The Obama administration, defying congressional Republicans after the failure of solar-panel maker Solyndra LLC, is working to award as much as $9.2 billion in government financing to renewable energy companies before a Sept. 30 deadline.
The deadline pertains to burning money from Obama’s 2009 Porkulus pigout, providing just the latest reason we have to rush rush rush to implement his policies before taking time to think.
Solyndra was the third solar manufacturer to fail in a month. Demand for their politically correct but economically inefficient products is limited, and due to the massive weight of the same government that subsidizes them, these firms can’t compete with the ChiComs.
Although nine of the pending loan guarantees are for solar power, any flaky and impractical means of generating electricity qualifies for a handout:
Nordic Windpower of Kansas City, Missouri, a closely held maker of wind turbines, is seeking a $16 million loan guarantee. Abengoa Bioenergy Biomass of Kansas LLC, a unit of Seville, Spain-based Abengoa SA (ABG), and Poet LLC of Sioux Falls, South Dakota are seeking aid to build the first U.S. plants to produce ethanol using non-food feedstocks, such as corn cobs and switch grass.
These won’t be the first companies since Solyndra to climb aboard Obama’s gravy train:
Since Solyndra said on Aug. 31 that it intended to file for bankruptcy protection, the Energy Department has closed a $1.2 billion loan guarantee for Abengoa to build a solar-thermal power plant in California; a $90.6 million loan guarantee for Cogentrix Energy LLC, a unit of Goldman Sachs Group Inc. (GS), to build a solar manufacturing plant in Colorado; a $150 million loan guarantee to 1366 Technologies Inc., a maker of silicon wafers for solar cells; and a partial guarantee of a $344 million loan to SolarCity Corp., a closely held installer and owner of rooftop power systems.
To anyone who objects to this flagrant waste of taxpayer money while government spending threatens to collapse the economy, bat-faced congresscritter Henry Waxman (D-CA) responds with ideological nonsense pertaining to the moribund global warming hoax:
“The majority of Republicans on this committee deny that climate change is real. If you are a science denier, there is no reason for government to invest in clean energy.”
Even if you believe in Al Gore’s discredited fairy tales, there would still be no reason to launder huge payoffs to Obama’s campaign donors through boondoggles that will inevitably go out of business as soon as grownups cut off the free money supply — if not before.
As Rep. Fred Upton (R-MI) points out, if 9 months of due diligence wasn’t enough to avoid the $535 million Solyndra disaster, what’s the chance this $9.2 billion bonanza will be spread around wisely over a couple of weeks?
On tips from Byron and Graycat. Cross-posted at Moonbattery.