|The Green Jobs Black Hole - The money goes in and nothing comes out.|
Socialist Obama government OKs $624,000,000 in brand new loan guarantees for "Green Jobs" in just one week
With the $528,000,000 bankrupt Solyndra fresh on our minds, the Socialist government of Comrade Obama has just approved $624,000,000 in brand new Federal loan guarantees to three different "Green Jobs" companies.
- $350 million for a geothermal project in Nevada
- $105 million for a cellulosic ethanol plant in Iowa
- $169 million for a wind farm in New Hampshire
Nine projects are still awaiting a green light from the DOE. To date, the agency has completed 21 loan guarantees, worth up to $10.1 billion, including the three announced Friday, reports the Los Angeles Times.
|Solyent Green - The ultimate in recycling|
If there was any real money to be made by selling a product that people wanted then private inventors would be falling all over themselves to put their money into Green Energy.
When the government takes on the role of “investor,” it usually does so because, according to the party in power, the “wrong” companies are winning in the free market, and the “right” companies are losing. By seeking to pick winners and losers, the government distorts markets, weakens the rule of law, wastes taxpayer dollars, and fails to spur sustainable job creation.
Even in the midst of failed green economics, the Department of Energy has been advertising additional loan guarantee recipients, announcing a $1.2 billion loan guarantee to another solar company just one day after the FBI raided Solyndra’s offices.
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