Obama’s Hand Picked Green Jobs Company Solyndra Filing for Bankruptcy

Once again we are witness to two truths of the Obama Presidency … one, Obama’s the reverse Midas touch and two, “green” jobs are not the engine of the US economy. Has there ever been a better metaphor of the Obama economy?

Solyndra was touted by President Barack Obama as a shining example of “green” jobs and the future of the American economy. During a visit to the California based solar power energy company, Obama had nothing but growing praise for his Obama example of the economy and jobs. Needless to say, Obama’s “green” job masterpiece has filed for bankruptcy.

VIDEO Hat Tip: Gateway Pundit

During a visit to the Fremont facility in spring of 2010, the President said the factory “is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. ”

It’s not his statements the administration will regret; it’s the loan guarantees. The President was celebrating $535 million in federal promises from the Department of Energy to the solar startup. The administration didn’t do its due diligence, says the Government Accountability Office. “There’s a consequence if you don’t follow a rigorous process that’s transparent,” Franklin Rusco of GAO told the website iWatch News.

Of course let us not forget the $535 million in federal promises from the Department of Energy to the solar startup. Yet more wasted money down the tubes at the hands of the Obama Administration playing favorites.

Obama was supposed to be the birth of a new way of doing business in Washington, DC. It was supposed to be “Hope and Change”. Or so he said. It is just nothing more than “crony capitalism”.