Last year Republic Windows and Doors announced that it was closing. Then-Gov. Rod ("What am I bid for a Senate seat") Blagojevich joined other Illinois politicians to extort money out of the Bank of America to keep the failing company going.
A California firm, Serious Materials, then bought Republic and promised to rehire everyone. The company assumed that federal subsidies would save the business. It seems that the $787 billion "stimulus" bill (Are you alive and a voter? Get in line for a hand-out!) included money and tax credits for new windows.
But, curiously, in a midst of a recession people have not rushed forth to buy windows which they don't need. Reports the Washington Post , quoting Serious Materials' Kevin Surace:
"Part of the Chicago plan was by now we'd be hot and heavy into weatherization of thousands of homes in the Chicago area," he said. "It turns out everything has ended up six months slower than everyone wanted. Everyone is frustrated at every level. Is it anyone's fault? No, it's just the process. Shame on all of us for thinking it could be done in a few months."
Oh well ... . Maybe next time people will try to make money by actually satisfying real demand from real consumers.
