"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Friday, September 9, 2011

"Banks don't Understand the Technology" but Obama Does!

Even with FBI agents swarming over Solyandra , one of Obama's pet "green job" projects which went belly-up with half a billlion dollars of Federal loan guarantees Obama shows no signs of slowing the flow of billions of dollars to the "green" snake oil industry.

If you thought the stunning failure of Solyndra, a solar-panel manufacturer and recipient of more than half a billion dollars in taxpayer-guaranteed loans, would set back the Obama administration’s pursuit of its “green jobs” agenda, you’d be wrong. Indeed, the president has shown few signs that he even considers the bankruptcy of a company he once called “a testament to American ingenuity and dynamism” much of a setback at all.
The company’s failure was predictable. A 2008 report from the Government Accountability Office warned that the Department of Energy’s loan program was insufficiently protected from the risk that green companies would not succeed, but the Obama administration pushed ahead anyway. The president even visited and gave a major speech at a Solyndra plant just weeks after a PricewaterhouseCoopers audit questioned the company’s “ability to continue.”

Taxpayer money must be used because of the  "high perceived risks" preventing private investors using their own money on such stupid investments.
In a committee summary outlining the need for CEDA, Senate Democrats claim that there is “underinvestment” because of the high “perceived” risks associated with “new and unfamiliar technologies.” According to the summary, CEDA’s mission is “to encourage deployment of technologies that are perceived as too risky by commercial lenders.” In fact, the agency is “encouraged to back riskier technologies.” Which is bad enough on its own terms — and becomes worse when one remembers that the administration did not consider Solyndra to be a “risky” investment. On the contrary, Obama praised it as an example of “the true engine of economic growth.” Its failure, no doubt, was “unexpected.”
Apparently undeterred by Solyndra’s failure and the expense it has imposed on American taxpayers, the administration continues to put up billions in taxpayer money to guarantee loans to similar companies. Just days before Solyndra collapsed, U.S. Energy Secretary Steven Chu announced a partial guarantee for an $852 million loan in support of the Genesis Solar Project in Riverside, Calif. NextEra Energy Resources, the project sponsor, estimated that the investment will create approximately 847 new jobs (at a rate of just over $1 million per).
Shortly thereafter, First Solar Inc. received $456 million in loan guarantees from the U.S. Export-Import Bank, to finance the construction of two solar power plants — in Canada. It is the largest guarantee the Ex-Im Bank has ever approved for U.S. solar products shipped abroad. James Brown, president of First Solar’s utility systems business group, told Bloomberg that his company never would have gotten the financing without the federal government’s help. Why are private lenders so wary, if the investment is truly sound? “Banks just don’t understand the technology.”
With Australia setting up a 10 billion fund for similar projects the green carpetbaggers are out in force down under and it would be too much to hope that Gillard and her financially incompetent crew would learn from the Obama disasters .


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