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News & Politics News & Politics

Crony Capitalism at it's finest. At the Taxpayers expense of course.

Posted by on Jun. 16, 2012 at 7:33 AM
  • 33 Replies
2 moms liked this

It’s as if Solyndra never happened. The Obama Administration is giving $737 million to a Tonopah Solar, a subsidiary of California-based SolarReserve. PCG is an investment partner with SolarReserve. Nancy Pelosi’s brother-in-law happens to be the number two man at PCG.


Obama admires solar panels during a trip to Florida. (Yahoor)

Team Obama is spending $737 million to create 45 permanent jobs.
The Hill reported, via Free Republic:

The Energy Department announced Wednesday that is has finalized a $737 million loan guarantee for a Nevada solar project.

The decision comes several weeks after a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009 filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington.

The $737 million loan guarantee will help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve.

Crescent Dunes is the latest solar project to receive a loan guarantee from the Energy Department in recent weeks. The department announced a $1.2 billion loan guarantee to Abengoa Solar for a solar generation project in California and a $150 million loan guarantee to 1366 Technologies for a Massachusetts solar manufacturing project earlier this month.

The Energy Department says the project will result in 600 construction jobs and 45 permanent jobs.

http://thehill.com/blogs/e2-wire/e2-wire/184331-energy-department-approves-737-million-loan-guarantee-for-solar-project

by on Jun. 16, 2012 at 7:33 AM
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Replies (1-10):
imamomzilla
by on Jun. 16, 2012 at 7:41 AM
4 moms liked this

 Like Groundhog Day...it never ends.

banging head into wall

_Kissy_
by on Jun. 16, 2012 at 9:55 AM
1 mom liked this
Crony capitalism, ha. Bailing out banks is the definition of that.
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mehamil1
by on Jun. 16, 2012 at 10:46 AM
3 moms liked this

Or, another attempt to try and get it right. Solar and wind power really do need to be researched and developed. We've got 4 billion years left on the sun. We maybe have a few more decades of oil and natural gas and all that. 


JakeandEmmasMom
by Gold Member on Jun. 16, 2012 at 12:20 PM
3 moms liked this
I think that alternative energy development should be a priority. Our dependence on fossil fuel has caused us so many problems.
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4kidz916
by Gold Member on Jun. 16, 2012 at 12:31 PM
5 moms liked this

While I do think alternative energy is important, I question the motives since Nancy Pelosi's BIL is a major player.  I don't trust that woman at all.  Plus I would hope that shelling out 737 million would create more than 45 permanent jobs. 

4kidz916
by Gold Member on Jun. 16, 2012 at 12:33 PM

I agree with you but a lot of money was wasted on Solyndra.  I hope that before they sink this much money again, they'll have their ducks in a row.  My question is, do they this time or is this just a give me where Nancy's BIL pockets some cash?

Quoting mehamil1:

Or, another attempt to try and get it right. Solar and wind power really do need to be researched and developed. We've got 4 billion years left on the sun. We maybe have a few more decades of oil and natural gas and all that. 



mehamil1
by on Jun. 16, 2012 at 12:40 PM
3 moms liked this

A lot of money was wasted on GM and all the banks for the bailout. A lot of money is wasted proping up a lot of companies. I'm not going to try and understand this. It's beyond comprehension. 

They are all corrupt and they all benefit from these schemes. I can only imagine what Dick Cheny got from Halliburton for the war. Politics and corruption go hand in hand. It does not matter what side of the political spectrum one is on. This is one of many. 

I take issue when either side posts a story like this and points a finger at the other guy. Completely ignoring everything their side did and then some. Everyone over there does it. This is a symptom of a larger problem in government. 

Quoting 4kidz916:

I agree with you but a lot of money was wasted on Solyndra.  I hope that before they sink this much money again, they'll have their ducks in a row.  My question is, do they this time or is this just a give me where Nancy's BIL pockets some cash?

Quoting mehamil1:

Or, another attempt to try and get it right. Solar and wind power really do need to be researched and developed. We've got 4 billion years left on the sun. We maybe have a few more decades of oil and natural gas and all that. 




