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Climate Depot Publisher Marc Morano on the Administration’s effort to create a market for renewable energy.
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Marshall and driving that could forget the solar manufacturer that got 535.
Million dollars in US loans and they went completely bankrupt.
Well another solar company and -- abound solar is the latest to receive millions in federal loan guarantees and they go belly up.
More of your tax dollars up in smoke -- make the stuff up.
Joining me now.
My -- publisher.
Climate deep -- mark pardon me a former staff member of the US senate environment and public works committee mark thanks for joining me.
Thank you Melissa.
-- -- -- the quote from representative cliff Stearns he says quote.
We know why they went bankrupt.
We -- them they would go bankrupt the larger question is why the administration was pursuing a green energy policy in which companies are going bankrupt.
And wasting taxpayer money what do you think about that.
Well this is that this is ideology they're putting ideology before economic common sense and before wise use of tax funds and it -- have a complete misunderstanding.
Of energy.
In this country the -- administration this is all part of their plan to subsidized energy that doesn't produce.
And have been energy that does and they're going after -- -- -- trying to -- limits -- natural gas and they're going on you know oil.
So this is not surprising at all in fact secretary issue is one of the biggest cheerleaders of abound solar.
Yes I -- -- -- bankruptcy on a global oversupply.
You know solar panels I've heard this before that they can make it cheaper in China.
It's -- -- that's why we can't keep up so then I wonder.
Wire -- wire they even making -- Yes and that's the thing that there's no market for this in the first place we saw also Lander which is half and half a billion go under.
This company got 400 million and only -- seventy million from the credit line that's the scandal have that they're kicking themselves now the daily access seventy million of that 400 million that they were authorized to use.
Before they went under.
And that of that seventy when they lost sixty million avid to the tax taxpayers -- down sixty million.
So what I -- happened there.
Is there the markets -- solid despite all these mandates and subsidies -- less than 1% of US energy wind power is less than half a percent worldwide.
One.
Medium sized coal plant and Kentucky produces more energy than wind and solar combined but -- -- -- you I mean the -- boutique energy -- the -- is always say that we highlight the failures and meet me and you know we never talk about the successes are there any solar companies out there that are getting government grants and really going gangbusters and doing well I mean yeah.
Yes there are companies out there that the -- to use Lloyd Bentsen's words -- -- 1988 debate with Dan quell the illusion of prosperity when you pump 4080 billion dollars in the company in the make.
Make shift jobs that are temporary you're gonna have a few years that looks like you're making a lot of money -- -- looks like things are healthy when that money runs out the market's not there the energy years allegedly producing.
There again let's loves it so it's just doesn't work out in Spain 2.2 jobs are lost in -- study for every.
Green job creation I -- he's got the DOT spokesman said he's had because of the strong protections that we put in place for taxpayers.
What's the bankruptcy liquidation is complete the department expects the total loss to the taxpayer to -- between ten and 15%.
Of the original loan amount so that's I -- -- my map that sixty million dollars about.
Comments she -- about it that's about that that's the only us sixty million dollars.
No -- that that's optimistic.
That's Fuzzy math you -- they -- a 400 million dollar loan guarantee.
Accessed seventy million of that of that seventy million they're losing sixty so the numbers that governments giving out is nonsense that sort of -- they -- if they've been big at one point late last year abound solar.
Tried to do it lobbying campaign to keep these for subsidies going as a people speculated that -- was -- way they went to access more of that credit like -- got seventy million.
They're there out sixty of the seventy million that they got.
Yeah this is that's a huge failure rate and they -- government once again using Fuzzy math -- -- actually mark -- and I thank you for joining us we appreciate it.
