Posted on 08/12/2022 7:27:34 AM PDT by SeekAndFind
This past week, the Senate passed the Biden administration’s “Inflation Reduction Act,” which includes $368 billion for green energy spending targeted to reduce CO2 emissions by 40 percent by 2030, a move that will almost certainly increase inflation. In a repeat of the renewable energy project failures that the Obama administration financed with federal grants and tax breaks, the Biden administration is betting more potentially inflationary deficit spending against the odds that renewable energy will be profitable this time.
Ironically, on September 4, 2009, then-Vice President Joe Biden was the one who announced that the Department of Energy (DOE) had just finalized a $535 million loan guarantee for Solyndra, LLC. This green energy company manufactured “innovative cylindrical solar photovoltaic panels that provide clean, renewable energy.” Biden enthusiastically noted the DOE loan guarantee aimed to finance the construction of Solyndra’s manufacturing plant. He also bragged that the annual production of solar panels from the first phase of Solyndra’s plans would provide energy equivalent to powering 24,000 homes a year for over half a million homes during the project’s lifetime.
On September 6, 2011, Solyndra filed for bankruptcy, suspended operations at its headquarters, and laid off 1,100 workers. Solyndra went bankrupt despite $535 million in federal loan guarantees and more than $700 million in venture capital funding. The U.S. Department of Energy blamed the Solyndra bankruptcy on the Chinese, claiming the China Development Bank offered more than $30 billion in financing to Chinese solar manufacturers, “about 20 times more than U.S.".
(Excerpt) Read more at americanthinker.com ...
On December 25, 2011, after analyzing thousands of memos, company records, and internal emails, the Washington Post provided interesting insights into Obama’s entire $80 billion clean energy technology program.
See here:
First, it concluded that the Obama administration gave preferred access to investors in Solyndra who had donated to Obama’s 2008 presidential campaign. Some of these select investors even took jobs in the administration and helped manage the clean energy program. “Documents show that senior officials pushed career bureaucrats to rush their decision on the [Solyndra] loan so Vice President Biden could announce it during a trip to California.” The same article noted that Obama’s May 2010 stop at Solyndra’s headquarters, “like most presidential appearances,” was “closely managed political theater.”
Second, it noted that Solyndra’s most substantial political connection was George Kaiser, a Democratic fundraiser and oil industry billionaire who happened to be an Obama campaign bundler in 2008. Kaiser had hosted Obama at his home, and his family’s foundation owned more than a third of Solyndra. Kaiser “took a direct interest in its [Solyndra’s] operations.”
Peter Schweizer, head of the Government Accountability Institute, reported that 80% of the money spent in Obama’s 2009 Recovery Act on green energy companies went to companies with individual owners who sat on Obama’s finance committee for his 2008 presidential campaign. Given the number of influential donors in Biden’s 2020 presidential campaign who have considerable financial stakes in green energy companies, Schweizer predicts Biden’s “Build Back Better” green energy program amounts to nothing more than “a wealth transfer to Biden’s biggest bundlers.”
See here:
https://www.gatestoneinstitute.org/17518/china-biden-administration
Solyndra needs to become a well used NOUN.
The folks who received millions and millions in grift would take serious issue with the “waste” adjective. For them, there is no higher and better use of taxpayer money than their bank accounts.
Hey, whaddya think “government loan guarantee” means?
Two terms that bug me are”renewable energy” and “fossil fuels.”
Exactly how does the sun get renewed?
Exactly how does a law get the wind to blow?
If oil comes from dinosaurs, did they become extinct from being stacked up on top of each other 200 feet high and then get smashed miles deep into the earth?
Most of it is directed toward “green” energy at the utility level, not decentralized green energy. Basically it’s aimed at making your power less reliable but cost more.
Thank you President Obama.
RE: If oil comes from dinosaurs, did they become extinct from being stacked up on top of each other 200 feet high and then get smashed miles deep into the earth?
Many Geologists are saying that the “oil comes from dinosaurs” narrative is bunk. See here:
Not useless to China’s economy and no shots fired war on the west. Bought and paid for suicidal policy on the part of the administration.
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