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September 28, 2011
Obama Administration Rushes To Approve $1 Billion More In Loans for Solar Energy (Updated)
Topics: Political News and commentariesThe first $593 million in taxpayer dollars to the failed Evergreen Solar and Obama's pet Solyndra wasn't enough, now the Obama administration has approved 2 more solar energy loan guarantees worth a total of $1B:
Facing a Friday deadline, the Energy Department has approved two loan guarantees worth more than $1billion for solar energy projects in Nevada and Arizona.I find myself at a loss for words ... the willingness of this administration to spend taxpayer money for the sole purpose of pushing its job-killing ideological agenda ... is enough to leave any reasonable person with common sense slack-jawed and bewildered. It's as though this administration just doesn't give a hoot about outcomes ... only agenda regardless of the cost in consumer prices, jobs, and lost opportunity.Energy Secretary Steven Chu said the department has completed a $737 million loan guarantee to Tonopah Solar Energy for a 110 megawatt solar tower in Nevada, and a $337 million guarantee for Mesquite Solar 1 to develop a 150 megawatt solar plant in Arizona.
Update: Turns out that the $1 billion more in loans for solar is only part of the story. Never having been one to shun away from crony capitalism and crony socialism, the administration is spending $737 million of the money on a company that will create just 45 permanent jobs and that is liked to the Pelosi clan.
And then there's that secret gov't bank that's financing more Solyndras (the Federal Financing Bank [FFB]], had a zero balance in 2008 for green energy projects, but now, with little Congressional oversight, it is giving out billions of dollars in loans to White House pet projects, often at dirt-cheap interest rates below 1%.).
Related: Solyndra: What the President Knew and When He Knew It
Posted by Hyscience at September 28, 2011 2:28 PM
Articles Related to Political News and commentaries:
- Obama Administration Rushes To Approve $1 Billion More In Loans for Solar Energy (Updated) - Sep 28, 2011
