Stupid is as Stupid Does: Sun Tech Defaults


Editor’s Note: Sun Tech isn’t just closing their doors in GY as GEOrgia would have you believe. They are going out of business entirely.
How could your mayor who gave them $500k of you money be so uninformed? You ask that question about the same mayor who does not even know the unemployment rate in her own city?

You just can’t teach smart can you? But then again, 6,000 of you just re-elected her.

Previously I told you that Chinese owned Sun Tech who GEOrgia et al gave over half a million of your tax dollars to had closed its doors in GY. GEOrgia blamed it on nasty tariffs which the US imposed on China for unfair trade practices (a 6-0 vote by the trade commission by the way).

Yep, your mayor (and maybe Barry Broome) may have been the only public figure in America to speak out against these tariffs. How stupid is that?

Well, yesterday Sun Tech defaulted on over half a BILLION dollars in bonds. Think a tariff in the US causes that? Nope, it is just the rationalization of emerging technology businesses like solar panels and Sun Tech is not cutting it in the marketplace.

Told you so again, GY, GEOrgia, council, and Brian Dalke. It is STUPID for government to try to ‘pick winners’ especially in emerging technologies. But do you think that will stop GEOrgia and the rest of the incompetents on GY city council?

As I said before, if elected officials were so good at picking investment winners they would not have to work. They’d be independently wealthy. But they’re playing with YOUR money so what do they care about the risks? They just keep on rolling the dice.

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2 Responses

  1. Thanks, Howard, for blogging on the Sun Tech issue. Great example of corporate cronyism at work. I linked to the Biz Journal story and to your blog on my FB page. For Liberty, Tom –Tom Jenney, Arizona Director, Americans for Prosperity tomjenney at cox dot net

  2. Hi, Howard! Thanks for linking to the news about SunTech. I posted a link to your blog on my FB page. I remember in February 2010 when SunTech was being used by the corporate crony solar lobbyists as a poster child for all of the great green jobs that were going to be created in Goodyear. They were Exhibit A in the arguments by Gov. Brewer and many others as to why 1) Arizona had to pass a new corporate welfare tax credit, and 2) Arizona couldn’t possibly reduce or eliminate the Corporation Commission’s Renewable Energy Standard. Funny how this stuff comes around — and sooner than you expect! For Liberty, Tom (Tom Jenney, Arizona Director, Americans for Prosperity http://www.aztaxpayers.org tjenney@afphq.org)

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