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Fox Pundits Inanely Blame Overregulation for Solyndra Demise

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"Fox Pundits Inanely Blame Overregulation for Solyndra Demise"

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Okay, we knew that the “reporting” about the bankruptcy of the solar company Solyndra would be bad. But this punditry from Fox News is just atrocious. (Should we expect anything different?)

If you hadn’t heard by now, Solyndra is a California-based solar manufacturer that received a $535 million loan guarantee from the federal government. Since the company announced on Wednesday that it was filing for bankruptcy, conservative politicians and press have been celebrating the tragedy and have used it to attack clean energy broadly.

In a statement, Solyndra officials pointed to the extremely competitive market conditions as the reason for the bankruptcy. They also partly blamed “regulatory and policy uncertainties” — meaning the lack of long-term support in the U.S. and other markets around the world for clean energy.

Well, Fox’s “veteran” business reporter Stuart Varney took that to mean over-regulation and blamed the Obama Administration for regulating another company out of business.

Seriously?

In fact, it’s just the opposite: Most conservative politicians have fought a long-term tax credits and a clean energy standard — two fundamental policies to create consistent regulatory support — every step of the way

Expect more of this atrociously inaccurate spin throughout the political season in order to bring down clean energy.

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4 Responses to Fox Pundits Inanely Blame Overregulation for Solyndra Demise

  1. Pangolin says:

    If by “overregulation” you mean “minimum wage laws” then Fox is correct and that is exactly what Fox means.

    Since “free trade” means low labor costs and high corporate profits any U.S. job that can possibly be exported IS exported. The fact that it destroys economic security for the majority of american citizens is moot. The CEO got a bonus didn’t he?

  2. N.J. Hyman says:

    $535 million huh? How do you actually have and spend that kind of money and not make any money? Total idiots I say. Making the company work couldn’t have been what they were trying to do. They were probably just playing at it and getting their pockets padded.

  3. Edith Wiethorn says:

    The last ten words of this paragraph from Solyndra’s bankruptcy press release describes the moribund US credit markets as they affect the overall economy: “Despite strong growth in the first half of 2011 and traction in North America with a number of orders for very large commercial rooftops, Solyndra could not achieve full-scale operations rapidly enough to compete in the near term with the resources of larger foreign manufacturers. This competitive challenge was exacerbated by a global oversupply of solar panels and a severe compression of prices that in part resulted from uncertainty in governmental incentive programs in Europe and the decline in credit markets that finance solar systems.” It is interesting that Paul Allen, co-founder of Microsoft, has initiated an alliance of sports-stadiums going solar & green, and has supported new initiatives for providing business credit. The links are best seen on Paul Allen’s Facebook page for his memoir, Idea Man.

  4. MarkfromLexington says:

    There are larger trends here. And the takeaway should be a renewed commitment to developing clean energy here in the US.

    Solyndra bet its economic success on the very risky proposition that silicon based solar power would remain more expensive than their company’s technology.

    They aren’t the only company to fall victim to falling PV prices. As reported by Stephen Lacey, the world’s largest solar plant is switching to PV because the cost of PV is plummeting.

    With Chinese firms bombing the price on PV solar panels – lots of companies betting on alternative technologies are going to bite the dust.

    One might even say the Chinese are engaging in predatory pricing.

    The Chinese are taking no prisoners in an effort to establish themselves as the dominant provider of solar energy.

    Evergreen Solar is another casualty in this war for control of the solar industry. Evergreen based their company on the bet that silicon would remain expensive.

    The Chinese look like they are winning.

    The question is – how should we respond?
    Fox News would have us give up and walk away.