By Michael McCarthy – America Out Loud
The Democratic Socialists in power under Obama and Biden like to play “pretend capitalism.” Their favorite sector is Green Energy. The Democrats use taxpayer money (YOUR money) to pretend to “invest” in Green Energy start-up companies. The idea is that these companies will invent and build the Green Energy renewable energy economy of the future. In reality, it is a scam benefitting major donors to the Democratic Party.
Here’s how the “government investment in green energy” scam works. Some deep-pocket donor friends of Democratic Party candidates invent a plausible “green energy” company, using all the right buzzwords.
Scam, Cheat, Repeat
“My friends, the Green Perpetual Motion Machine Corporation will build sustainable, diversified synergistic disflusified widgits that will employ an inclusive trans-gendered autocracy of undocumented immigrants to complicate a commensurate measure of undifferentiated verbiage that will yield a unicornian utopia of American fulfillment and reparation sharing comrades living in trans-sectional harmony and spiritual fulfillment.”
“Hooray!” Say the government socialist bureaucrats. “We will give you a forgivable government loan of $799 million to build your Disflusified Widgit Factory. You don’t have to pay it back if you get into financial difficulties. We are so virtuous giving you the taxpayer’s money, aren’t we?”
The Green Perpetual Motion Machine Corporation takes the money, pays big bonuses to all executives and shareholders, makes big donations to Democratic Party candidates, and then promptly declares bankruptcy. The money has all gone into the pockets of the scam artists. No widgits were built. No green energy was created. And they don’t have to pay back the loan. Poof! The green energy crooks disappear into another green start-up venture investment firm. Scam, cheat, repeat. Scam, cheat, repeat.
Obama’s Green Scams
In Front Page Magazine, investigative journalist Daniel Greenfield documented how the Democrats promise “infrastructure spending” and then use the money on green scams. In his article “Biden’s Bridge is Falling Down,” Greenfield provides a hall of shame listing of some of the recent green scams.
Obama had poured a fortune into Big Green projects that failed.
Solyndra received a $535 million loan guarantee to build solar panels and went bankrupt. Abound Solar got a $400 million stimulus loan guarantee and went bankrupt. Tonopah Solar Energy got $737 million in loans and went bankrupt. Fisker got a $529 million stimulus loan to build electric cars and went bankrupt. A123 got a $249 million stimulus grant to build electric car batteries and went bankrupt.
Ener1 got a $118.5 million grant to build electric car batteries and went bankrupt. Biden had visited the company and hailed it as one of the “100 Recovery Act Projects That Are Changing America,” but he had also accidentally described it a little too accurately as “Enron One.”
That’s a list of 6 scams that Obama poured $2 billion 568.5 million of our dollars into. No wonder Barack can afford his Martha’s Vineyard $12 million estate.
Biden’s Bank: Free Money!
Not to be outdone, Joe Biden now wants a $2 trillion infrastructure bill. Which, by the way, spends $115 billion on infrastructure, and $174 billion on electric cars. Now we can start a new list of Biden green energy scams. Greenfield lists:
Sun Edison got $1.5 billion in government grants and subsidies, and went bankrupt. Biden put its founder in charge of the loan office at the Department of Energy.
Biden’s American Jobs Plan demands 500,000 electric car charging stations at a cost of as much as $50 billion.
The price of individual car chargers may go as high as $260,000. The union bosses of United Mine Workers told their workers that the rare earth metals would be mined in America. But then, once Biden was in power, he decided to placate environmentalists by importing them instead.
$260,000 for one car charging station? That’s a lot of money for a fancy electric plug! Jobs for American miners? Don’t be silly! We can’t have a polluting mine in America! Leave the mine pollution to mine owners in Africa. Let our friends who invest internationally hire Africans at slave wages to mine that nasty old lithium. They have to make big profits so that they can make big donations to their friendly neighborhood Democratic politician, after all.
With Tesla electric autos selling for $50k to $100k, you’d think the upper-income Tesla owners could pay for their own charging stations. If charging stations were made in a competitive free market, the prices would rapidly come down as production ramped up. But no, FOB (Friends of Biden) get paid $260,000 to make one car charging station. That’s one big price gouge for taxpayers, and one big kickback for Uncle Joe and his cronies.
Keep the Grubby Hands of Politicians Out of the Marketplace
Government should not be in the business of investing in private businesses. Investing in businesses is nowhere mentioned in the U.S. Constitution. Private investors can more accurately gauge the risks of investing in a given business. Private investors can bear the loss of a bankrupt company, just as they can reap the rewards of a successful company. That’s how capitalism is supposed to work. It can work well if government politicians keep their dishonest hands out of the marketplace.