Drip, Drip, Drip: Yet Another Green Energy Stimulus Recipient Hits the Skids (the third this week!)

by William Yeatman on January 27, 2012

in Blog

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Earlier this week, Stimulus beneficiary Evergreen Energy bit the dust. Then, Ener1, a manufacturer of batteries for electric vehicles and recipient of Stimulus largesse, filed for bankruptcy. And today, the Las Vegas Sun reports that Amonix, Inc., a manufacturer of solar panels that received $5.9 million from the Porkulus, will cut two-thirds of its workforce, about 200 employees, only seven months after opening a factory in Nevada.

I foresaw this spate of bad news last November. As I explained yesterday,

In a previous post, I compared renewable energy spending in the 2009 Stimulus to a green albatross burdening the President. I argued that Stimulus spending was inherently wasteful, because politics invariably corrupts government’s investment decisions. The result is taxpayers losses on bankrupt companies that existed only by the grace of political favoritism, a la Solyndra. I predicted the green stimulus would haunt the President, in the form of a slow drip public relations nightmare, as a litany of bad investments go belly-up in the run up to the 2012 elections.

Mr. President, are you still sure you want to “double down” on renewable energy giveaways?

Dr John Galt January 27, 2012 at 10:39 pm

The Left is quite at using ‘supply and demand’ as an enticement in achieving their agenda. Reducing the supply of home produced oil/coal, along with greater and more costly regulations, eventually will make alternative energy sources more acceptable and profitable, while the rest of the world will benefit from our lessening of demand making it a cheaper energy source for them to use in competing with us.

carl January 28, 2012 at 8:11 pm

And I hope you aren’t using gas to drive your car, or electricity to power your PC.. etc. etc.
Lead by example! Do you know how arrogant you sound? Let’s force people to use usueless power sources … brillant! NOT.

Steve Rings January 28, 2012 at 9:39 pm

Dr of what? While I agree the left is using this issue for gain, we will NEVER get to acceptable and more profitable for green anything. There is no green technology that creates more energy than it uses which would be a requirement to reducing its cost and increasing its value. The only reason we continue to discuss this is that politicians and the news media are so stupid, ignorant and/or evil that they will neither face nor state the truth; and scientists like their grants so they’re not going to say anything. I think it is too bad nobody wants to actually fight for their country anymore; we could literally fix this crap inside of a week. And the rest of the world will not be better off but will suffer as the energy need is driven by those bent improving their lot, not those fighting with their own government for rice and clean water. Sheer lunacy; thesis not a zero sum game. When we improve, they improve; when we fail, they will die.

kenema January 28, 2012 at 9:51 pm

How many votes do you think democrats will get if gas is $8 a gallon. I drive a truck and I’m certain that food would almost double, too. The democrat party would for all intents and purposes be destroyed for at leat a decade. Maybe then we could send NORMAL citizens there.

Rowdy Boots January 30, 2012 at 9:49 am

Hey!

I think the Left does a great job of supply and demand:

WE SUPPLY, THEY DEMAND!

Charles January 28, 2012 at 8:45 am

The problem with Evergreen was the fact that they never produced much of anything. They worked for decades trying to develop a product, “K-fuel,” for which no market exists.

kingle1 January 28, 2012 at 6:33 pm

There’s certainly nothing wrong with a company working for decades trying to develop a product for which no market exists — as long as it is done with risk capital that is voluntarily put into the company by those who stand to gain but are also willing and able to use. It is absolutely, undeniably unconstitutional to use taxpayer funds as risk capital, especially when the spending decisions are made with political purposes in mind. Those making the decisions are not placing their own capital at risk, and that is simply unconscionable.

Henri Suyderhoud January 28, 2012 at 12:10 pm

Renewable energy will continue to be an expensive myth, until the technolohy succeeds in becoming more efficient in producing it, and similarly more successful in efficiently using it, such as developing more effective household applyances. I don’t expect the President to understand this, but his advisors should, and thus they should look for industrial talent that thinks and works in these terms, before making commitments for support. What we see in stead is handing out taxpayer money to politically aligned companies in states of politically agreeable governments, like CA and NV.

