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Manhattan Institute Senior Fellow Robert Bryce on the White House’s support of green energy companies.
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President Obama pushing his green agenda and last week's inaugural address saying climate change will be a big priority in his second term.
And we will respond to the threat of climate change.
Knowing that the failure to do so would betray our children and future generations.
Democratic lawmakers now telling President Obama to push forward with his green agenda through executive action which it.
As you know -- bypassing congress altogether.
But my next guest says president Obama's green energy bubble has already burst.
Robert -- is a senior fellow for the Manhattan institute Robert it's always great to have you on the show so let's -- this this just drives me crazy and I'm so glad you're here sure so.
-- -- congressman Henry Waxman Waxman senator Sheldon Whitehouse.
They're asking for the White House did to put these rules -- -- to prevent climate change that's what they say.
They want to accelerate federal investments in green energy.
And they want to lower emissions of gases by 17% by 20/20.
I think are you crazy I.
I think I think this is the -- thing I've ever heard what do you think.
Well what worries me about that letter Jerry is the is the idea that we can do this by executive action that they president alone is the one.
With a with a stroke of the pen that's going to impose these kinds of policies but second I think that and perhaps more importantly here.
The US is already leading the world these are my claims are my numbers the International Energy Agency last year said the US is already.
Leading the world in reducing CO2 emissions it's not because of some government Fiat not because -- government programs but rather because of the shale revolution has.
And what happens man White House little -- -- China and talk to them because these are the real culprits when it comes stick.
-- climate change if there is climate change greenhouse gas emissions they rank at the top of the list every single year.
Sure sure and that's a remarkable part about what's happening now Jerry in the and one reason why I'm so sceptical on the issue of -- CO2 emissions reductions.
And and efforts -- have whether it's Kyoto or Copenhagen bond Durbin.
Any of the IP CC meetings or or rather the UN meetings.
That have happened in the last few years.
Look at the growth in the coal market the IEA just a few -- just in fact last month.
Said that by -- seventeen within five years.
The global coal market will increase by as much as the current conception of Russia and the United States combined.
Coal consumption here is falling and falling dramatically but globally because so many countries are desperate for more electricity they're burning coal because it's cheap abundant and -- available.
In these guys want to spend more money I'm you know green investments.
And what you did you hear about this -- didn't hear about -- lender you didn't hear about a 123 how many companies did we fun with our taxpayer dollars that ended up going bust and now news.
That this -- trying to find a buyer and they can't you know why everybody knows it's a lousy investment.
Well that the -- her story is one that is particularly instructive -- that.
It's it's yet another chapter unfortunately and the failure of the electric car.
A century of failure of the electric cars a century of failure tail -- failure.
Here's a car that got her car company -- automotive.
Got a loan of over a 192 million dollars so far from the US government so that they can build a hybrid electric sports car that costs a 100000 dollars.
This is not it.
Jerry this is not a car for the masses know -- there -- well here's the next part -- yes yes yes.
They and then they're they're betting their future now on a new model they call the Atlantic.
It's going to cost 50000 dollars a new a brand new debt Jerry brand new MA -- have -- a new BMW five series costs 57000.
Dollars so -- -- that I for the beamer and binge crowd and.
-- -- -- I it's crazy and I can't live my taxpayer dollars go to this kind of thing you know here's my theory on this and tell me if you agree.
The general government be -- President Obama has created a bubble in green energy.
There's a lot of money that went to it even in the BC community because they -- the federal government was getting involved -- when you know their tax dollars behind something you're more likely to invest.
Now those BC dollars or drying up -- were starting to see everybody take five steps back has the bubble burst.
Well I think the bubble we're seeing the bubble deflation now look at First Solar up solar -- company.
In mid 2009.
Just look it up their share price was over 200 dollars today it closed at less than thirty dollars but this is indicative and I.
I can't blame all this on the Obama administration certainly they deserve a lot of the blame that there was a lot of belief in Silicon Valley that they were going to show.
How to run and they would have done if they even -- -- -- -- federal dollars for this wasn't coli.
They wanted to ride the coat -- right.
The certainly there were some of that -- bit but look and and here's what let me bring up one part of this that I think is particularly aggravating and -- just chaps my hide is global look at what happened.
Look at what happened -- fiscal cliff bill to put the fiscal -- legislation that passed congress earlier this month.
What do they do they but more sweeteners for the biofuel sector right to biofuels cam has been ongoing for years.
And they gave more subsidies to the -- -- ethanol industry.
Here's an industry that has never produced any quantity of fuel was mandated by congress and just last week a Court of Appeals in Washington.
-- -- they slept on the EP let me give you the quote.
That and because EPA have been mandating that refiners -- over eight million gallons of cellulose ethanol.
Even though just last year they produced 20000.
Gallons 1400.
Of them in debt and that doesn't -- -- The guy I work and the EPA sit -- -- people get a that they and they chart thanks Jerry.
You know you are fantastic and and you come back any time.
I love having won the show -- do you know what you're talking and Robert thank you sure.
