RE: The next possible American President
December 5, 2011 at 4:03 pm
(December 5, 2011 at 7:14 am)Jaysyn Wrote: (December 4, 2011 at 9:11 am)Epimethean Wrote: http://www.usnews.com/news/blogs/washing...in-in-2012
Scandal Free? What about Operation: Gun Runner & Operaton: Let's Give Solyndra $500 Million to burn thru in 6 months?
Not much of a scandal, just the usual cronyism complete with a colossal misread of the markets.
Solyndra was sold on the premise that "China would never be able to ramp up rare earths production."
This was at the time China had hit a rare earths shortage and was unable to provide for even their local industries, going so far as to threaten Japan's industry and their ability to acquire rare earths and materials. It was stated that China would never be able to sell rare earths and even silicon for as low (the Chinese government heavily subsidizes rare earth mining BTW) prices as before.
So Solyndra was supposed to "out manufacture" the Chinese photovoltaic industry because, with materials costs much higher, it would be economically feasible to manufacture PV here.
Well, people
were bumfuck wrong. China, over the course of a year, ramped production and mining up such that the prices of materials were even
lower than before.
That sealed Solyndra's fate as an expensive, corrupt gamble that totally fell on it's face.
Now add in the usual stalling tactics and denial, and we have the several hundred million dollar flop that is Solyndra today.