Raymond January 28, 2012 at 4:47 pm

“I compared renewable energy spending in the 2009 Stimulus to a green albatross burdening the President.” Contrary to what some may think, An Albatross was a “Ship’s Good Luck” until some idiot shot & killed it! I personally think that someone shot President Obama’s “Albatross,” then stompped on it! So much for “Doubling Down on renewable energy giveaways!” 🙂

Robert Nagel January 28, 2012 at 9:18 pm

Well said.

shank black January 28, 2012 at 9:23 pm

I like it.

John January 28, 2012 at 4:50 pm

Of course he wants to double down on green energy, he’s a dumbsh!t.

James January 28, 2012 at 5:50 pm

I could not have said it any better myself!!A huge,dumbsh!t!!!!!!

Dwight E. Howell January 28, 2012 at 6:43 pm

Herman Cain knew how to make money in business.

Obama knows how to loose billions.

Dan Dillon January 28, 2012 at 4:50 pm

This is what sorely grieves us
That a man who never fought for his native land
Or held a spear nor oar, nor blister in his hand
Contrives our fees to pilfer.
-Aristophanes

Treason doth never prosper.
What’s the reason?
For if it prosper,
None dare call it treason.
-Ovid

FreudianSlip January 28, 2012 at 6:28 pm

The world is full of stupid, public educated, lazy people who choose to watch and do nothing while the politicians rip off through legislation, mandates, directives, and agency policies their every last tax dollar and run up trillions in new debt. And then, their taxes go up and they give more to the fraudsters.

Get angry people and get off your collective a$$. Vote out or recall all the fraudster politicians (especially all who voted for NDAA) and put as many as possible in prison.

kenema January 28, 2012 at 9:53 pm

thats awesome

Franz Haller January 28, 2012 at 4:51 pm

Read Ayn Rands “Atlas Shrugged” for an explanation of the insanity of Obama and the rest of the Lefties. Passing a law will not alter physics nor natural law. Otherwise, we could overturn the 2nd Law of Thermodynamics and get free energy from nothing. Hell, let’s pass a law against war. Ya think the Iranians will follow it? Chavez? Castro? Ha Ha Ha!

Emerald January 28, 2012 at 4:53 pm

You’ll know when there is a real ‘alternative’ energy. You won’t need government investment because you won’t be able to beat the private investors away with a stick.

JenB January 29, 2012 at 3:18 pm

Exactly.

Stephen January 28, 2012 at 5:01 pm

When is a reporter going to ask the president,” is there a profitable green company?” PLEASE, THE QUESTIONS THAT NEED TO BE ASKED ARE VERY SIMPLE ONES.

ken isner January 28, 2012 at 5:01 pm

Obama you wasted more money them all the presidents combine. You should be ashamed! Now we know black men think—you and Holder—sending guns to Mexico to kill Spanish–Shame.

BlogMagog January 28, 2012 at 5:08 pm

Why the hell is the President playing Investment Advisor with American’s Tax Money ??? I want a court order demanding restitution of all involved. Close to $1 Billion wasted by this clown.

In a free market, companies would only exist if consumers demand they do. This is insane. Brought to you by the same Buffoons who gave us Fannie and Freddie, Get the Gov’t the hell out of my wallet and house!!!! BLAST YOU ALL

Chukkal January 28, 2012 at 5:12 pm

Will someone please stop the hemorraging? Our dollar is being bled dry by these scammers!

R. Kent January 28, 2012 at 5:30 pm

I’m sure “dirtyharry” loved the taxpayers money being wasted. That way he could run his mouth about how he is doing things for us here in Nevada.

Teddy Novak January 28, 2012 at 5:34 pm

Obama is the anti-Midas – everything he touches turns to crap. It’s time to take back America.
http://www.zazzle.com/FirstPrinciples?rf=238518351914519699

http://www.zazzle.com/FirstPrinciples?rf=238518351914519699

C. Purnell January 28, 2012 at 5:34 pm

Green energy was a bust in Spain. Can’t we, the USA, look at those examples and see that it is a failed ‘experiment’?

Jack Armstrong January 28, 2012 at 5:37 pm

The taxpayer money means nothing to this administration. Neither do jobs. Waste money on green energy companies and kill the Keystone pipeline.

