Monday, October 31, 2011

Another Solar Company Files Bankruptcy - Taxpayers Take The Hit

Beacon Power Corporation, another solar energy company has filed bankruptcy.    American Taxpayers are on the hook once again.   Obama's Energy Department provided a $43 million loan guarantee to Beacon.  In addition, the Energy Department also funded a $29 million grant along with the state of Pennsylvania.  So in essence, another $72 million of tax payer money is down the drain.   Beacon officials were of course contributors to Socialist election campaigns.  Gosh, that's a surprise!!

While this is chump change compared to the $528 million lost in the Solyndra deal and the $500 million that was given to Al Gore's company to build electric sports cars in Finland; it is still real money.   How many schools, bridges or roads could be built with this money?   Most important, to meet a dead line date a few weeks ago, the Energy Department quickly handed out another $5 Billion to their friends and campaign contributors.  Oh, but wait a minute, Socialist President Obama recently announced that he does not take money from Lobbyists.  Of course, Obama has no problem taking money from others feeding at the trough. 

The crony capitalism must stop.   The federal government must get out of the loan guarantee business predicated on sloppy management and pay off's to campaign contributors.   If a new business is viable, there will be venture capitalists and other investors lining up to risk capital to gain a good return on investment.  We call it ROI in the private sector, a concept that Socialists just do not understand because they have never worked in business.  The companies going to the government for loan guarantees are not viable, which is the reason they cannot get private financing.  HELLO. 

There are very few members of Socialist President Obama's Administration with any business experience.   As such, they need to mind their own business and stop using tax payer money to pay off cronies and campaign contributors.   It makes sense for the federal government to issue research grants to universities related to Green Technology.   If successful, the government could then apply for the patents that could be very marketable.   The last thing the federal government should be doing is funding development of Green Technology, or any other industry.   If there is a feasible Green Technology Product, the private sector is sitting on plenty of money to fund it.   Let the private sector take the risk and earn the reward if there is one.  The government will get its share in taxes anyway if a product becomes marketable.   There is no reason to risk tax payer monies. 

Socialist President Obama continues to squander our money.   Obama wants to waste even more as he pushes for his $447 Billion SwindleUS Plan IV, "jobs plan".   Obama's trillion dollar, deficit spending, SwindleUS Plans I, II and III failed to create economic growth, or jobs in our country; yet Obama wants to double down and spend even more.   Doing the same thing over and over again and expecting a different result is the definition of insanity.  

We need to give the federal government less of our hard earned money to waste, certainly not more through higher taxes.  We have to take federal spending down from 25% of GDP to 18% of GDP to get spending under control, end deficit spending and pay off our National Debt.   If the federal government would just impose a hiring freeze to eliminate 500,000 jobs by normal attrition in the next five years, out of 2.65 million civilian employees and bring federal employee compensation and benefits in line with the private sector, trillions of dollars would be saved in the next ten years and we could get our country back on track to fiscal solvency.   This is just common sense. 

President Obama and his Socialist Pals in government will never do it because they are owned lock, stock and barrel by the public employee unions, which is a very good reason we must sweep them all of office in 2012 and 2014.   We will continue to see these huge tax payer losses as long as Obama is in office, which is just another reason we must make Obama a one term President in 2012.  We have to end the corruption and crony capitalism that is bankrupting our country.   We can do it.   We must finish the job we started in 2010 to preserve our freedom, our nation and way of life for the sake of our children and grandchildren.  In the mean time, expect to see more Green Companies go bankrupt at taxpayer expense.   Easy come, easy go. 

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