|Potus Obama at Solyndra|
Large US company Solyndra has gone belly-up. As the LA Times reported:
Obama fundraiser linked to loan program that aided Solyndra
The New York Times reported that questions were raised over letting another lender help a failing solar company:
The revelation is likely to spur new inquiries about the solar company's political influence. Separately, California lawmakers seek investigation of a state tax break the firm received.
The political brawl over Solyndra, the solar array manufacturer that received $528 million in government aid and then went bankrupt, shifted focus Friday to a decision by the Energy Department that allowed another lender to step in to help rescue the company. That decision in February gave Solyndra a temporary reprieve and a chance to survive, but it also forced the government to waive its privilege as first creditor in the event of a bankruptcy — which then occurred at the end of August.But, as things soured, what did we read (on US abc News):
Solyndra: Blame It On Bush, Say Obama Officials
The main lesson to be learned is that renewables don't work without subsidies. We should work toward using renewable energy and work toward getting the costs down to something equating coal or nuclear but we should not close down the cheap coal energy until renewables are comparable on price per Kilowatt Hour.
After spending months touting the Obama administration's decision to loan $535 million to the California solar energy upstart Solyndra, top officials took a new tack Wednesday while testifying before Congress about the company's abrupt shut-down and bankruptcy: the loan, they said, was actually the Bush administration's idea. The Energy Department's top lending officer told Congress that the Solyndra loan application was not only filed during President Bush's term, but it surged towards completion before Obama took office in January 2009.