Obama’s Green Energy Failures
It is always a mistake when governments try to create markets they believe should exist, and using tax payers money the politicians create businesses that are not economically viable without huge tax payer funded subsidies. Usually launched amid a fanfare of this stimulus will create trillions of jobs, earn gazillions in export revenues for the country and create a whole new economy, these white elephants of crony capitalism burn bright all too briefly, before crashing hard and terminally.
The Green Dream of the low carbon economy has proved once again that governments cannot create markets for which commercial reality does not exist, the US House of Representatives in a report on global green jobs concluded that there were no such things as lasting Green jobs.
Green investments have proved just as useless, shares in wind turbine manufacturer Vestas in 2008 cost 698 Danish Kroner, today they are worth just 35 kroner, a fall of 95%.
In his time as US President Barack Obama has pumped billions of dollars into wind, solar, Electric Vehicles (EV) and EV battery manufacture, most people have heard of the massive fail of Solyndra, this is just the tip of Obamas Green iceberg.
The truth is that the problem is widespread. The government’s picking winners and losers in the energy market has cost taxpayers billions of dollars, and the rate of failure, cronyism, and corruption at the companies receiving the subsidies is substantial. The fact that some companies are not under financial duress does not make the policy a success. It simply means that our taxpayer dollars subsidized companies that would’ve found the financial support in the private market.
So far, 36 companies that have received federal support from taxpayers have either gone bankrupt or are laying off workers and are heading for bankruptcy.
Solyndra at US $535 million is relatively small beans compared to:
SunPower ($1.5 billion)
First Solar ($1.46 billion)
Brightsource ($1.6 billion)
LSP Energy ($2.1 billion)*
* denotes already bankrupt
19 of the 36 Green companies are bankrupt, the other 17 are dead, they just haven’t hit the ground yet.
The total failure of governments to run business successfully is wonderfully illustrated by Joe1938 commenting on the story:
Back in 1990, the Government seized the Mustang Ranch brothel in Nevada for tax evasion and, as required by law, tried to run it. They failed and it closed. Now we are trusting the economy of our country, our banking system, our auto industry and our health plans to the same nit-wits who couldn’t make money running a brothel and selling whiskey!
Posted on October 19, 2012, in Anthropogenic Global Warming, Barack Obama, Church Of Climatology, Climate Change, Electric Cars, Global Warming, Green Jobs Lie, Green Lies, Green Taxation, Renewables, Wealth Redistribution and tagged Barack Hussein Obama, Green Energy Failure. Bookmark the permalink. 8 Comments.