A recent CNN story announced a spike in tariffs for solar panels coming from China. The Chinese government is being accused of “dumping” or flooding the market with solar panels manufactured with government subsidies. The idea being that we couldn’t compete on price on solar panels.
As you may remember Solyndra was the Fremont California based manufacturer of solar panels.They were touted by the Obama administration as part of his job stimulus efforts. They were going to create 4000 new jobs. His administration put our government on the hook for $535 million in loan guarantees to allow Solyndra to expand and develop new technology.
They filed for chapter 11 bankruptcy protection on 8/31/2011. The FBI raided them September 8, 2011. Over 1000 employees were laid off without any severance pay.
Obama is accused by some to have unduly influenced the approval of the guarantee, even though it’s possible there is a connection to the Bush administration.
This is going to be a huge issue in Obama’s campaign for his second term. What are the chances the spike in tariff rates are a built in cover story for this debacle? Watch and see him deflect this issue as we get closer to the election.