Energy Sec claims Obama $35 billion green energy financing is 98% successful — Name a success, Ernie

Not going bankrupt or not being prosecuted ≠ Success.

The Hill reports:

Energy Secretary Ernest Moniz is touting federal green energy loans that have drawn strong criticism from Republicans over the collapse of the solar panel company Solyndra.

Moniz, speaking at a green energy summit in Nevada, said that the overall program, which supports low emissions energy projects and automakers, has been a major success.

“My view is, what is there to be defensive about?” Moniz said of the loan and loan guarantee programs.

“A $35 billion portfolio with 2 percent current and projected defaults with many, many, many success stories,” he said at the National Clean Energy Summit 6.0 in Las Vegas. “That is what it means to have a portfolio out there.”

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6 thoughts on “Energy Sec claims Obama $35 billion green energy financing is 98% successful — Name a success, Ernie”

  1. 98%????
    That could be true depending upon what you’re actually measuring! If you mean to say that 98% of the Campaign Contributions that were committed to PRIOR…. to the GVT loans being approved, were received and marked off the list, THAT(!)…. could well be true.

    Hard to say though, without the quid pro quo list to work from… you could always ask for it I suppose….???

  2. Howdy Jef
    If we’re going to use the amount of the loans as the baseline, 2% woud be $700m, a considerable sum in the private sector — except I think you and I share the idea that the failures reported so far are already over that amount by a wide margin. If this means that 20 of 1000 loans are expected to default, those 20 could total any part of the $35b.
    If by “successful”, one means that the projects have produced energy with fewer emissions at lower costs than conventional fuels would, I’m not aware of any successes.

  3. There was a time, long passed, when presidents and our government would seek the most educated and brilliant people to staff their administrations, even considering various persuasions as to policy,
    Now we have gpvernment employees at several levels, who are so driven by political considerations on tax collection and “Climate Change” among other areas, that National economy and prosperity seem to have no bearing on their efforts.

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