Obama’s Green Parasite Tax Problem: You Pay Now

[freedombecki]

You are footing the bill through your high taxes for Obama's growing list of Green Companies cashing in on taxpayer-backed loans they got from Obama's hustle-through for cronies to line up at the piggie trough he has made of the U.S. Treasury to get theirs! The common requirement seems to have been only that the company's leaders sent in a modest-by-comparison campaign check, and the allowance is for almost immediate bankruptcy after receiving their check to a couple of years.

Republicans did away with Congress giving 100% taxpayer-backed loans this summer(the people pay if something goes wrong), but not before Nancy Pelosi and Harry Reid helped their partners to billions more in the Solyndra-scandalized Congressional act that was controlled by Democrats to give gifts to their backers. Each time the Republicans have blocked unwise spending, the Democrats have screamed "do-nothing Republican Congress." The truth is, the Republicans are doing something: they're preventing America's credit rating from being downgraded a third time while Democrats are threatening lawsuits, insults, assorted campaign lies, and other vicious tactics in order to keep their hand on the spending wheel they have viewed as personal piggy banks in the past 4 years. There are also others in trouble, they just haven't announced it yet. The following list includes updated amounts for 34 bankruptcies, including the two that occurred this past week:

From the Heritage: President Obama’s Taxpayer-Backed Green Energy Failures


The complete list of faltering or bankrupt green-energy companies, including 2 added this week, A123 and Satcon:

1. Evergreen Solar ($25 million)*
2. SpectraWatt ($500,000)*
3. Solyndra ($535 million)*
4. Beacon Power ($43 million)*
5. Nevada Geothermal ($98.5 million)
6. SunPower ($1.2 billion)
7. First Solar ($1.46 billion)
8. Babcock and Brown ($178 million)
9. EnerDel’s subsidiary Ener1 ($118.5 million)*
10. Amonix ($5.9 million)
11. Fisker Automotive ($529 million)
12. Abound Solar ($400 million)*
13. A123 Systems ($279 million)*
14. Willard and Kelsey Solar Group ($700,981)*
15. Johnson Controls ($299 million)
16. Schneider Electric ($86 million)
17. Brightsource ($1.6 billion)
18. ECOtality ($126.2 million)
19. Raser Technologies ($33 million)*
20. Energy Conversion Devices ($13.3 million)*
21. Mountain Plaza, Inc. ($2 million)*
22. Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
23. Range Fuels ($80 million)*
24. Thompson River Power ($6.5 million)*
25. Stirling Energy Systems ($7 million)*
26. Azure Dynamics ($5.4 million)*
27. GreenVolts ($500,000)
28. Vestas ($50 million)
29. LG Chem’s subsidiary Compact Power ($151 million)
30. Nordic Windpower ($16 million)*
31. Navistar ($39 million)
32. Satcon ($3 million)*
33. Konarka Technologies Inc. ($20 million)*
34. Mascoma Corp. ($100 million)

*Denotes companies that have filed for bankruptcy.

This is a lot of money for us taxpayers to put up front, only to have the company we put our trust in to go bankrupt after only a few months.

In order to provide power that pays for itself, putting the matter into the hands of private interests might help our country zero in on which method of extracting free power from the universe is economically feasible. Burdening the people with over seven billion dollars and counting in providing free insurance for failed green businesses isn't getting us there.

 

[freedombecki]

The link also shows there are a lot of instances of the stimulus money being wasted, abused, and American taxpayers defrauded of their tax money. From the Heritage link above:

The problem begins with the issue of government picking winners and losers in the first place. Venture capitalist firms exist for this very reason, and they choose what to invest in by looking at companies’ business models and deciding if they are worthy. When the government plays venture capitalist, it tends to reward companies that are connected to the policymakers themselves or because it sounds nice to “invest” in green energy.


The 2009 stimulus set aside $80 billion to subsidize politically preferred energy projects. Since that time, 1,900 investigations have been opened to look into stimulus waste, fraud, and abuse (although not all are linked to the green-energy funds), and nearly 600 convictions have been made. Of that $80 billion in clean energy loans, grants, and tax credits, at least 10 percent has gone to companies that have since either gone bankrupt or are circling the drain.

