A Complete List of President Obama’s Taxpayer-Backed Green Energy Failures. Obama Believes the Most Important Issue of His Second Term is….”Climate Change”

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From the Heritage Organization

President Obama’s Taxpayer-Backed Green Energy Failures

By Ashe Schow

October 18, 2012

It is no secret that President Obama’s and green-energy supporters’ (from both parties) foray into venture capitalism has not gone well. But the extent of its failure has been largely ignored by the press. Sure, single instances garner attention as they happen, but they ignore past failures in order to make it seem like a rare case.

The truth is that the problem is widespread. The government’s picking winners and losers in the energy market has cost taxpayers billions of dollars, and the rate of failure, cronyism, and corruption at the companies receiving the subsidies is substantial. The fact that some companies are not under financial duress does not make the policy a success. It simply means that our taxpayer dollars subsidized companies that would’ve found the financial support in the private market.

So far, 36 companies that have received federal support from taxpayers have either gone bankrupt or are laying off workers and are heading for bankruptcy. This list includes only those companies that received federal money from the Obama Administration’s Department of Energy. The amount of money indicated does not reflect how much was actually received or spent but how much was offered. The amount also does not include other state, local, and federal tax credits and subsidies, which push the amount of money these companies have received from taxpayers even higher.

The complete list of faltering or bankrupt green-energy companies:

  1. Evergreen Solar ($24 million)*

  2. SpectraWatt ($500,000)*

  3. Solyndra ($535 million)*

  4. Beacon Power ($69 million)*

  5. AES’s subsidiary Eastern Energy ($17.1 million)

  6. Nevada Geothermal ($98.5 million)

  7. SunPower ($1.5 billion)

  8. First Solar ($1.46 billion)

  9. Babcock and Brown ($178 million)

  10. EnerDel’s subsidiary Ener1 ($118.5 million)*

  11. Amonix ($5.9 million)

  12. National Renewable Energy Lab ($200 million)

  13. Fisker Automotive ($528 million)

  14. Abound Solar ($374 million)*

  15. A123 Systems ($279 million)*

  16. Willard and Kelsey Solar Group ($6 million)

  17. Johnson Controls ($299 million)

  18. Schneider Electric ($86 million)

  19. Brightsource ($1.6 billion)

  20. ECOtality ($126.2 million)

  21. Raser Technologies ($33 million)*

  22. Energy Conversion Devices ($13.3 million)*

  23. Mountain Plaza, Inc. ($2 million)*

  24. Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*

  25. Range Fuels ($80 million)*

  26. Thompson River Power ($6.4 million)*

  27. Stirling Energy Systems ($7 million)*

  28. LSP Energy ($2.1 billion)*

  29. UniSolar ($100 million)*

  30. Azure Dynamics ($120 million)*

  31. GreenVolts ($500,000)

  32. Vestas ($50 million)

  33. LG Chem’s subsidiary Compact Power ($150 million)

  34. Nordic Windpower ($16 million)*

  35. Navistar ($10 million)

  36. Satcon ($3 million)*

*Denotes companies that have filed for bankruptcy.

The problem begins with the issue of government picking winners and losers in the first place. Venture capitalist firms exist for this very reason, and they choose what to invest in by looking at companies’ business models and deciding if they are worthy. When the government plays venture capitalist, it tends to reward companies that are connected to the policymakers themselves or because it sounds nice to “invest” in green energy.

More here………..

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IF Obama re-elected think ABOUT THIS:

***Read by clicking on blue letters below**

Obama believes the most important issue of second term is ‘climate change’. Crony Capitalism Continues. What About the American People, Jobs and the Economy?

Excerpt:

Obama believes the most important issue of second term is ‘climate change’

By Ed Lasky

June 11, 2012

President Obama is quoted in a New Yorker column by hooked-in journalist Ryan Lizza as believing the most important issue to address in his second term would be climate change

“Obama has an ambitious second-term agenda, which, at least in broad ways, his campaign is beginning to highlight. The President has said that the most important policy he could address in his second term is climate change (italics mine), one of the few issues that he thinks could fundamentally improve the world decades from now. He also is concerned with containing nuclear proliferation.”

Do we have the most obtuse President ever in the Oval Office?

Tens of millions of people out of work or underemployed; pension funds at risk; the entitlement crisis is getting worse every day it is unaddressed; the oncoming “fiscal cliff” threatens to throw us into another recession (predicted by the non-partisan Congressional Budget Office; Taxmaggedon begins on January 1st; our deficit is enormous and we have accumulated trillions of dollars of debt under his presidency with nothing to show for it other than high unemployment and high debt; and Barack Obama believes climate change trumps these concerns?

He has political tin ears.

The cap and trade proposals that he tried to push through Congress early in his Presidency failed to gain traction as Republicans opposed them and as his attention shifted towards passing the stimulus and ObamaCare — but seemingly he has not given up on his quest to try to ram them through again in a second term. As a poker player, he must like to double down on losing hands.

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RELATED LINKS:

Is Harry Reid’s “Lie” about Romney just a “Smoke Screen” to hide this? Harry Reid Helps Chinese Solar Firm Represented By His Son

Any conflict of interest here Harry?

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Kind of like Nancy Pelosi and Tonopah:

 Nancy Pelosi’s brother-in-law gets “Green Jobs” handout of $737 MILLION

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OR THIS?

