Posted on 09/29/2013 10:41:12 AM PDT by whitedog57
Recently, I wrote about “Stealth Socialism” in the US. That is a termed coined by Florida Democrat Alan Grayson. It refers to the Federal government takeover of the healthcare industry (Obamacare), the Treasury market (Fed manipulation), bailouts (GM, Chrysler, banks, etc), etc., etc.
Remember, the architects of Obamacare, the Center for American Progress, estimate that Obamacare will create 4 million new jobs over the next ten years.
And then there is another Stealth Socialism boondoggle for government cronies: green energy!
First, the Obama Administration declared war on coal powered plants and is shutting down even more … even though the EPA admits that banning coal plants won’t impact global warming.
Second, we have the notorious green energy “revolution” where President Obama promised millions of jobs would be created thanks to green energy. And the $90 billion earmarked for clean-energy efforts in the recession-fighting federal stimulus package would ease unemployment.
The track record on green energy initiatives has been less than overwhelming. Of all the arguments for the Obama administration’s green-energy loan program, one of the worst is that federal aid leverages private capital.
Take, for example, Solyndra, Fisker, the Chevy Volt, etc.
And over 50 energy companies that received government aid have declared bankruptcy. That is quite a record of failure.
Like China with their crony ghost cities that sit near empty, the US has a crony capitalism or stealth socialism problem of its own.
And my state of Virginia has been “cronied” as well.
Take GreenTech for example. GreenTech manufactures tiny electric cars. “Made in USA” the GreenTech website proudly declares!
Really? Here is an excellent video about GreenTech, Franklin Pellets and … Virginia Gubernatorial candidate “Fast Terry” McAufliffe.
GreenTech was supposed to build a factory and create 2,000-5,000 American jobs. Some in Virginia (although the site remains undeveloped). And in Hornlake, Mississippi (see video above). Whoops! GreenTech laid off the people in Mississippi (where they took over a plant and promised to build a new plant employing … well, you get the idea. At least the SEC is investigating the Hornlake plant fiasco. The state of Mississippi loaned $5 million to GreenTech for the auto plant.
Now get a load of this. McAuliffe asked Janet Napolitano to expedite Gulf Coast Funds Management’s EB-5 petitions (aka, cash for visas). “GCFM’s motion to reopen should be approved as soon as possible so that it can fund GTA’s operations and job creation in Virginia and Tennessee. USCIS should also expedite adjudication of all EB-5 petitions for investors in Project Mastiff.” (Terry McAuliffe, Letter To Homeland Security Secretary Janet Napolitano , 12/15/10) The worst part? The GreenTech plant was built … in China.
WangMcAuliffeChina2011-GTAjpg
And Former CEO Terry McAuliffe supposedly resigned in March 2013 to run for governor of Virginia, but apparently has was still CEO in March 2013.
To be fair, perhaps the Virginia and Mississippi plants will open once a sufficient number of orders are received. But as of this moment, it looks like pure smoke.
And then there is the Franklin Pellets plant. The old paper mill was shut down and crony extraordinaire Terry McAuliffe had a vision to convert the idle plant to produce, …. wood pellets to ship to Europe. As far as I can tell, nothing has happened. And no wood pellets have been produced or shipped.
So when government cronies can leverage government funds to produce green energy jobs, moral hazard risks go into overdrive and bad outcomes ensue.
Here is Terry McAuliffe with President Clinton and Mississippi Governor Haley Barbour. What could possibly go wrong?
Bill Clinton, Haley Barbour, Terry McAuliffe
Where? In your lap?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.