Investing in Green Energy is just..... smart?

@andy77e (5165)
United States
September 26, 2011 2:49pm CST
http://www.bbc.co.uk/news/world-us-canada-15039518 [b]Senior executives of bankrupt solar panel maker Solyndra have declined to testify at a US congressional hearing into federal loans to the company. Chief executive officer Brian Harrison and chief financial officer Bill Stover invoked the Fifth Amendment before the House Energy and Commerce Committee. Solyndra received $528m (£340m) from the Energy Department in 2009 during a White House push to create green jobs. But the company declared bankruptcy in September, and laid off 1,100 workers.[/b] Does anyone remember why I said we shouldn't subsidize so-called 'green technology'? What did I tell you? I said taxing the poor, to give money to the rich, is horrible. Now how is what happened reasonable?? Yet here we are. Half a billion given to rich corporate executives, to go bankrupt anyway. This is smart? Another mylot poster claimed that "investing in green tech is just smart!".... really? This is smart? Blow half a billion on a bunch of rich guys, whose company went bust anyway? AND TO CREATE GREEN JOBS?!?!? SMRT! Very smrt.
1 person likes this
4 responses
@dark_joev (3043)
• United States
27 Sep 11
Well I wasn't to convinced on the Government supporting this company as if I remember correctly it isn't a US Based company to begin with. In my state we have Solar World but they have been making a ton more advancements in the area of Solar power and well Green may be the future but it is a fairly new pursuit as far as companies in the private sector really start to look at it. And giving money to a company to stay a float is always a bad idea no matter what the company makes. The Solar World has been producing solar panels for quite some time and they have been doing really well. There are some good research coming soon in this area but it is far from being ready for being the mainstream and many of the big Oil companies are pay into the research for these new types of energy because they know that it is the future. I believe it was exxon mobile that is working on the development of an algae that turns the light into electricity we can use. Organic Solar Power. But the government should for the most part avoid this for a while because when they try to gamble money on companies that don't have a track record or try to make a company a winner when it is really a loser the tax payers pay the price.
1 person likes this
@andy77e (5165)
• United States
27 Sep 11
Really? What advancements have they made? I would actually argue that all solar panel companies are staying afloat only by the government hand-outs. I recently listened to an interview with an executive of Lays potato chips. In the interview the exec talked about how difficult it had been to find economical ways put in 'green technology', and openly stated that only with government subsidies was it cost effective to invest in green technology. What do you think that means? It means without government subsidizing (taxing the poor to pay the rich), The Solar World would be out of business. As for organic power and such, all companies invest into new technologies. That's no surprise, and back in the 30s energy companies were investigating ethanol. Big yippy skippy. Just because Exxon is investigating other technologies, doesn't mean they know anything specific. In fact, when Obama's energy secretary talked about how oil would become less dominate, the energy companies including Exxon, literally laughed at him. Currently Algae technology is a bit of a joke. Is there potential? Sure but everything has potential. The 'electricity from algae' is only being investigated at the university level. It's only been proven possible, not economically or commercially viable. We're 30 years away from that. What Exxon has done, is tried making oil from Algae. This is more likely to succeed, but the problem is scalability. Algae produces around 1% it's own weight in oil. Now what that effectively means, is that we would need an algae incubator the size of lake Erie to make enough oil to be useful. Now I'm all for new technologies. But right now oil is so incredibly cheap, we simply don't need them yet. And these technologies have decades of maturing to do.
1 person likes this
@dark_joev (3043)
• United States
28 Sep 11
Solar World has been around for a long time like the 70s and they have been doing pretty steady they have been doing well for people who want to pay the $20,000 to install the system in their homes. The big advancements that have come from them is the shrinking of parts that make a solar panel work so that they would be more efficient in how much space they take up. The issue here is that the Government didn't give subsidies something the government has been doing for years. Corn would be a big example of this. Hence why High Fructose Corn Syrup is everywhere and in everything. It is a heavily subsidies product. There are only a few "Green" companies that are making it and mostly because they are backed by some big companies that are hoping to make a Good ROI one being GE. Now I am sure GE is taking all the tax credits they could get. I am against the Income tax to begin with and think we should go to a straight sales tax at the national level.
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@petersum (4526)
• United States
26 Sep 11
Chinese green tech is smart. Taiwanese green tech is smart. American green tech is er... Well it just isn't!
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@andy77e (5165)
• United States
26 Sep 11
Based on what, do you make the claim that Chinese and Taiwanese green tech is smart?
2 people like this
@deebomb (15323)
• United States
27 Sep 11
The Chinese and Taiwanese get their tech from us.
1 person likes this
@bobmnu (8160)
• United States
27 Sep 11
This is an excellent example of why the government should get out of the business of picking winners and losers. Let people research the company and if they think it is a sound company and has a good idea then they can invest and buy stock in the company or loan it money. Back in the 1970's there was government grant money available to schools, community agencies and non profits to combat the social ills of the country. Large school districts hired people to write grants and get money for the schools. At that time I was trying to get computers for our school and attended several Grant Writing workshops. I met several of these "Professional" Grant Writers and they always came with several grants already written. In one case one of these grants was held up as exactly what they wanted. It turned out that this man was on the committee that developed the Grant criteria. In another case the grant required some involved evaluation method and it was suggested that if you wanted to have a chance of having your grant approved then you needed to hire a specific consulting firm to do your evaluation. We later learned that the consulting firm was friends of the person overseeing the money at the state level. Now if you have "green Jobs" you can get government funding and if you employ minorities or not, and if you use Union labor or not depending on the party in power you increase you chances of getting the money. It is not about green jobs, or green energy or who can make the best military hardware it is about rewarding you supporters and the people who will contribute to your campaign or offer you a big job after you get out of government work.
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@mehale (2200)
• United States
26 Sep 11
I agree with you completely. Here we are now, more in debt than ever and how many new green jobs to show for it?? Come on when is the American population going to wake up?
@andy77e (5165)
• United States
26 Sep 11
Interestingly, as much as some claim Bush was only for the wealthy, when this company, like Enron before it, came to the Bush administration asking for money, they turned them down. But Obama did not... so who was a lap-dogs of the wealthy again?
1 person likes this
@mehale (2200)
• United States
26 Sep 11
So true, but then WHY other than media attention and short sightedness can the American people as a whole see this? It just doesn't make good sense.
@andy77e (5165)
• United States
27 Sep 11
The average joe blow American, does not have time to investigate every claim, every issue, and every politician that runs around blowing smoke. As a result, people inherently are going to vote for who ever has the best charisma, the best campaign, and whoever has the best catch phrases. Hope and Change. Yes we can. Believe! And you really can't blame the public. Some people are working two jobs. Some are carting kids around after school to soccer and piano lessons and whatever. They simply don't have time. So they have to make up their mind based on 30-second commercial sized spots, and whatever is repeated in the media. This is why the founding fathers of our country never wanted us to be a democracy. We're supposed to be a representative republic. We've lost that, and this is where we are now.
1 person likes this