Sickening is it not?

Brian January 28, 2012 at 5:34 pm

So well explained in brief, so true.

bob neis January 28, 2012 at 5:37 pm

It’s always easier to spend someone else’s money…. that’s what Socialism is all about… redistribution by government is like throwing your money in the shitter…. especially when you can print more anytime you want.

Howard W. Smith January 28, 2012 at 5:39 pm

If Green Energy was practical, dependable, and afordable. The American people would have been driving electric cars 50 years ago. Basicly green cars run on COAL or Oil. Some nucleare if the Greenies don’t shut down the power plants.

Howie

Robert Nagel January 28, 2012 at 9:26 pm

Actually they were driving them 90 years ago. At one time electric cars were very viable. Old line companies such as Baker made dependable, quality cars. However, there was a battle between gas and electric and gas won. Pouring money in a bottomless pit isn’t going to change anything. The efficiency of the reciprocating gas engine simply can’t be overcome by an expensive electric system. The money being wasted on electric cars would be better spent by the taxpayers and not Obama.

Gary-bg January 28, 2012 at 5:39 pm

Well lets see this administration created or saved jobs with the start ups of these companies and now that they are going bust…according to Nancy Pelosi their unemployment will greatly add to the economy.Twisted logic win…win !!

ATM January 28, 2012 at 5:42 pm

Government as investor is unAmerican. How can our government choose to fund my competitor but not me. I thought the law was to be applied equally.

Ronald Larson January 28, 2012 at 5:43 pm

He will be giving away more of US as soon as he can to get more support and monies for his Dems. And the bad part of all of this we will not be abl to stop him from doing it.

Ronald Larson January 28, 2012 at 5:45 pm

The bad part of all of this is that we can do nothing to stop Him.

dAVID January 28, 2012 at 9:05 pm

We have one chance to stop him … in November.

Gary-bg January 28, 2012 at 5:45 pm

Well lets see this administration created or saved jobs on the start ups of these companies and now that they are going bust according to Nancy Pelosi their unemployment will boost the economy.A win…win in twisted logic!!!

Gary-bg January 28, 2012 at 5:56 pm

In case anybody thought I was on this administration side in this I was being sarcastic this administration if it were running a McDonald’s would be shuttered right now

John January 28, 2012 at 5:46 pm

Three in a week… thought you would want to know.

Earnest Thompson January 28, 2012 at 5:49 pm

What part of ( The only sustainable source of energy is a renewable source of energy ) .. Dont you understand..? #( LiFe iS gOOd )#

Gary-bg January 28, 2012 at 5:52 pm

Then as far as taxpayer money lost well that’s akin to friendly fire in the war of ” Hope and Change” ..ha ha Perhaps I’ll have some change $$ left after all the hope happens.

Pat Michaels January 28, 2012 at 5:54 pm

What’s also noteworthy is the veritable depression in “green” energy stocks. To give an idea, a solar mutual fund, from Guggenheim (symbol: TAN) is down 90%.

By far the biggest potential tree to fall is Vestas, the largest manufacturer of wind turbines. There extremely arrogant and smarmy CEO, Ditlev Engel, recently threatned to cut 1,600 jobs in the US if the wind credit is not reinstated in 2013. That’s a sign of desperation. It’s stock is also down 90%, there was a recent call to remove Engel (think of Jeff Immelt and you knnow Engel).

Pehaps most important, yesterday Spain announced no new subsidy payments for wind. I know it’s kind of a longshot, given the size of the company, but I’ll take a reasonable odd that (say 1:5) that Vestas is going to either be bought or go bankrupt.

John Doe Soetoro January 28, 2012 at 6:23 pm

Imagine, if you could remember and write down everything corrupt, incompetent, and evil that we’ve learned about 0bama, his administration, and the left-wing in general… What would the list look like? 

This is what it would look like: http://www.american-trojan-horse.blogspot.com/

thrushjz January 28, 2012 at 6:34 pm

Obama is doubling down on Green Energy because he and his cronies, Al Gore, Soros, Michael Moore, and many more on the left are getting the payback for investing in stock of these sham “Energy” so called companies. Do some research and find out for yourself.