1900 investigations to look into this problem with 600 convictions seems to be a huge national issue. Don't people care anymore if they are taxed to death for nothing but very wealthy politicians playing Robin Hood with money from people a lot worse off than they?

Hello! Washington? Are you there?

 

[Lumpy 1]

Great Op's get .............

 

[freedombecki]

Feds have more than 1,900 investigations open into alleged stimulus wrongdoing

With little notice, inspectors generals across federal agencies are piecing together criminal and civil cases into stimulus money that was misspent, wasted or defrauded.

Why It Matters:

The $840 billion stimulus plan was designed to be a shot in the arm for the economy and to help create jobs. To the extent that the money was misspent, its benefit was diminished -- so the increase in the federal deficit and national debt yielded less value than intended. Washington Guardian, Oct. 15, 2012

 

[Mr. H.]

"Paying through high taxes"? Hardly.
The guy just prints money and gives it away.

 

[freedombecki]

"Paying through high taxes"? Hardly.
The guy just prints money and gives it away.

I know. Congress needs to reclaim their turf of disbursements.

 

[copsnrobbers]

Billions funneled into Scams.

It wouldn't surprise to me to learn huge amounts of the money went to the MBH.

 

[Murf76]

It's not really about the "green energy" though. Progressives had a really good time taking the mickey out of Glenn Beck when he illustrated how green energy is linked with big labor and "social justice" groups like ACORN. What they couldn't do though... is refute him.
The Apollo Alliance | Fox News Video

I think what's clear is that Energy Independence is something that most Americans agree on. And say what you like about Glenn Beck, I think he was truly on to something here. Why else would a guy like Van Jones even be interested in green energy? In fact, he's said as much: Van Jones: Green Energy Is Really All About Social Justice (Video) | The Gateway Pundit
Of course, there are lots of examples of Jones trying to tie these issues together, but just as in the example above his arguments are specious and emotional.

What they tried to do here was to harness green energy as a vehicle to carry the rest of the progressive agenda. Everybody can agree that clean energy is a good thing. It's the perfect political foil for slipping the rest of their redistributive policies past the American People.

Trouble is though... while they were out redistributing our money, the "green companies" they were giving it to burnt their asses by not providing them with results they could take before the people and claim victory on. In fact, their record is so bad that they've sullied the very vehicle they planned to hide their progressive agenda in. And because they spent so much with so little success, now they've got questions to answer and no record to run on.

 

[Katzndogz]

How many of those bankrupt companies donated millions to obama. The green energy companies are laundromats, created specifically for the purpose to launder tax funds into democrat contributions.

 

[GoneBezerk]

Green energy is the newest scam on the American taxpayer where Democraps steal taxes and give it back to their supporters....welfare/food stamps was the original scam.

 

[Murf76]

How many of those bankrupt companies donated millions to obama. The green energy companies are laundromats, created specifically for the purpose to launder tax funds into democrat contributions.

While I think you're exactly right about that, I also think that Obama got caught flat-footed on how fast these "laundromats" have gone belly-up. I expect they thought they were dealing with true believers like themselves who would put up just enough examples of success to keep them floating. Trouble is, the public has taken a virulent dislike of "bail-outs" just now. So, while Obama runs his mouth about "investments" what voters HEAR is wasted money and more debt.

 

[Murf76]

Green energy is the newest scam on the American taxpayer where Democraps steal taxes and give it back to their supporters....welfare/food stamps was the original scam.

Who then give it back to them in the form of campaign contributions. Exactly. It's all circular. The first step to getting one's agenda accomplished is getting elected. Of course, power and money are their own rewards to the more hardened cynics of the political class, but in order to STAY in power, you've got to enlist large numbers of true believers to your cause. So, you have to have an "agenda". Not even useful idiots are going to help you if they know that what you REALLY care about is the money and prestige.

Green energy was the perfect foil for the progressive agenda, binding all these other Democrat machines into one gigantic behemoth they could use like an ATM. And because of the new nature of the technology, which requires public "investments" as we are told , they could funnel billions of taxpayer dollars into it and collect a goodly portion of them back in the form of campaign contributions.

