Energy-related loan guarantees arose from the stimulus legislation of 2009. Policy makers thought a huge infusion of low-cost loans would create many thousands of jobs at solar- panel factories, alternative-energy power plants and the like. There was an implicit assumption that most of these ventures would succeed. Barring fraud, Solyndra’s failure reflects the company’s bet on an inadequate technology. Its tubes, coated with an unusual four-metal compound, were supposed to cut power costs more than 20 percent. That wasn’t nearly enough. Production costs fell much faster for a rival technology, conventional flat silicon panels, and Solyndra couldn’t compete.
The Energy Department’s loan guarantee program is the real Solyndra scandal
You can call it crony capitalism or venture socialism — but by whatever name, the Energy Department’s loan guarantee program privatizes profits and socializes losses. It’s an especially risky approach in the alternative-energy space, where solar energy is many years from being cost-competitive with fossil fuels for most uses — and history is littered with failed government attempts to back the next big thing.
Solyndra Scandal: 5 More U.S. Energy Scandals
2005: Halliburton and Iraq: The Texas oil giant reportedly overcharged $108 million for work in Iraq, but reports didn't leak until after the 2004 election. Former Vice President Dick Cheney, who was once chief executive, came under fire for his connection to the company. Nonetheless, Halliburton continued to be awarded government contracts, such as in 2006 when subsidiary Kellogg Brown & Root received a $385 job to build immigration detention centers in the U.S. for the Department of Homeland Security.
From the huff-ington post:
Over the last eight years, President Bush, Vice President Cheney and their Republican allies in Congress have fallen over themselves to give oil companies huge tax breaks. They have repeatedly blocked meaningful progress toward energy independence and they have shown no interest in taking on the unchecked speculation that has created extreme volatility in energy markets and pushed oil and gas prices upward. Yesterday, addressing the U.S. Chamber of Commerce, Vice President Cheney said, "We have to recognize that there isn't anything out there that is going to get us away from a hydrocarbon economy anytime in the near future. There really isn't anything on the horizon that today is economic, relative, for example, to basic, good old oil and gas." Not surprising coming from an oil man, and the man who sat down with oil company lobbyists behind closed doors to write the current failed policy. But those remarks show the bankruptcy of the Republican vision on energy. It's a vision of the status quo, invested in the problem, not in finding a solution. And it just doesn't cut it.
Note: A closed door meeting on a ‘failed’ policy that put Halliburton at number one and helped Exxon have the largest profits EVER. I wonder how many other failed policies have helped the oil companies?
The following is from an old book called Unequal Democracy
“The recession of 1974-1975 was triggered by a massive oil price shock engineered by the Organization of Petroleum Exporting Countries (OPEC). The real price of oil increased by 140% in 1974, throwing the industrial sector of the United States and other advanced economies into a tailspin. Accidental president Gerald Ford entered the White House in the midst of a major economic crisis not of his own making.
From the Guardian:
Scientists and economists have been offered $10,000 each by a lobby group funded by one of the world's largest oil companies to undermine a major climate change report due to be published today. Letters sent by the American Enterprise Institute (AEI), an ExxonMobil-funded thinktank with close links to the Bush administration, offered the payments for articles that emphasise the shortcomings of a report from the UN's Intergovernmental Panel on Climate Change (IPCC).
With all the evidence of corruption above, the following connections between General Electric and it's (initial) lack of taxes makes complete sense, as it's part of the government so obviously it will create policy that will benefit them...
IRS, Taxes, Apple, General Electric & Mitt Romney
Watch As Stephen Colbert Plays Bill O'Reilly With Steve Martin
Breaking Scandal: Newt Gingrich's Blatant Hypocrisy... Backed by Sarah Palin
NSA Poker Tells, Secret Service Prostitution, O Reilly's & The Conservative Senate's/Congress's "Trixie" & Newt Gingrich's Open Marriage
Some news reports of extreme corruption in the Department of the Interior;
Sex For Oil Scandal At Interior Department (CBS/ AP) Government officials handling billions of dollars in oil royalties engaged in illicit sex with employees of energy companies they were dealing with and received numerous gifts from them, federal investigators said Wednesday. The allegations of bad behavior involve 13 government employees in Denver and Washington, reports CBS News investigative correspondent Sharyl Attkisson. Those accused are workers who sell U.S. mineral rights to oil companies. Such sales are one of the government's biggest sources of revenue besides taxes. But the Inspector General for the Interior Department says they rigged contracts, and engaged in illegal moonlighting, drugs, sex and gift-taking from oil company representatives, according to three reports released Wednesday. The reports revealed startling allegations including that an employee attended a so-called "treasure hunt" in the desert with all expenses paid by an oil producer, and that a former supervisor - who bought cocaine from a colleague then boosted her performance award - had sex with subordinates, and steered government contracts to an outside business where he also worked, Attkisson reports.
Days Before Scandal, Interior Got Ethics Award Oh, the irony. Just before the Department of Interior's inspector general released reports that laid bare the oil-and-sex scandal in the department's oil royalties office this week, Interior won an annual award from the federal Office of Government Ethics, The Post's Mary Pat Flaherty and Derek Kravitz report. The inspector general said Wednesday that federal officials in the Mineral Management Service's royalty-in-kind program allegedly were plied with alcohol and expensive gifts from industry representatives, and in some cases had sex and did drugs with them. The Denver-area office takes in roughly $4 billion each year in oil and natural gas reserves from companies drilling on federal and Indian land and offshore.
Billions Missing From U.S. Indian Trust Fund In his testimony before Congress, John Echohawk, director of Native American Rights Fund, called it "yet another serious and continuing breach in a long history of dishonorable treatment of Indian tribes and individual Indians by the United States government." Arizona Senator John McCain, the chairman of the Senate Committee on Indian Affairs, bluntly called it "theft from Indian people." These men were describing the single largest and longest-lasting financial scandal in history involving the federal government of the United States. With no other recourse left at their disposal, NARF, along with other attorneys, filed a class action lawsuit in federal district court on June 10 on behalf of more than 300,000 American Indians. The suit charges Secretary of the Interior Bruce Babbitt, Assistant Interior Secretary of the Interior for Indian Affairs Ada Deer and Secretary of the Treasury Robert Rubin with illegal conduct in regard to the management of Indian money held in trust accounts and managed by the Bureau of Indian Affairs. If the lawsuit's claims are correct, and there's an overwhelming body of evidence that suggests they are, then the federal government has lost, misappropriated or, in some cases, stolen billions of dollars from some of its poorest citizens.
Confirmed: Fracking Triggers Quakes and Seismic Chaos...
The danger above explained in detail here: Short & Long Term Effects Of Drilling (Earthquakes)
What you can do RIGHT NOW as an individual: Stuff To Do
ORIGINAL PREDICTION: Climate Change + Oil, Fracking, Earthquakes, Tsunami's, & Alternative Energy Solutions. (Thanks to Google for the classified image that accidentally got caught in their search engine. Snowden?)
When all the trees have been cut down,
when all the animals have been hunted,
when all the waters are polluted,
when all the air is unsafe to breathe,
only then will you discover you cannot eat money.