4kidz916
by Gold Member on Jun. 16, 2012 at 12:45 PM

I agree that it happens on both sides and I don't like it from either side.  Americans are the ones that suffer when this happens.  This particular post was addressing what I see as a conflict involving Nancy Pelosi that's whey I pointed her out specifically.  Had the article mentioned Dick Cheney, I would have called him out as well. 

Quoting mehamil1:

A lot of money was wasted on GM and all the banks for the bailout. A lot of money is wasted proping up a lot of companies. I'm not going to try and understand this. It's beyond comprehension. 

They are all corrupt and they all benefit from these schemes. I can only imagine what Dick Cheny got from Halliburton for the war. Politics and corruption go hand in hand. It does not matter what side of the political spectrum one is on. This is one of many. 

I take issue when either side posts a story like this and points a finger at the other guy. Completely ignoring everything their side did and then some. Everyone over there does it. This is a symptom of a larger problem in government. 

Quoting 4kidz916:

I agree with you but a lot of money was wasted on Solyndra.  I hope that before they sink this much money again, they'll have their ducks in a row.  My question is, do they this time or is this just a give me where Nancy's BIL pockets some cash?

Quoting mehamil1:

Or, another attempt to try and get it right. Solar and wind power really do need to be researched and developed. We've got 4 billion years left on the sun. We maybe have a few more decades of oil and natural gas and all that. 





godotherightthi
by on Jun. 16, 2012 at 12:46 PM
6 moms liked this

 This is why the government needs to get out of the private sector.  Safety?  Yes.  Fraud?  Yes.  Propping up a company through loans and grants only hinders the free market and gives one company an unearned edge over others.  It's an unfair system and a true capitalist disagrees with all these grants and loan programs...not just this one example.

...but this one example is current, under a current representative who is currently running for office - I think it's fair game for discussion.

Quoting mehamil1:

A lot of money was wasted on GM and all the banks for the bailout. A lot of money is wasted proping up a lot of companies. I'm not going to try and understand this. It's beyond comprehension. 

They are all corrupt and they all benefit from these schemes. I can only imagine what Dick Cheny got from Halliburton for the war. Politics and corruption go hand in hand. It does not matter what side of the political spectrum one is on. This is one of many. 

I take issue when either side posts a story like this and points a finger at the other guy. Completely ignoring everything their side did and then some. Everyone over there does it. This is a symptom of a larger problem in government. 

Quoting 4kidz916:

I agree with you but a lot of money was wasted on Solyndra.  I hope that before they sink this much money again, they'll have their ducks in a row.  My question is, do they this time or is this just a give me where Nancy's BIL pockets some cash?

Quoting mehamil1:

Or, another attempt to try and get it right. Solar and wind power really do need to be researched and developed. We've got 4 billion years left on the sun. We maybe have a few more decades of oil and natural gas and all that. 

 


 

 

mehamil1
by on Jun. 16, 2012 at 12:53 PM

And who are the people who get elected to office? Where did they come from? Who did they work for before they became elected officials? More often than not, the people who are elected came from the private sector and then go to work to help their former companies. That is how it's being done today when it comes to government. When I look at the government, I see corporations. They have completely infiltrated the government and twisted it all to the benefit of companies at the expense of ordinary Americans. 

Quoting godotherightthi:

 This is why the government needs to get out of the private sector.  Safety?  Yes.  Fraud?  Yes.  Propping up a company through loans and grants only hinders the free market and gives one company an unearned edge over others.  It's an unfair system and a true capitalist disagrees with all these grants and loan programs...not just this one example.

...but this one example is current, under a current representative who is currently running for office - I think it's fair game for discussion.

Quoting mehamil1:

A lot of money was wasted on GM and all the banks for the bailout. A lot of money is wasted proping up a lot of companies. I'm not going to try and understand this. It's beyond comprehension. 

They are all corrupt and they all benefit from these schemes. I can only imagine what Dick Cheny got from Halliburton for the war. Politics and corruption go hand in hand. It does not matter what side of the political spectrum one is on. This is one of many. 

I take issue when either side posts a story like this and points a finger at the other guy. Completely ignoring everything their side did and then some. Everyone over there does it. This is a symptom of a larger problem in government. 



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