CNSNews.com reports on a recent White House Press Conference that included a discussion of our green energy failures:
The Obama administration’s investments in clean energy include a number of successes, White House Press Secretary Jay Carney asserted Tuesday. However, a review of the federally subsidized green companies finds that most have either filed for bankruptcy or made massive layoffs.
Carney responded to a question about criticism from Republican presidential nominee Mitt Romney regarding the $535 million Department of Energy loan to the politically connected Solyndra solar panel firm that filed for bankruptcy last fall before being raided by the FBI.
“I think the program, as created under the Bush administration and pursued by this administration, has always acknowledged that not every company invested in would succeed,” Carney said. “That is why things like that needed investment in order to scale up to allow them to grow and succeed.
“The portfolio as I understand it contains a number of companies that are progressing and succeeding.
A number of companies. Gee. Could we have a list please? It shouldn’t be that hard to come up with.
And you’re blaming Bush for this?
Actually, what we do have is a staggering list of companies that the Obama administration has dumped your money into that aren’t doing so well.
Here’s a list of the companies that this administration was sure would be winners just a year or so ago.
- Evergreen Solar – $3M in DoE funds, $58M from the state of Massachusetts;
- SpecrtraWatt – $500K;
- Solyndra – $535M;
- Beacon Power – $43M;
- Eastern Energy, an AES subsidiary -$17.1M;
- Nevada Geothermal – $98.5M;
- SunPower – $1.5B;
- First Solar – $3B;
- Babcock & Brown – $178M (they’re Australian);
- Ener1 – $118.5M;
- Amonix – $5.9M;
- Fisker Automotive – $339M to build cars in Finland;
- Abound Solar – $400M;
- Solar Trust of America- $2.1B;
- A123 Systems – $279M;
- Willard & Kelsey Solar Group – $6M
- Johnson Controls – $299M;
- Schneider Electric – $86M.
What do these companies have in common, other than getting tons of your money? Well, they’re all either in or headed for bankruptcy court.
Consider the Obama administration’s green “investment” pool to be the full employment act for bankruptcy lawyers. Hey, at least somebody is finding jobs.
So the Obama administration and his Department of Energy has an unmitigated string of disasters on their hands that they refer to as “investments.” They’ve probably learned their lesson, right?
From the New American:
Speaking at a July 16 campaign event in Cincinnati, Ohio, President Obama insisted that he does not make the same mistake twice, and that he would remain steadfast in his efforts to subsidize the “green” energy industry.
…the president promised that he would continue to “invest” in alternative energy technology if he is reelected in November. “We’re going to invest in American energy,” he vowed. “Yes, we want to continue to expand our production of oil and natural gas, but I also want to make sure we are the leaders in solar and biodiesel — the energy of the future that can help reduce dependence on foreign oil.”
“We’re going to invest in American energy…”
If “we” were going to actually invest in American energy, “we” could do it without spending one crying dime of taxpayer money. Heck, we wouldn’t even have to borrow any money from the Chinese to do it. All we’d have to do is to open up public lands and offshore areas to new exploration. Calling off the idiots who are suing to stop Alaskan oil exploration that’s already been approved would also be a good start.
If all of that isn’t enough to make your blood boil, this will, from The Foundry at Heritage:
A new book by Hoover Institution fellow Peter Schweizer details the startling extent of the cronyism that has pervaded President Obama’s “green jobs” push. According to Schweizer, 4 out of every 5 renewable energy companies backed by the Energy Department was “run by or primarily owned by Obama financial backers.”
Those companies’ “political largesse is probably the best investment they ever made in alternative energy,” Schweizer explains. “It brought them returns many times over.”
It’s bad enough that Democrats have a pipeline funding source from taxpayers through public employee unions to the Democratic Party, they’ve managed to open a new pipeline (not Keystone, which would help all Americans) from taxpayers through the Department of Energy to Obama supporters and bundlers to the Democrats.
November just can’t come soon enough.