The Obama admin rushed out money to Solyndra to take advantage of photo-ops. We know how that worked out. But the administration does not appear to have learned anything from the experience.
The Energy Department announced Wednesday that is has finalized more than $1 billion in loan guarantees for two separate solar energy projects.
The decision comes several weeks after Solyndra, a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009, filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington.
It also comes about two days before the money would have dried up, on Oct. 1.
DOE announced a $737 million loan guarantee to help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve.
The Energy Department said the project will result in 600 construction jobs and 45 permanent jobs.
More at the link. Solyndra was supposed to get us 1,100 jobs, which it did — for a while. Now those laid off workers are filing for more federal money to get re-trained. How long will these billion dollar jobs last?
Senator Harry Reid, bringing home the BACON (i.e. pork) That’s about two tax dollars dollars for every man, woman, child, and illegal alien resident in the United states, all to create 45 jobs. What a great deal! Imagine, if we can create 45 jobs with only 737,000,000, dollars, just think how many more jobs can be created or saved if those obstructionist TEA partiers would just shut up, move to the back of the bus, stop acting stupidly, and let Obama and Steven Chu make all the economic decisions for our fine country!
YUP! Obama, you REALLY ARE the smartest guy in the room. I’m getting a tingle just looking at the crease in your pants, tell me, is it really time that the oceans stop rising? You truly are The One we have all been waiting for.
FUN FACTS:
Solyndra was given a loan by the Obama administration after Bush flat out rejected their loan one month before he left office.
Obama was fully aware of Solyndra being at risk for a Loan, but approved it anyways since the largest Investor, George Kaiser, was Obama’s number one Campaign Bundler in 2008.
Is this any surprise at all? No, not really.
Is there any Bill or Deal that Obama is associated with that has ever gone down as Obama had Promised when he was selling it to the American Taxpayer?
EXAMPLES OF OBAMA DECEPTION:
1. OBAMACARE-Obama claimed his own Mother was fighting with Insurance Companies up until the day she died. Fact is, Obamas Mother, Ann Dunham, had no issues with Insurance, ever. Obama lied about his own Mother to Americans just to sell Obamacare. FACT.
Obamacare has caused major increases to Premiums for Americans since it causes major concerns about who will pay for the increased costs of keeping 30 million extra people insured, including Illegal Aliens. Obama lied when he said Americans would not have to pay for Illegals Insurance, well Obama Lied and Jim Wilson was correct, Obama is a Liar.
2. Obama keeps his word concerning what he promises to the Wealthiest of Americans. George Kaiser is a Billionaire and Mojor Campaign Donor to Obama and Michelle. George had his own Wealth to cover the Solyndra Construction and Loan. Rather than risk Georges own Wealth for Solyndra, Obama set up George with the $535 Million dollar Loan Bush denied for high Risk. Obama even went a step further and rearranged the conditions of Bankruptcy for Solyndras Investors, like George Kaiser.
Obama changed what the Banking Laws require, being that the American Taxpayer would be paid back first in the event of Bankruptcy. Obama changed the verbage stating that the Investors to Solyndra would be paid back before the Taxpayers would be paid in the event of Bankruptcy. Obama is one Evil Man, void of all ethics, morals and I will cheer the day he is removed.
Obama has proven so many times with Solyndra, Libya, Fast and Furious and Obamacare that he will Lie to the American Taxpayer to achieve his own personal agenda. When the Lie is exposed, Obama will neither acknowledge his Crime or ever admit to the crystal clear writing on the wall in his own penmanship.
As I recall of the $38b appropriated to the program, the Energy Dept had not committed up to $17b. I have a feeling that the authority for this program is extended beyond Oct 1 under both versions of the continuing resolution, because the House GOP wished to cut precisely that program to make way for $3.5b for emergency disaster relief. With the compromise of $2.5b in relief, without any commensurate cuts, I guess this program will continue into the new fiscal year and these projects will continue to receive preferential funding. And the mischief will continue apace.
Barry O has to keep the Democrat bundlers and union campaign donors happy, not to mention that small cadre of “green believers”. Too bad about the national pocketbook being reduced to pocket lint.
According to Investors.com, it’s likely there will be a few more last-minute loans authorized before the Sep 30 deadline. Nine loan guarantees were in the pipeline, it appears.
The loans you’ve detailed in your post would create approximately 52-55 permanent jobs, according to DOE figures, at roughly $20 MILLION per job created.
If the additional loans go through, a grand total of 283 jobs would be created at the cost of $23 MILLION per job.
Wouldn’t it be more cost effective to send $250,000 to 100 families, then make them pay the ObamaMath “millionaires” tax? Maybe Obama could turn it into a Greenbacks-for-Mega-Taxes dinner/lottery/stimulus/campaign opportunity.
Investors.com: DOE Mulls Green Energy Loans at 23 Million per Job
http://www.investors.com/NewsAndAnalysis/Article/586155/201109271759/DOE-Mulls-Loans-For-Green-Projects-At-23-Mil-Per-Job.htm
Before you bust a gasket in your zeal to bash Obama, don’t forget the construction jobs created during the Solyndra build. Thousands of workers made decent wages they wouldn’t have otherwise. Same goes for the large solar projects being built or to be built, one of which I saw with my own eyes last week in the Arizona desert. Thousands of jobs created to build a project that will be generating real power to the grid soon and for 25 years or more. Not pie in the sky, but real utility-scale solar and real albeit temporary construction jobs (the very nature of construction jobs, btw) by the thousands. Don’t paint the whole “green economy” with the same brush–there is job creation going on, and the data are there.
As in all things political, it pays to follow the money. This morning, there are two stories getting some attention:
More solar companies led by democratic donors received federal loan guarantees
That’s called payback.
Notice how Nancy Pelosi isn’t talking about the “culture of corruption” anymore? Perhaps this explains why: $737 million in green-tech loan to company connected to Pelosi family?
But that’s not the best part. As both Gateway Pundit and American Glob discover, one of SolarReserve’s “investment partners” is Pacific Corporate Group, through its Clean Energy and Technology Fund. And PCG’s executive director is Ron Pelosi — brother of Nancy Pelosi’s husband. Suddenly, this deal makes a lot more sense than spending $737 million for forty-five jobs.
This surely is just a coincidence … in the same way that the push by the Obama administration to approve a loan to a failing Solyndra backed by one of his big campaign bundlers was just a coincidence. Recall Reason TV’s excellent video yesterday on the urban-renewal movement, in which governments seized property ostensibly to improve neighborhoods but parsed out the spoils to the politically connected ? That’s exactly what’s going on with this program, and with Barack Obama’s demands for more blank checks for stimulus. The only thing Obama’s stimulating is the pockets of his cronies.