There might be a ton more at the link, but when these boomers go bust on the public dime, I have issues. Giving
away money to ostensibly turn a sows ear into a silk purse
for a mythical dream is just more insanity driving us over
This is not so very different than Obama’s plan for sub-bituminous coal, which he is promoting. Obama has a two sided plan for coal, first he wants to kill off all the bituminous coal mining, which is mostly on private land in the eastern half of the country.
Second, Obama wants to promote, subsidize and facilitate the mining and transport of sub-bituminous coal, which is mined in the western half of the country on federal land, or federally leased land owned by the Indian tribes, effectively nationalizing a segment of the coal industry.
The sub-bituminous coal is of a much lower grade than bituminous coal and is mostly used in smelters and cement factories in foreign countries. The sub-bituminous coal is in fact of such low quality that it only sells for $12.35 a ton, and that is a good price. At times the price is so low that it doesn’t pay to bring it up out of the ground. Sub-bituminous coal was de-classified as coal in 1992 for the express purpose of freeing it from EPA coal mining regulations to make it economically competitive.
Now, Obama wants to build rail roads, improve existing rails and build terminals and docks dedicated to the shipment of this sub-bituminous coal to China and most recently Mexico, all with your tax dollars. The Mexican plan is particularly interesting because the plan is to ship the coal to Mexico, where the Mexicans will build a coal burning power plant right on the Texas border, where the pollution will blow back across the border. No one has said who is going to pay for this power plant in Mexico, but chances are that it will also be built with US dollars because Mexico has plenty of oil and gas to power their electrical grid without building an expensive sub-bituminous coal plant and the railroad to carry the coal to the Mexican plant.
The crony partners in the sub-bituminous coal industry are even more interesting. The biggest partner seems to be Goldman Sachs, they have bought into the mining companies, both domestic and foreign, Goldman Sach are involved in building all the terminals and Warren Buffet has bought heavily into Goldman Sachs and other coal carrying rail lines, while Buffet’s railroads will be carrying most of the coal.