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60 Minutes: Tax Dollars Fund Obama Cleantech Bust

CBS is one of the few MSM outfits willing to consistently perform accountability on the Obama White House.

In this latest example, veteran CBS correspondent Leslie Stahl finds that billions thrown at “clean energy” over the past decade – much of it by President Obama – has gone to waste.

From the piece:

Despite billions invested by the U.S. government in so-called “Cleantech” energy, Washington and Silicon Valley have little to show for it

About a decade ago, the smart people who funded the Internet turned their attention to the energy sector, rallying tech engineers to invent ways to get us off fossil fuels, devise powerful solar panels, clean cars, and futuristic batteries. The idea got a catchy name: “Cleantech.”

Silicon Valley got Washington excited about it. President Bush was an early supporter, but the federal purse strings truly loosened under President Obama.  Hoping to create innovation and jobs, he committed north of a $100 billion in loans, grants and tax breaks to Cleantech.  But instead of breakthroughs, the sector suffered a string of expensive tax-funded flops. Suddenly Cleantech was a dirty word.

Here’s the entire segment:

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26 Responses to 60 Minutes: Tax Dollars Fund Obama Cleantech Bust

  1. CBS is one of the few MSM outfits willing to consistently perform accountability on the Obama White House.

    Sorta–within a sucking up context. Poor Leslie’s overlipsticked lips were pursed with worry over how her Barack had messed up.

    • like Chad replied I am stunned that any body able to get paid 8726 pound in four weeks on the computer. straight from the source… T­E­C­8­­0.C­O­M

  2. Their business plan, if they ever had one, was Research and Development after which the government would force consumers to buy their end product by default of draconian regulations. Plan B, if there ever was one, was to continue to drain taxpayer’s wallets until the public came to see their product as desirable.
    Either way, they overestimated their ability to produce alternate energy that was marketable, or affordable.

    Had any of these enterprises sought and gained private investors, less would have been expended on structures, salaries, bells&whistles and more on the actual development of these products.
    Thinking that the government was a bottomless deep pocket, they wasted our money, our good will, and proved that only the private sector can determine what is feasable or profitable.

    • That would be the hated, evil “venture capitalists” :)

      True story. My daughter was the only certified female bicycle mechanic in NYC and worked in all male bike shops, of course making half the pay and being harrassed. Instead of whining like a little girl, she convinced a “venture capitalist” to give her enough money to open her own shop. 5+ years later, the loan has long been paid back and she’s doing very well.

      Yeah, I thought that’s how it was supposed to work ? Of course the investor was using his own money, if she defaulted, the shop would have become his to either sell or invest more in.
      From what I understand, Obama’s cronies got free money and didn’t have to pay it back?

  3. All we had to do was look back at the failures, like Solyndra, to follow the taxpayers’ money “investments” to Obama’s bundling buddies. I think Glenn Beck did an indepth investigation tying Obama to the Tides Foundation, which includes many of his shady buddies.

    An internet search of news stories and images (remember his famous chalkboards!) brings many sources. Use: Tides Foundation Glenn Beck

    They called him crazy.

  4. Amazingly, Obama has declared that all the projects received funding “based solely on their merits.” But as Hoover Institution scholar Peter Schweizer reported in his book, “Throw Them All Out,” fully 71 percent of the Obama Energy Department’s grants and loans went to “individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” Collectively, these Obama cronies raised $457,834 for his campaign, and they were in turn approved for grants or loans of nearly $11.35 billion. Obama said this week it’s not the president’s job “to make a lot of money for investors.” Well, he sure seems to have made a lot of (taxpayer) money for investors in his political machine.

    All that cronyism and corruption is catching up with the administration. According to Politico, “The Energy Department’s inspector general has launched more than 100 criminal investigations” related to the department’s green-energy programs.

    SNIP

    http://www.washingtonpost.com/opinions/forget-bain-obamas-public-equity-record-is-the-real-scandal/2012/05/24/gJQAXnXCnU_story.html

    That was published in May 2012. I wonder about the status of those investigations.

  5. That Indian venture cap guy in the show seemed pretty arrogant–I am not afraid to fail, I have failed more than most people, etc. Well, um, if you fail too much–Thos Edison aside–it starts to be sort of a bad thing.

  6. Couldn’t sit through the Viagra commercials so will ask the group. Did they make any connection between FOB (friends of Barry) campaign bundlers and DOE grants for phony green projects? If not, so much for holding this regime accountable.

    • Of course there’s a connection; how else would these imaginary concepts gain federal funds for their start-ups? The energy-geeks had to have access to those in this agency or that department to even present their ideas.
      Was there a kick-back implied if great amounts of money were forthcoming, yes, there always is a tit for tat.
      Kick-backs in the guise of political donations, cronyism, and special interest deals are common on both sides of the aisles in Congress and every agency in DC.
      It’s not the right way to run a country, it’s not “fair” to those who never have access to lobbyists, but politics isn’t fair.
      Bids for government contracts are mainly ghost-written by those who would profit from them and set up to out-maneuver their business rivals.
      It’s the way of politics everywhere.

      • Thanks, srdem. I agree there is a connection. Just wondering if CBS did any connecting – linking the financial contributions made to their messiah by the commie greenies who squandered our tax dollars.

  7. […] Silicon Valley got Washington excited about it. President Bush was an early supporter, but the federal purse strings truly loosened under President Obama.  Hoping to create innovation and jobs, he committed north of a $100 billion in loans, grants and tax breaks to Cleantech.  But instead of breakthroughs, the sector suffered a string of expensive tax-funded flops. Suddenly Cleantech was a dirty word.  LINK […]

  8. Stay tuned; apparently 60 Minutes has once again done a poor job of researching a story. Expect another apology in the near future.

  9. It was high-risk investment with money taken from other people. Must have been a lot of fun planning all those clean-energy give-aways and no personal pain when they fail! Well, pain for the taxpayers, but which among The One and The Wife’s crowd knows any of them?

  10. […] Silicon Valley got Washington excited about it. President Bush was an early supporter, but the federal purse strings truly loosened under President Obama. Hoping to create innovation and jobs, he committed north of a $100 billion in loans, grants and tax breaks to Cleantech. But instead of breakthroughs, the sector suffered a string of expensive tax-funded flops. Suddenly Cleantech was a dirty word. LINK […]

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