Spain’s Zapatero Seeks More U.S. Money for His ‘Green’ Firms — Will We Fall for It Again?
The socialist prime minister of Spain, Jose Luis Rodriguez Zapatero, proposed at the G20 meeting that nations agree to create green jobs as a way out of the current economic crisis. Zapatero says he will create a million jobs in the green sector — and we should follow him.
Yet this happens to be the same thing Zapatero proposed a few years ago, and which when implemented, caused Spain’s unemployment to double to 20% from a binge of debt-financed, job-killing mandates for “green” electricity. (For which Spain is now the “world leader.” Help!)
Among Zapatero’s previous converts was President Barack Obama, who formerly, and frequently, mentioned Spain as his model for a “green” program in the U.S. Obama no longer says this.
So — is Zapatero just remarkably stubborn, or a poor economic student? Actually, neither. He’s crafty.
Zapatero knows Spain’s “green” economic woes are even worse than exposed. He’s now hoping others will play the role of dunce and finance Spain’s failing “green” energy firms. The Obama administration seems willing to go along, despite also knowing the truth.
Solyndra is a solar panel company bailed out by the U.S. taxpayer with no strings attached — hundreds of millions borrowed by the Obama administration from China, spent in your name, and immediately squandered as Solyndra flounders.
Viable firms get their money from the capital markets. “Green” firms, however, must turn to politicians, as no investor will bank on a firm with no model for future profit. If “green” firms don’t get a government infusion, it’s curtains. Somehow, they end up getting the infusion. Markets work at picking winners. Picking losers? Follow who the government wants to invest in.
There are many Spanish companies that ran this game on the Obama administration. From an American University investigative assessment titled “Blown Away“:
Overseas firms collecting most green energy money. One of the major selling points of President Barack Obama’s $787 billion stimulus plan was that it would put the economy back on track partly by investing in renewable energy industries, like wind and solar.
The president and many other advocates of alternative energy argue that an investment in green energy would lessen the nation’s reliance on foreign oil, cut greenhouse gases, and most importantly, create thousands of new jobs for out-of-work Americans.But of the $1.05 billion in clean-energy grants handed out by the government since Sept. 1, 84 percent — a total of $849 million — has gone to foreign wind companies. Spanish utility company, Iberdrola S.A., alone has collected $545 million through its American subsidiary.
Even more striking is the fact that there are few restrictions on the how the grants can be used, according to a transcript of a Treasury Department briefing. In fact, more than $800 million has been given to firms for wind farms that were already producing electricity before they received the grants, according to a review of the records by the Investigative Reporting Workshop at American University.
…and I know this investment guy named Bernie who can double your money in six months!!!!
Zapatero wants money primarily so he can give it to his Hamas buddies to destroy Israel. He certainly does not seem to be using it for his rotten excuse for an economy.
Mr. Horner, your ignorance of facts about Solyndra is breathtaking! Solyndra was founded by an American born in America and largely funded by venture capitalists. It received last year a $535 million LOAN GUARANTEE from the Dept. of Energy. A loan guarantee is just that: Solyndra borrowed the money from US commercial banks. If the company goes out of business before the loan is paid off, then the USG is liable–sort of like a co-signer for a loan. Maybe you understand that better. The company also has announced that the building being closed is not especially designed and prepared as the new one; so they are moving some of the equipment to the new one and will double capacity in a few months. They are doing this to keep up with demand all over the world, including a couple of Spanis companies, but mostly the US, Germany, Italy, Czech Republic, Belgium, etc. Check your info before writing falsehoods.
That “demand” you are talking about is being subsidized by taxpayer dollars. Wind power cannot compete with electric power fueled by oil, gas, coal or hydro. To make it competitive, naive politicians, their cohorts and environmentalists have no qualms about taking tax dollars and throwing them away for the sake of “green”. And many of the politicians’ friends on the inside know what company will be rewarded, thereby investing heavily, like the Al Gores of this world. General Electric is one such example. Their windmill, solar and fuel cell divisions are subsidized by U.S. taxpayers. G.E. receives $300 million per year to keep those industries running. And just to remind you, wind power always needs back up. Sometimes the wind stops.
Since our printing press is hot, may as well print a couple billion more greenish papers to please Zapatero.
How much of the company is owned by our green-sex-craze-puppy?
Is it even possible to elect politicians who have America’s interests at heart? Or are all Democrats internationalists?
(1) NO, (2) YES
Oh, they were rhetorical questions? Oops, sorry!
Bush and his Republicans were on the green subsidy bandwagon, also. Today, it’s mainly the Democrats.
If this country is really serious about “green energy” it will release the awesome power of industrial hemp. Until then it is just playing the “look good, sounding foolish” game, rather than the “doing good” reality.
That the writer would not bother to check the website of the company Solyndra to see that the company is American really says it all about the seriousness of the article. The crisis in Spain has a lot to do with the end of the housing bubble that was coincident in time with the world crisis. It would seem incredible that you would not know about it, it has been repeatedly covered in the press, but that would require some more reading. I guess fabricating is much more fun.
You “green” defenders are really getting tiresome. Read my lips. The windmill industry in Spain was being subsidized by the government to the tune of $250,000 per worker. When the financial crises hit, government subsidization stopped and the industry collapsed because on its own it was non-competitive. Do you understand that electricity from wind power is more expensive than from fossil fuels? And sometimes the wind even stops.
FTA: “At the G20, Zapatero pushed nations towards “green” energy as a way out of the economic crisis. He didn’t mention that Spain’s “green” firms are broke and need the foreign infusion.”
It would appear that it also wasn’t disclosed that America is also ‘broke.’
They don’t care. In the long run it will be you, or your children, or their children that pays. As long as someone bails them out.
With this administration, of course they will fall for it, they have enough of the left mad at them now, no reason to make more of it mad.
I wonder if the writer remembers a HUGE scandal in Spain a few months back. I read in ElMundo, in Spanish and I don’t think the US papers picked it up) that a Spanish Energy company was selling electricity from diesel generators buried underneath solar panels for nice profit. The only reason they got caught? They forgot to turn the generators off at the end of the day, so they produced solar energy at NIGHT! From my memory, I don’t think the state was able to charge them because they did deliver the electricity, just be different means and the high price for the electricity was set by the state themselves!
That’s funny. Let me see if I’m clear on this. Spain mandated the cost of electricity, including from fossil fuels, at a high enough cost to cover the true cost of inefficient wind power and solar power. Some creative entrepreneur put up a solar panel with a diesel generator behind it and charged customers the higher cost for solar power. Ha-ha.
Jarmo, read my lips, do you understand that energy from fossil fuels is highly subsidized with tax payers money in the form of wars with other countries to guarantee the provision of those fossil fuels? Do you understand that it is not only the money of tax payers but also the life of our children?