And another Obama crony goes belly up
Good afternoon one and all, and yes, since it is Friday, it must be time for more bad news from the Office of Obama coverups. In this case, yet another of his cronies has just gone Chapter 11.1
The company, Ener1, which was the recipient of $118.5 million dollars in taxpayer money filed for Protection under Chapter 11 of the bankruptcy code. Once again we see how good at “The One” is at picking winners. I’ve lost count of the number of failures this makes. The biggest one I’m aware of was Solyndra.
Ener1 was a lithium battery maker and was touted by Obama and visited by Slow Joe Biden last year right after Obama’s last pack of lies State of the Union address. In that speech, Obama said he wanted 1 million electric cars on the road by 2015. Of course there were several problems with this. The big one is that no one wants these things.
Of course, President Tin Ear didn’t notice that another one of his “Children” was about to suffer a crib death. Here’s a few details from Investors.com:
President Obama’s green jobs effort has suffered two more black eyes, as one federally backed company filed for bankruptcy and another laid off two-thirds of its workforce.
Ener1, which got a $118 million federal matching grant to develop electric car batteries, filed for Chapter 11 on Thursday. The Indiana-based company has been in dire condition, having been delisted from Nasdaq last November.
Meanwhile, solar panel maker Amonix laid off 200 people on Wednesday. It had received a $6 million tax credit in 2009 to build its Las Vegas facility.
So, for the wonderfully low price of $124.5 MILLION DOLLARS, the taxpayers of the United States of America got…BUPKIS! Shafted! Screwed, Blued and Tattooed!
They are the latest embarrassments in the White House’s efforts to boost the green technology industry. Loan recipients have gone bankrupt, green jobs numbers have stalled and sales of electric cars have been sluggish.
Would you like to know why all these wonderful green products have not generated massive sales and profits? It’s really very simple. They cost to much and THEY DON’T WORK! You average solar cell is about 25% efficient and that’s when it isn’t cloudy out. They never pay for themselves. Those cute little electric powered golf carts they like to call cars?
They might go 50 miles on a charge on average and take hours to recharge. A gas powered car, depending on things like size, weight etc, might go 300 mile and takes about 10 minutes to refuel. Also a fossil fueled car is generally heavier then a battery powered car and can take more of a “hit” in an accident. Oh, while gasoline is flammable, we have 100 years of experience in keeping cars from spontaneously igniting.2
So, what about the timing of the bankruptcy announcement? Was Obama warned ahead of time?
Two days before in his State of the Union address, President Obama took credit for the electric battery industry’s success.
That would be a “No” I think.
“In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries,” he said. “Because of federal investments, renewable energy use has nearly doubled, and thousands of Americans have jobs because of it.”
Yeah, for bankruptcy attorneys and accountants maybe, for the rest of us? Not so much.
Left unsaid was that the president had originally promised the green energy investments would create five million jobs, not thousands.
Why would anyone expect Obama to tell the truth about anything? All he’s interested in is the trappings of the Presidency and handing out my money to his friends and cronies. He has no clue about how the free enterprise system works and has no interest in learning, which makes sense, since he is a communist.
Do you know why all these “Green” companies are looking for taxpayer money from Obama? It’s very simple. They can’t raise the funds they need privately. Why can’t they raise private money? Because Investors and Venture Capitalists3 are looking to make money, not throw it down a rat hole. They’ve watched all the renewable and green energy programs in Europe fail miserably. They see no reason to emulate Europe or that ScoaMF4 in the Oval Office.
While researching this post, I came across a report on the House Oversight Committee web page. It’s titled Oversight Committee Releases Report on Obama Green Jobs Program Failures and it isn’t kind to Obama’s and his minions Administration:
Facing the worst economic recession since the Great Depression, President Obama has responded with a green jobs agenda as a major component of his recovery strategy. Combined with restrictions on domestic energy production, the net effect has been jobs lost and a failure to even approach his promised goal of creating five million jobs within ten years. That is the conclusion of a new report released today by the House Committee on Oversight and Government Reform.
Ouch! That’s going to leave a few marks.
“With unemployment at a staggering 9.2 percent, President Obama’s green energy subsidy experiment has done little to create jobs or speed recovery. In fact, by many measures, it has destroyed jobs,” Committee Chairman Darrell Issa (R-CA) said.
“When you combine heavy federal promotion of alternative energy with a concerted campaign to restrict domestic energy production, you have a recipe for what we are experiencing right now: a stagnant economy,” Issa added.
What did you expect when those 52 percenters put Jug Ears into the White House? Actual competence?
The report documents President Obama’s efforts to follow many European nations down a path of heavy subsidization to promote alternative energy at the expense of traditional, carbon-based sources. The report outlines how these efforts have failed abroad and in the U.S., and at what cost to the economy.
Gee, what a surprise. Obama and all the other left wing idiots are so in love with Europe that they want to emulate them in every way, including utter economic collapse. You can get a copy of the Committee report here. Information on a related hearing is available here.
I wonder when the next shoe will drop? Personally, I’m also wondering if the next president who is not Obama will do in regards to investigating the ScoaMF’s administration.
~The Angry Webmaster~
Weasel Zippers » Blog Archive » Flashback: Obama Touts Now …
Another Week, Another Green Energy Bankruptcy
NetRight Daily » Biden: Enron1 leads the way
Obama’s Black Thumb Strikes Again – Grendel Report
- Chapter 11, Title 11, United States Code [↩]
- Chevy Volt problems [↩]
- Venture Capital [↩]
- Stuttering Clusterfuck of a Miserable Failure [↩]