Skip to comments.Obama blows another $100bn on green fantasies(Energy Sec. Chu's office declares Solyndra a success)
Posted on 09/07/2011 7:45:25 AM PDT by bestintxas
Last week, the Obama administrations Department of Energy announced it is extending an $852 million loan guarantee to something called the Genesis Solar Project in California.
Genesis, according to Energy Secretary Steven Chu, will be built on federal land and ultimately employ perhaps 800 people during its construction and 47 people once it is up and running. This would seem to be a lot of money to generate very few jobs at a time when the nation is on the verge of bankruptcy, but the project really isnt about jobs.
Its the latest in the administrations attempt to turn us away from dependence on fossil fuels regardless of cost and reality. This project, according to Mr. Chu, will enable the deployment of clean, renewable sources at scale, which will help bring down the cost of solar power in the years to come.
Maybe, but one has to remember that this man is part of an administration with neither a learning curve nor much regard for the intelligence of the people who elected the president.
You see, Mr. Chu and his boss have been there and done that already in California, using tax money to guarantee a massive investment in a company that was going to help usher in a brave, new and a very green world.
That company, Solyndra, declared bankruptcy not 48 hours after Mr. Chu announced his faith in Genesis. Solyndras founders managed to procure and eat up roughly half a billion dollars in federally guaranteed loans without making a penny in profit before declaring bankruptcy.
(Excerpt) Read more at washingtontimes.com ...
It's a poster child example of what is wrong with the liberal mindset and why we have such runaway spending.
Solyndra is a success the same way the weatherization program is a success when it costs around $6.5 million for each home to be weatherized. (Seattle)
You’d think Solyndra would be used to make the solar panels for this new venture - but I would bet they will come from China.
So which RAT contributors are gonna make a buck on this Genesis gig?
I’m all for a NASA type approach to future energy sources but gov’t dictates as to which are good and which are bad just distorts the science. For example... why did hydrogen fuel cells get dropped for funding? Cause gov’t wanted chevy Volt commitment to aid GM and the unions. That’s gonna work out. /sarc
In 20 years, this project will be a field of broken, rusting, tattered, abandoned structures. A tribute to the Soviet system of Federal government.
The Federal government today no longer is a government. It is a parasite competing against the people.
Arrest, prosecute, convict, imprison.
What these gangsters are doing...
Democrats = incompetence
The actual Wash Times headline is not 100 billion; it is one billion. You can request admin mod to fix it.
“Obama blows another billion on green fantasies”