October 02, 2011

Friday's Document Dump Loan Guarantee Dump
— rdbrewer

The Department of Energy slipped in five billion more in loan guarantees on Friday before the midnight deadline. But unlike Solyndra, I'm sure these investments aren't sloppy. After all, Nobel Prize winner Stephen Chu is in charge.

The embattled department announced approvals for a total of more than $4.7 billion in guarantees Friday — acting hours before the program's congressional authorization was set to expire, and seeming not at all like an agency cowed by the furor over its troubled $535 million loan guarantee to Solyndra.

. . .

As of 6 p.m., DOE had yet to announce whether it was approving or rejecting two more conditional loan guarantees on which it must act before midnight.

. . .

Friday's total is in addition to more than $1.2 billion in guarantees that the department issued earlier in the week.

I wonder if there are a lot of Obama donors and bundlers in those organizations. Surely not. Chu issued this statement:

“To win the clean energy race we must invest in projects like this that fund jobs and increase the generation of clean, renewable power in the U.S.,” Chu said in a statement. “Deployment of utility-scale solar power will help bring down the cost of solar and strengthen our position as a global clean energy leader.”

So there's a clean energy race. Just like the space race. And we have to win it. Because it's important to be the global clean energy leader and not let Russia or China beat us. That way we'll have all the braggin' rights. More at the Washington Post.

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Posted by: rdbrewer at 06:18 AM | Comments (25)
Post contains 279 words, total size 2 kb.

1 oh for Gods' sake........

Posted by: phoenixgirl at October 02, 2011 06:20 AM (eOXTH)

2  

Posted by: Helpful Tip Guy at October 02, 2011 06:21 AM (ydi6h)

3 If solar were viable, it wouldn't need any guarantees.  Period.

The resource - sunlight - is FREE.  Entrepreneurs  should be grabbing up desert acreage and installing solar power plants like crazy!  But no, we need to bribe them to do it with billions of our tax dollars..

Posted by: Chi-Town Jerry at October 02, 2011 06:24 AM (UTq/I)

4 We will squander countless billions in this decade and do all the other things. Not because it's hard, but because hey, it's countless billions.

Posted by: Zombie JFK at October 02, 2011 06:24 AM (YL3wr)

5 building the DNC/Obama war chest for next year with our tax dollars

Posted by: Frank G at October 02, 2011 06:29 AM (1rPxL)

6 And in the end, obama will have spent trillions on his own vainglory, lose the election, and still get to keep the millions he made while being president along with whatever he can extort on the talk circuit once he is out.

Politicians should be help personally accountable for losses of public money.

Posted by: Deathknyte at October 02, 2011 06:43 AM (9Ic+/)

7 And so the looting continues. Next we need some rape and pillaging. Can't have a good sacking without rape and pillaging too.

Posted by: GnuBreed at October 02, 2011 06:46 AM (ENKCw)

8 Pork chop, pork chop
Greasy, greasy
We can beat Russia and China
Easy, easy

Posted by: Clean Energry Race Cheerleader at October 02, 2011 06:50 AM (ydi6h)

9 You know what would really help? A law requiring people to paint the tops of their heads white. And their pets too.

Posted by: Stephen Chu at October 02, 2011 07:58 AM (AZGON)

10 Yeah, and people with big hair could paint theirs and get carbon credits to sell.

Posted by: rightlysouthern at October 02, 2011 08:23 AM (l12Qv)

11 9 You know what would really help? A law requiring people to paint the tops of their heads white.
________

Way ahead of you, bro.

Posted by: Anachronda's genetics at October 02, 2011 08:24 AM (6fER6)

12 Friday's total is in addition to more than $1.2 billion in guarantees that the department issued earlier in the week.

Still gambling with taxpayer money...

Posted by: Blacque Jacques Shellacque at October 02, 2011 09:09 AM (dr4y0)

13

Between this fiasco and the gun runner scandal, one would think impeachment proceedings should have already commenced.

As for the "ones" chances on the lecture circuit after his defeat...I kinda think the WH is going to keep the teleprompter!

Posted by: Lenny Elbon at October 02, 2011 09:11 AM (l5xP2)

14

It's bizarro world where academic and political hacks with no real world experience doing, well anything, are playing with hundreds of billions of our dollars...Watch, as they attempt to defy gravity and make shit roll uphill!  Wind and solar costs many many mulitples more than traditional means of electricity production.   Always will dumbass! 

