The Federal government is now up in arms after the bankrupt Solyndra Company defaulted on a half a billion dollar loan.
US Congressional Representatives preparing to investigate the failure of the Solyndra solar power company.
Last week, the Village Elliot advised his readers that solar power as a means to replace fossil fuels or nuclear enegy is simply a farce because of the 50 times higher capital investment required per kilowatt. You can check out what I said here:
So it should not come as a surprise that if you invest money in something that is that far out of whack economically, it isn't going to work out.
The problem is that the government desperately wishes for people to believe that solar power is economical. Therefore there must be crooks that made the company default on its loan! Yeah, that's the ticket!
The fact is that the federal government willingly convinced itself that solar photovoltaics is going to be a viable source of cheap electric power, just as it convinced itself that ethanol and hydrogen were going to be viable in the Bush administration. None of this stuff makes any sense economically however.
So no wonder the Solyndra people are pledging the Fifth Amendment rather than helping Congress carry out its "investigation." Well, Congress, the Village Elliot already told you the real problem: solar power ailn't economical. Investigate that.