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Manhattan Institute Senior Fellow Robert Bryce on the federal loans to solar energy companies.
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More wasted taxpayer green going to green energy companies -- start up.
So -- power sector happened to a 197 million dollar federal loan guarantee.
And why shouldn't say it is from the same government program that cost taxpayers.
535 million dollars for the now bankrupt Solyndra.
Is this another Solyndra -- -- well let's ask -- pricing your fellow at the Manhattan institute.
IS I -- is learning from history here Robert.
Well -- it's it's hard to see how this this loan in particular can be justified.
Now look at.
At what's happening in the solar market there's absolute carnage.
Look at -- the big Chinese company in fact the world's biggest.
Solar power -- -- were -- manufacturer of solar panels.
Four years ago their stock was selling for ninety dollars today closed at a dollar and and it's in danger.
The being delisted by the New York exchange.
Look at First Solar one of the biggest solar panel manufacturers in the United States.
Four years ago -- -- for 285285.
Dollars a share today it's at 21 dollars.
Price of solar panels this year down by 30%.
I just don't understand how so low power can see a path to profitability.
Particularly now when they're trying to sell a premium.
Priced product into the solar market I just don't see it.
We'll probably -- -- showing our viewers if you look at for companies that have tapped into that program -- two of them are now bankrupted and -- power you know we shall see.
But it the second time I mean look this is government money that's being handed out what you take out money at -- -- -- -- -- word dumb enough.
Department restoration is -- up to keep just picking cherry picking solar companies no matter if the Chinese or kill us or not which they are as you just pointed out.
-- shouldn't take the money it's legal.
Well you know I'm not gonna argue that point would you -- of course it's legal and this from in this.
Loan was approved more than a year ago in August of last year by secretary Qiyue.
But it's about politics not about the ability of the market to actually make these companies work and if you can see that by looking at what secretary Chu said.
When the loan was approved he said that programs like this can.
What is it they are key to our future energy independence.
Ever hear a politician -- word energy independence run because it they're gonna they're going to be asking for money from you pretty soon for some favored project and that's what's happening with this one.
You know the house did pass than a morsel underused -- -- and I'm curious why this particular project commander standard is gonna create jobs and Portland.
Or again I guess we need more jobs and -- will expand parent up but if it would have to know -- -- act why are we continuing.
Then to to fund these project.
Well and that's the key point here -- hit a -- power.
If you look at their web site they've raised over 200 million dollars from various venture capital firms.
And now the the federal government is gonna step in with another 197 million dollar loan -- look if the private markets have -- private capital markets are ready and willing to support companies like this let them I just don't think that in this case particularly given.
Look at that the Obama administration's track record with companies like -- range fuels -- beacon power with Solyndra.
That now we're going to give a loan guarantee to a company like this at a time when the -- solar PV market is just getting.
Crush it just makes no sense whatsoever.
Robert I don't know what time but I do wanna throw mart mom -- thank you -- we found out from Toyota today that they're scaling back on electric vehicles yet.
Will be told over and over that that's -- tax incentives tax breaks to go to at -- electric vehicles -- can work.
Look at USA today report on the Congressional Budget Office report.
Seven point five billion dollars over the next seven years going to.
45000.
Dollars.
Her electric vehicle we can give consumers 101000 gallons of gasoline.
And still be money ahead rather than have them by -- it's just -- more good money after bad.
Provides them consolidate Charles they want my colleagues and this is why tussle gonna make it nobody else well let you got has been for -- dollars per -- -- is yeah our our our right Robert thank you very much.