 

[freedombecki]

How many of those bankrupt companies donated millions to obama. The green energy companies are laundromats, created specifically for the purpose to launder tax funds into democrat contributions.

While I think you're exactly right about that, I also think that Obama got caught flat-footed on how fast these "laundromats" have gone belly-up. I expect they thought they were dealing with true believers like themselves who would put up just enough examples of success to keep them floating. Trouble is, the public has taken a virulent dislike of "bail-outs" just now. So, while Obama runs his mouth about "investments" what voters HEAR is wasted money and more debt.

The A123 Systems is a typical company careless that absorbed $279 in the money grab you're describing, and their story is here: Taxpayers' Green Investment in Batteries Company Whithers . Do not read the link if you have a light stomach. /disclaimer

 

[Murf76]

How many of those bankrupt companies donated millions to obama. The green energy companies are laundromats, created specifically for the purpose to launder tax funds into democrat contributions.

While I think you're exactly right about that, I also think that Obama got caught flat-footed on how fast these "laundromats" have gone belly-up. I expect they thought they were dealing with true believers like themselves who would put up just enough examples of success to keep them floating. Trouble is, the public has taken a virulent dislike of "bail-outs" just now. So, while Obama runs his mouth about "investments" what voters HEAR is wasted money and more debt.

The A123 Systems is a typical company careless that absorbed $279 in the money grab you're describing, and their story is here: Taxpayers' Green Investment in Batteries Company Whithers . Do not read the link if you have a light stomach. /disclaimer

Wow. What a great thumbnail sketch of the situation. Not only do we see cronyism connected to political contributions, but we also see investors getting skinned as these companies are artificially inflated by taxpayer cash. That's a subject which hasn't seen much public discussion.

 

[freedombecki]

While I think you're exactly right about that, I also think that Obama got caught flat-footed on how fast these "laundromats" have gone belly-up. I expect they thought they were dealing with true believers like themselves who would put up just enough examples of success to keep them floating. Trouble is, the public has taken a virulent dislike of "bail-outs" just now. So, while Obama runs his mouth about "investments" what voters HEAR is wasted money and more debt.

The A123 Systems is a typical company careless that absorbed $279 in the money grab you're describing, and their story is here: Taxpayers' Green Investment in Batteries Company Whithers . Do not read the link if you have a light stomach. /disclaimer

Wow. What a great thumbnail sketch of the situation. Not only do we see cronyism connected to political contributions, but we also see investors getting skinned as these companies are artificially inflated by taxpayer cash. That's a subject which hasn't seen much public discussion.

The part of the story that cleaned my clock was when CEOs took out huge golden parachute cash rewards for themselves in February and went BK in April.

 

[Murf76]

The A123 Systems is a typical company careless that absorbed $279 in the money grab you're describing, and their story is here: Taxpayers' Green Investment in Batteries Company Whithers . Do not read the link if you have a light stomach. /disclaimer

Wow. What a great thumbnail sketch of the situation. Not only do we see cronyism connected to political contributions, but we also see investors getting skinned as these companies are artificially inflated by taxpayer cash. That's a subject which hasn't seen much public discussion.

The part of the story that cleaned my clock was when CEOs took out huge golden parachute cash rewards for themselves in February and went BK in April.

Well, that's the thing... I don't think these progressive "true believers" expected that kind of behavior. That's why I said earlier that I think Obama got caught flat-footed on this. I think it's likely that they believed these companies were as dedicated to the agenda as so many others they deal with, like organized labor or "social justice" groups. In the group politics that Democrats have become accustomed to, whatever group in question, be it the NAACP or NOW, they're DEMOCRATS first. I think they were naive enough to believe that this would be the same based upon campaign contributions already received and "green" entrepreneurs blowing sunshine up their asses at the prospect of large wads of free cash.

 

[copsnrobbers]

How many of those bankrupt companies donated millions to obama. The green energy companies are laundromats, created specifically for the purpose to launder tax funds into democrat contributions.

And to the Muslim Brother Hood. The "MBH:" They eventually will control the Oil. Wake up America vote him out. He's one of them.

 

[AmericanFirst]

Funny the libtards are not on here defending their thief in chief.