JBTHE4TH January 28, 2012 at 6:42 pm

There’s a reason why private investors haven’t given money to these companies. They can’t compete economically and if they’re not blazing any new trails, what’s the point?

FN Cee January 28, 2012 at 6:43 pm

If you worked really hard and did tons of research trying to come up with a list of successfully managed government outfits … well, that list would be very short … and if efficiency is/was a part of your definition, that list would be even shorter. You might even think that going bankrupt is the natural end for governments and the things they manage. Since actually making or producing something with value which people are will to pay for without coercion is an important part of success, this is not a surprise.

TexasRick January 28, 2012 at 6:51 pm

More good money after bad. I don’t know if the liberals will ever get it through thier thick skulls that the market will decide what consumers want no matter how hard Ohbummer and his socialist dingbats try and shove public supported green energy that nobody wants. Oil and gas drilling, which is creating real jobs and is reducing our dependence on oil from foreign countries that want us dead is the only tangible driver of our economy and reliable job creator.

But it’s so dirty……whaaaaaaaaa!

STFU!!!!

Ed January 28, 2012 at 6:56 pm

Please, lets not forget the billions thrown down the Ethanol rat hole. That was Bush’s doing. Of course Obummer has to double down on this lunacy. BTW beef prices are at an all time high. Why? The cost of feed (Corn) has gone through the roof. Wow, cant even burn cow manure if there are no cows.

A. Energy January 28, 2012 at 7:04 pm

Why is our Gov’t so blind?

It’s not the energy that is braking the camel’s back, it is the cost of the energy.
A. Energy

stoptouchingthatmabel January 28, 2012 at 7:04 pm

He is using up a lot of greenbacks to prop up these companies. Is that what they meant by green technology? You can lead a horse to water but you can’t make it drink unless you do like Obamacare and force a mandate on us to buy your green technologies.

Crewmax42 January 28, 2012 at 7:08 pm

If liberals and progressives believe in these technologies, then invest your Own money in them, instead of my grandchildren’s (of which I have none)

Steve January 28, 2012 at 7:11 pm

I wrote a trillion dollar check today….my bank refused to cash it…what the F$&%@
Guess it’s only counterfeit for the taxpayer, not the scumbag lawmaker!

JBnID January 28, 2012 at 7:27 pm

What would the unemployment rate be if all those dependent on just such government idiocy were suddenly unemployed? We might soon find out.
Hopefully.

aintseennothinyet! January 28, 2012 at 7:36 pm

Now now, we must not forget that the enlightened ones in Washington know what is best for us and so what if a few companies that received massive amounts of taxpayer money have gone under. Just think about all those construction jobs that were created to build and equip these now defunct factories. How can anyone possibly argue with that!

Mike Twain January 28, 2012 at 7:44 pm

This comment below states it quite clearly what is wrong with this government use of taxpayer money to fund selected companies. Bravo for hitting it right on the head!
kingle1 January 28, 2012 at 6:33 pm
There’s certainly nothing wrong with a company working for decades trying to develop a product for which no market exists — as long as it is done with risk capital that is voluntarily put into the company by those who stand to gain but are also willing and able to use. It is absolutely, undeniably unconstitutional to use taxpayer funds as risk capital, especially when the spending decisions are made with political purposes in mind. Those making the decisions are not placing their own capital at risk, and that is simply unconscionable.

kimdi01 January 28, 2012 at 8:17 pm

I would like reporters to check each and every “green energy stimulus recipient,” whether they go bankrupt or not, and find out how much money they contributed to the presidential campaigns, and which ones, prior to receiving the TAXPAYER money. I just want to see if the whole concept is wrong or if their is a trail of corruption going on.

Law2001 January 28, 2012 at 8:20 pm

I have no reason to believe President Obama is dumb or naive about green energy as some have stated. I suspect he is building his unjustified power base of people by these bribes for campaign donations. In addition, I suspect the Obama administrations funding of “green” companies is money laundering, more community organizing. All of the people in the Obama administration need to be removed from office in the next election for the security of the USA.

Ken January 28, 2012 at 8:21 pm

THROW THE OBUMMER OUT OF OFFICE !!!!

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