Rep. George Miller and Sun Power: (Yet Another)…..Solar Firm That Received $1.2 Billion Federal Loan Plagued by Financial Problems

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Even after Obama loans to “Green Companies” have ended in bankruptcy, Obama shells out more taxpayer money/loans for “Green Jobs.”

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Climate Change Profiteers?

Read by clicking on blue links below and EDUCATE yourselves America!

Rio + 20

Chicago Carbon Credit Exchange

Maurice Strong

George Soros

Agenda 21

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Obama’s Bud Jeffrey Immelt of GE moving Jobs to CHINA?

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Tax upon Tax upon Tax upon Tax…….The Obama way.

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Enlighten

Educate

Empower

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Paul Krugman: “Tiny, tiny missteps like Solyndra” What’s a BILLION dollars anyway?

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PAUL KRUGMAN: ‘RIDICULOUS’ TO TALK ABOUT ‘TINY, TINY MISSTEPS’ LIKE SOLYNDRA

June 3, 2012

by   Erica Ritz

Paul Krugman: Solyndra a Tiny Misstep, a Billion Dollars Isnt a Lot of Money | ABCs This Week

New York Times columnist Paul Krugman appeared as a guest on ABC’s This Week Sunday where he said, among other things, that Rep. Paul Ryan’s budget plan is a “fraud,” Scott Walker is trying to redistribute income upwards through tax cuts, and that it’s “terribly unfair” to hold Obama responsible for the shameful state of the United States economy.

If that’s not enough, the columnist remarked of Solyndra: “We’re talking as if a billion dollars was a lot of money…,” particularly in comparison to the size of the U.S. debt and the economy.  While this is true, the economist seemingly lacks any awareness that it is precisely this mindset thatleads to a $15 trillion dollar debt.

Watch Krugman discuss how “ridiculous” it is to discuss “tiny, tiny missteps” like Solyndra, below:

Trouble viewing video?  Click HERE.

This is not the first time Krugman has come under fire for confusing the failure of public and private funds.

Last August, Forbes contributor Warren Meyer summarized:

I suppose it should not surprise me that a prominent voice on the left does not recognize a distinction between private equity money invested voluntarily and public investments of taxpayer money.  So, to help Dr. Krugman out, let me suggest several important differences.

The most important distinction is that [private failures like] Pets.com did not take my money.  Solyndra did, and without my permission, too.  When Solyndra flushed over a half billion dollars down the toilet, some of that wealth destroyed was mine. [Emphasis added]

He continues, following Krugman’s theme that there is no real difference between public and private capital failures:

By the way, if it were the job of the President to be such a venture-capitalist-in-chief, would you have chosen Barack Obama for this position?  Would he even be in your top, say, 20 million choices?  If I gave you a choice of Barack Obama or a random person snatched off the street of lower Manhattan, who would you choose to make these investment choices?

Krugman’s argument falls into a general category of [leftist] defenses of big government that I would summarize as “private actors make mistakes too.”  This is one of the great straw men of anti-capitalist writers.  No reasonable defender of capitalism would ever dispute that there are private enterprises that become senescent and unresponsive, that burn through hundreds of millions of dollars pursuing losing business plans, or that treat customers in arbitrary ways not much better than does the DMV.

The difference is that, absent government bailouts and crony protections of favored businesses, private markets exercise a discipline and accountability that eventually shift market share, revenues, profits, and capital to better enterprises.  These corrective mechanisms are almost entirely absent in the political realm.  Circuit City goes away, but the DMV lasts forever. [Emphasis added]

(H/T: Weasel Zippers)

SOURCE

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“If I wanted America to fail”

Trouble viewing video?  Click Here.

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ADD THIS:

Read by clicking on blue links

Americans have seen how productive/profitable Obama’s Green Projects have gone:

Failed “Green Projects”:  Solyndra, Lightsource, Tennessee Truck Charging Station,   Tonopah tied to Nancy Pelosi,   US Navy paying $15 per galloon for jet fuel (Obama Crony involved),  then today we hear about the parent company of electric car batteries, supplied with Obama cash has filed for bankruptcy.

Even after Obama loans to “Green Companies” have ended in bankruptcy, Obama shells out more taxpayer money/loans for “Green Jobs.”

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AND THIS:

“Green” Energy Firm Given $118.5 Million Taxpayer Loan From Obama Administration, Gives Executives $725K Bonuses, Promptly Goes Bankrupt…

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Ripping the lid off of Colorado’s Solyndra

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Another Stimulus-Backed Solar Panel Maker (Abound Solar), one Obama Touted in a weekly Radio Address, Lays off Most of its Workers.

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Another Failed “Green” Company (A123 Systems) gets $390 MILLION in subsidies; Lays off 125 workers

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$737 Million Green Loan to Nancy Pelosi Kin Fuels Outrage

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US Navy Paying $15/gallon for green fuel (Obama Crony Involved)

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Want to know where all the House-passed jobs bills are? Stuck in the Senate. Is Harry Reid Enabling Obama’s Power Grab?

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Yesiree……What’s a BILLION dollars but a “tiny, tiny” problem?

It is NEVER Obama’s fault for FAILED policies or Crony Capitalism, it is always someone or something else’s fault.

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