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First Solar Facing Hard Times

Posted by Steve Markowitz on April 18, 2012

As reported by the Wall Street Journal in First Solar Cuts 2,000 Jobs, yet another American solar equipment company is having financial difficulty.  Unlike startup Solyndra whose bankruptcy cost US taxpayers $500 million, First Solar is an established company with revenues of nearly $3 billion for 2011.  However, this solar panel builder lost $40 million for the year due to low product demand and increased competition.  In order to attempt to stave off further financial problems, First Solar is cutting 2000 jobs, 30% of its workforce.

As part of the worldwide green energy scam, solar energy has been subsidized by governments including the United States.  Europe has already announced that it is cutting these subsidies, which is hurting related product demand.

Imbalances between supply and demand as now occurring in the green industries are the inevitable results of governmental interventions in markets.  But that will not stop the Progressives in Washington from continuing to blow the People’s money.  In fact, the Obama Administration’s Department of Energy earlier this month announced plans for additional loans to this industry that makes products that the world does not want.


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