I think that’s the magic formula for the Obama administration when it comes to giving out grant money. Invest in a loser, see money disappear, repeat.
How else could we describe the foolish decisions made during Barry’s term of golfing and vacationing and attending 160 plus fundraisers for himself since filing for re-election last year pretending to run the U.S.
First there was Solyndra, the solar panel manufacturer that got a cool $535 million of taxpayers dollars even though they had no customers for it’s products (and for good reason).
Then there was Beacon Power, another solar panel company who folded after pocketing $39 million.
Electric car battery manufacturer Ener1 went bankrupt after getting $118 million (a nice change of pace from wasting money on solar).
And what would have been the grand daddy of them all – Solar Trust for America, another solar company that had been conditionally awarded a loan of $2.1 billion (as in a thousand million) from the Department of Energy.
Luckily for the taxpayers they did not collect and waste away any cash because they ended up declaring bankruptcy first. How the DOE can even think of granting a couple billion taxpayers dollars to a company in such bad shape it was going bankrupt I have no idea, but looking at our government’s record over the last three years I’d say they are really good at it.
And apparently this administration is looking to prove just how good they are at it.
Headline from the Daily Caller – Obama Energy Dept. awards $2 million grant to solar company linked with Van Jones
On Wednesday the Department of Energy began financing solar power installation research with a $2 million award to Solar Mosaic. The solar energy research company has former Obama “green jobs” czar Van Jones listed as an advisor. It also employed Rebuild the Dream, Jones’ firm, to do its public relations work.
The DOE’s grant money will be distributed to nine companies in four states. Solar Mosaic received the most money, four times the amount of most other grants.
You know how Einstein said the definition of insanity is doing the same thing over and over again, expecting a different result? Yeah, that also describes a fool very well, and in this case there are a few of them. They include Obama, the DOE and everyone else that continues to pump money into solar companies when they keep failing one after another regardless of the free money they are given.
When it comes to pumping money into companies remember this – if the company has a winner of a product or service, they will get investors to buy in and don’t need to be given taxpayer money to survive. With that said, this whole solar energy thing isn’t exactly new and if some solar company would come up with a winner of a product investors would be lining up to get in on it. Seeing how Solar Mosaic is getting our money, I’d have to say this latest $2 million fits right into Obama’s magic formula. Invest in a loser, see money disappear, repeat.
Not a surprise, after all, that’s the Obama way.