Posted by: Survey sez at October 02, 2011 09:33 AM (wrGst)

15 Bullshit mr han man, I mean Chu...The world is not racing to implement green energy...China, Russia, and India are racing to build coal, oil, an nuclear plants to power their economies.  Man, you come right out of a comic book! 

Posted by: Zombie Jim Kelly at October 02, 2011 09:44 AM (wrGst)

16 Suckers of Cock.

Posted by: toby928© at October 02, 2011 10:11 AM (GTbGH)

17 Still gambling with taxpayer money...

It's house money so they don't care.

Posted by: toby928© at October 02, 2011 10:15 AM (GTbGH)

18 11 9 You know what would really help? A law requiring people to paint the tops of their heads white.
________

Way ahead of you, bro.

No, I'm way ahead of you both.

Posted by: Honey Badger at October 02, 2011 10:48 AM (ydi6h)

19 I'll bet when Maggie Thatcher said you always run out of other people's money, she wasn't thinking anyone would ever run up 15 trillion in debt doing so. And 150 trillion in liabilities, IIRC, if major cuts aren't made in ongoing spending. I don't know whether the left are doing this because they don't care about collapse or because they're eager for it, but it's pretty damned clear they aren't doing it because they're worried about insolvency.

Posted by: Merovign, Dark Lord of the Kate Beckinsale Fan Club at October 02, 2011 11:02 AM (bxiXv)

20 I really, really hate when government types make allusions to the space race. It never acknowledges that we did nearly everything wrong in that competition. Some good stuff happened but once it stopped being politically useful in the 70s we aimlessly drifted about with no real infrastructure goals.

A rational program would have focused first on sub-orbital and orbital applications with development aimed at launch systems that worked reliably and often. Being able to deliver a ton of payload to orbit on less than a week's notice would have been a good goal to set for a large cash prize private enterprise could compete for. THEN you set a goal of permanent items like space stations and long term habitation. You learn how to build stuff in space and work your way towards a moon mission with an eye toward permanent installations there.

At the time the movie '2001' was made it seemed perfectly reasonable that we'd proceed that way, once we got over the political stunt mentality that prioritized reaching the Moon before we could get to orbit reliably and often. As it is, we tried to circumnavigate the globe just a few weeks after we'd crossed the English Channel a few times. Impressively ambitious but not good business.

A viable business doesn't need government funding unless its only customer is the government, most often the military. Funding R&D is a debatable use of taxpayer monies but acceptable to more of us than outright intervention in the free market and its unsurpassed bullshit detector.

If placing a photovoltaic array on your home's roof requires substantial government funded subsidies to make financial sense for the homeowner, then there is something very wrong with the business of residential solar power. Likewise for electric cars and a list of other products that don't deliver much in exchange for high cost.

It isn't that we don't like the idea of reduced or non-polluting energy sources. I grew up reading Science Fiction. To me a factory belching out a column of smog isn't just polluting but also throwing material that should have application elsewhere. Doing stuff better and cleaner is wonderfully appealing but wishing don't make it so. Every advance comes after a great deal of thought and effort. Throwing money at the problems doesn't guarantee a desired result but it does guarantee that those interested in the money itself will get involved.

Posted by: epobirs at October 02, 2011 11:08 AM (kcfmt)

21 Under my plan, electricity costs will necessarily sky-rocket...

Posted by: President Slapchop wait till ya see my nuts! at October 02, 2011 12:05 PM (wrGst)

22

Green energy makes sense if you don't mind mulitplying your electric bill by, oh I don't know...TEN!  I don't mind, what say you?

Posted by: President Slapchop wait till ya see my nuts! at October 02, 2011 12:13 PM (wrGst)

23 Obama is a stuttering clusterf*ck of a miserable failure.

Posted by: steevy at October 02, 2011 03:49 PM (fyOgS)

24 Not a word of this outrage on the Sunday shows. But they all had time to discuss Cristy not running

Posted by: Schwalbe at October 02, 2011 04:46 PM (IxGUR)

25 I donÂ’t usually add my comments, but I will in this case. Nice work. I look forward to reading more.

Posted by: The Steve Jobs Way AudioBook at October 02, 2011 04:57 PM (WPpfg)

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