Sunday, November 7, 2010

White House memorandum illustrates the point- the renewable energy promoter’s have too little “skin in the game” while we, the taxpayers, take most of the risks via our subsidies!

Where have you heard that before? I think this blog has mentioned it, I don’t know, maybe
over 50 times? If I had to guess? And it plays right in to what this blog has been mentioning
about a lack of private financing for these solar and wind mega boondoggles, the dearth of
such financing, and that without the patronage of those paragons of intellectual virtue and
courage running our administration in its’ current makeup, these project prospectus’s would
have been tossed into the
shitcan with the other crap a long time ago.

But instead, due to an accident of history and the calendar, bulldozers are now busily blading
away at our Ivanpah Valley and would be starting soon in Imperial, to setup over 28,000
of the unreliable stirling engines
, were it not for the Quechan people filing a lawsuit to
protect their cultural, heck; their nation and people, period.

But I understand your skepticism, I’m a novice at this and should maybe stick to bus driving,
but prognostication is more fun, especially when you are proved right. Check out that
link to the Wall Street Journal article on this subject, but before you go let me share one
excerpt in particular, from the article:”The memo adds that the project's corporate backers "would provide little skin in the game (equity about 10%)," while the government would provide "a significant subsidy (65+%)."

Folks what they are referring to is a wind project in Oregon, a private and government backed
one. Just so you know, the solar project in Ivanpah for example, is construction subsidy via
direct tax credit for construction coasts(30%)- get it? direct money from you and me, and
a federal loan guarantee of 1.7 billion $$$$ for loans. Now do you see what the memo
writer was trying to get across?
These big solar companies, some foreigners like Solar
Millenium, don’t have any skin in the game! We got all the skin in the game as tax
payers, taking all the risks, and then the BrightSource’s of the world, will along with
the help of the big Wall Street investment banks, GO PUBLIC WITH A MULTIBILLION
DOLLAR I.P.O.- loot that was built on the taxpayer’s and the desert tortoise’s backs.

And getting back to the wind project specifically mentioned in this White House memorandum,
did you see where the wind project’s backer’s creative accounting got exposed for the fraud that it was and is? Valuing the CO2 value at around 130$ a ton, almost 6 times what the U.S. government rules say it should be; how do we know that the same cast of characters haven’t
pulled the sane creative accounting shenanigans down here in the Mojave Desert? I am telling
you right now, in no uncertain terms, I predict we will soon, uncover similar “ENRON”
type accounting gimmicks here with these large scale solar projects. Perhaps the
”gotta rush,gotta rush, gotta get it approved quick” model is due to a need perhaps
to hide something?

I , for one, do not put anything past these bozo’s- from the soon to be departed thank God,
governator, to the rubber stamp CEC commission members, to the DOIBLM and of course
hopefully soon to be disarmed “new sheriff in town” Big Ken Salazar, and of course, our ran
off to India to escape the blame for the absolute ass kicking we dumbocrats received in the
polls, teacher-in-chief; never doubt their ability to massage the numbers on their spreadsheets to justify and continue
further rapine and plunder in the Mojave and other
wild places, despite the FACT that in losing the House of Representatives they have
lost a lot of their power in fiscal and other matters, I think they’ll keep trying anyway.

Their blood is up, it has an intoxicating smell and effect, they won’t stop until WE
stop them, period.

I noticed also further down in the article that the memo writer pointed out they were “protecting taxpayers”- what an f------g joke. Does anyone in their right mind really
think that these bureaucrats in the Obummer administration are doing all they can to protect
taxpayers? This is a classic folks, you can’t make this shit up, I’m telling you.

Now here is the Morongobill analysis, free and unsolicited, to what is really going on. These
jokers know that the jig is up. With the repubs in charge, and who by the way, will be
watched like hawks by the Teapartier’s, who are budget cutter’s by nature, there ain’t gonna
be too more of these boondoggles coming down the pike that need fancy accounting and
blind fear of carbon and climate change, to get approved. So now it’s all about setting the
record straight, putting a positive and reasonable spin on the zealot’s past decision process,
in preparation for the inevitable and in my opinion, absolutely necessary House
Committee Hearings after the new Congress takes over, on these and other rushed
through spending projects------- I look forward to watching the rats squirming under
the klieg lights, I can’t wait.

Here is the link again to the article:
http://online.wsj.com/article/SB10001424052748703506904575592843603174132.html?mod=WSJ_Energy_leftHeadlines

Enjoy! If you want to join the discussion or point out any and all flaws in this post, just
scroll down and click on the comment button- vent in public for all to see just like me!
Pretty soon you’ll have visits to your site from BrightSource’s attorneys just like the
Morongobill! Lately, I have had visits here from attorney firms, to First Solar, to the
CEC, to NASA, etc etc. As I have said before, come one, come all, to the backporch,
I’ll put a cup of coffee out and we can talk, like real folks do out in the real world when
there is an issue that needs to be aired out.

In the meantime, vaya con dios my friends.

Morongobill

 

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