamomzilla]

 Pay to Play is exactly right....it's too bad they keep betting on losers.

Failure VIII

Quoting erika9009:

My thought is if it was a legit company that looked promising, yeah maybe give them some help.

However, what usually happens is the guys that give donations get the loans whether that have a good plan or not.  I call it pay to play.  Some call it corruption.  Both parties do it a lot, but the Dems do press releases about it.

Quoting rocketracer:

Status quo....no change.