Supposedly we are “addicted” to fossil fuels. But the real addiction is the “green energy” insanity.
Solyndra was a disaster for the Obama Administration—or would have been if a Republican Administration had been caught giving money to donors on the basis of a doomed business model. Green cronyism is somehow OK with liberals. At least Obama was using a Leftist cause to waste public money for his own benefit.
A tiny solar company named SoloPower will flip the switch on production at a U.S. factory Thursday, a major step toward allowing it to tap a $197 million government loan guarantee awarded under the same controversial program that supported failed panel maker Solyndra.
Why do something so insane? “As the failures accumulate, Obama is under pressure to show better results for the program.”
That is impossible.
Let’s be clear: society has a way of allocating resources and transitioning from one product to another: the market. The reason that people still want to use fossil fuels is that, despite all the handwringing about “depleting resources,” they are still much cheaper to use. If prices rise to the point that alternative fuels are cheaper, then we will use them. The Department of Energy was not required to get America to give up whale oil lamps.
There are plenty of people who would like to find a profitable investment for their money. All those people know about solar panels. Some, who did not do enough research, got ripped off by the hype:
Companies that make those panels are now struggling to survive. Even the world’s largest solar panel maker, China’s Suntech Power Holdings Inc, warned on Friday that it may be delisted by the New York Stock Exchange because its share price, which reached $90 in 2008, is now less than $1.
Other potential investors were smarter or have now learned that investing in solar energy is throwing money away.
Obama and his cohorts, however, think the government must step in and throw their money away for them. If SoloPower was anything more than a way to burn money for no social benefit, then they wouldn’t need a loan from the Department of Energy. They would have investors.
In the meantime, as Obama works on making the recession into a full-blown depression in his second term (if he gets one), he is “already tightening regulations on fracking that has been a key factor responsible for the natural gas boom.”
Obama doesn’t want booms, except in government debt and spending and cronyism. In the real economy he wants to move from collapse to collapse. He is addicted to it.