House Republicans are pressing the Obama administration for more information about a solar-panel company that received a $400 million loan guarantee, then went bankrupt and is now the focus of a criminal investigation.I know, I know, it's pretty shocking. The Obama administration threw a metric sh*tload of money at an "alternative" energy company, only to see the company go teats-up in less than two years. If only they'd had some indication that alternative energy companies weren't a solid bet for government money! If only there were a track record of shoveling taxpayer dollars at unproven technology blowing up in the faces of everyone who wanted them to succeed!
The committee pursuing documents on Colorado-based Abound Solar is the same that investigated the half-billion taxpayer loan to Solyndra, whose bankruptcy rocked the Obama administration. Two more Department of Energy-backed companies have since filed for bankruptcy, with Abound Solar being the latest.
I hate this for two very simple reasons. First and foremost, hello, that's my money (and your money) they're wasting right there. This company got a dumptruck full of our tax dollars that we will never see again, all thanks to a tone deaf administration that so desperately wanted to pander to the greenies that all common sense went out the window. You have to wonder if at some point someone pitched the "magic bean plant food company" or perhaps the "perpetual motion machine" - because they sure as hell weren't doling out money based on viability.
The second reason is that it's going to be just that much harder for legitimate forms of alternate energy to get money going forward. Some bright young engineer fresh out of MIT and looking to make her mark in the world might come up with the greatest renewable energy source breakthrough since the hydroelectric plant, but she won't be able to get any funding because a skeptical public will lump her in with every other green snake oil salesman out there.
It doesn't seem like Abound ever had any intent to produce "green" energy - they just heard that the Obama administration was flinging greenbacks at any "green" energy company that came down the pike and decided to get some. They lined up at the trough, took their cash, and when it was time to produce something, they claimed that Chinese competition put them out of business. Hmmm. Chinese competition in alternative energy. Why does that sound so familiar?
Oh yeah, that's right - Obama hit the Chinese with stiff tariffs on solar panels, didn't he?
Now isn't that a handy coincidence? The Obama administration tosses out millions of dollars of taxpayer money to alternative energy companies. Said companies produce little-to-nothing, piss away their taxpayer loans on hats, declare bankruptcy, and blame Chinese competition for going out of business. Teleprompter Jesus comes in, slams the Chinese with high tariffs, and gets to pat himself on the back for saving the day.
Problem is, he's saving the day for himself.
Now, a skeptical person would wonder just how much money these alternative energy companies funneled into Obama's campaign war chest in order to get these prized loans. There doesn't seem to be any demonstrable science behind their product - Abound's solar panels were "losing output the more they were exposed to sunlight". Hmmm. Seems that should be the opposite of what happens, doesn't it? I mean, hell, I could wrap a 4X8' sheet of plywood in tinfoil, call it a solar panel, and it would lose output, too... Of course, I would still be able to cook a hotdog on the patented JayG Solar Cell...
Again, the more I hear the angrier I get - because I am more and more likely to support Mittens because of this guy...
That is all.
Another dispatch from...
(image courtesy of Robb Allen)