Solar panel manufacturer Solyndra has been in the news a lot lately for a variety of different reasons, most of them stemming from suspected foul play in securing government loans from the Obama administration just before declaring bankruptcy.
The Institute for Energy Research is now bidding “so long” to Solyndra and outlining the full story:
IER is also warning that other policies of the Obama administration are threatening to create more “Solyndras” in the energy marketplace:
Today, Solyndra executives appeared before Congress to be questioned about how they wasted a half-billion dollar loan from the federal government. Yesterday, the House Ways and Means committee held a hearing on the NAT GAS Act (the New Alternative Transportation to Give Americans Solutions Act). It might not appear that Solyndra and the NAT GAS Act hearings have anything in common, but the NAT GAS Act is based on the same flawed ideas that gave us the Solyndra debacle.
The Solyndra loan program and the NAT GAS Act are both based on the idea that private investors are not making good enough decisions, and therefore the federal government needs to speed things up—either through direct subsidies or through tax subsidies. The proponents of these programs argue that subsidizing solar panels or natural gas truck, bus, and car conversions will stimulate the economy and create jobs. Sadly, the NAT GAS Act will create the same incentives that gave us Solyndra’s demise.