“Evergreen Solar Inc., the Massachusetts clean-energy company that received millions in state subsidies from the Patrick administration for an ill-fated Bay State factory, has filed for bankruptcy, listing $485.6 million in debt.”
Well let’s see if I understand this correctly.
The state of Massachusetts collected millions of dollars from the tax payers of Massachusetts in order to give those dollars to Evergreen Solar Inc.
Those dollars were spent to build a factory and buy equipment to install in this private concern.
So this private concern failed and will be dissolved in bankruptcy.
Subsidies not being debt will not be recoverable by the state in bankruptcy.
The equipment in factory will be sold at auction and will likely be bought by Chinese businesses at pennies on the dollar because they dominate the solar panel industry these days.
So in effect the people of Massachusetts are subsidizing the Chinese solar industry.
Yup....and the Chinese solar industry exists solely to make money off of the “Progressive Utopian Green” crowd...
or as P.T. Barnum so aptly put it....”there's a sucker born every minute”
or as my uncle used to say....You need water and salt in your system to survive...But u cant survive on sea-water!..U figure it out!