It’s been a month since the billionaire triumvirate of Tom Steyer (pictured), Henry Paulson and Michael Bloomberg introduced their ballyhooed Risky Business report on the climate, and after all the op-eds, blog posts and public interviews so far, all that can be said about it is that it is already an empty, meaningless PR campaign upon which the financial hot shots have wasted their money.
There is no there, there.
Logical scrutiny of the project, from its genesis to its outcome, would reveal how deeply flawed and biased it is. Given every contributing factor, there is no other verdict that would have been reached other than “we must all do something about global warming!” Yet the legacy media has treated Risky Business as something that was objectively conceived, and which has delivered perfectly reasonable conclusions. That is to be expected from pack journalists who don’t look beyond the climate crystal … Read More ➡
NLPC has extensively documented how Tesla Motors has taken advantage of market distortions to reap revenues – including government mandates, subsidies, and taxpayer support – not the least of which have been so-called “zero emission credits” from the state of California. But much of the revenue Tesla enjoyed last year – which often meant the difference between profit and loss – was credited based upon theoretical technological capabilities and not ones actually put into practice.
CEO Elon Musk has also relied on accounting gimmicks to enhance his bottom line over the last 18 months, during which a couple of quarterly earnings reports even showed a profit – albeit under non-Generally Accepted Accounting Principles. Those handsome returns were achieved in part thanks to a scheme administered under the California Air Resources Board in which additional zero emission credits are awarded to vehicle manufacturers based upon the ability for models to “fast … Read More ➡
In recent months NLPC reported how Big Labor has vowed to make an aggressive push to “Organize the South,” and has joined the media-amplified “Moral Monday” protests as part of their strategy to infiltrate right-to-work states, especially in North Carolina.
Last week the unions upped the ante. The president of the national American Federation of Government Employees, J. David Cox, and his chief of staff Bryan DeWyngaert, were two of 20 labor organizers and other protesters who were arrested last Monday for failing to leave the N.C. Legislative Building when instructed to do so. In addition, AFL-CIO president Richard Trumka called attention to the Tar Heel state demonstrations.
“North Carolina has quickly become a shining example of a people-driven movement and a microcosm of what’s to come,” Trumka said. “When the labor movement and the entire community band together to stand up for what is right, everyone wins. … Read More ➡
Months have passed since the saga about the fate of Fisker Automotive ended, which was the stimulus-funded electric vehicle flop that always seemed on the verge of bankruptcy but had a long existence as part of the walking dead.
The inevitable finally happened in November, after Fisker’s executives spent many desperate months traveling the world trying to find a buyer for the struggling company. Apparently blunders and stumbles that included fires, recalls and bad reviews for the only model Fisker ever produced – the Karma – made the business untouchable for outside investors.
It all contributed to an unrelenting run of bad publicity connected to the Department of Energy’s toxic loan program, which provided taxpayer-backed funding for several duds, including now-famous Solyndra. Fisker’s collapse cost the U.S. public $139 million, which is inexcusable considering that founder Henrik Fisker and his colleagues burned through at least $1.4 billion and barely … Read More ➡
Following last week’s attention-getting demonstration at McDonald’s Corp.’s shareholder meeting in Oak Brook, Ill., Rev. William Barber returned Tuesday to his weekly routine of leading stomps and rants at the North Carolina General Assembly.
The supersized president of the NC chapter of the National Association for the Advancement of Colored People relaunched his so-called “Moral Mondays” on May 19, which coincided with the return of legislators to the state capital for a few weeks. Sizes of the crowds he is able to bring to Raleigh vary, but with the aid of the local spectacle-loving media, Barber can always count on overestimates of head counts and exaggerations of his effectiveness.
He started these harangues last year when Republicans assumed full control of the governorship, state House and state Senate for the first time since Reconstruction. The protests started with minimal participation, but thanks to (unjustified) journalistic attention, they grew because … Read More ➡
After the global warming-battling Edwardsport coal gasification power plant used more power than it generated during the September-to-November timeframe, earlier this month information filed with the Indiana Utility Regulatory Commission showed the Duke Energy facility operated at less than 1 percent of capacity in February.
As Duke wants to recover $1.5 million in costs related to the plant, the state office that advocates for its customers – the Office of the Utility Consumer Counselor – wants IURC to more closely scrutinize why Edwardsport’s operation has been such a miserable failure. The much-delayed and fought-over plant had a $1.4 billion cost overrun and as a result is adding an average 16 percent increase to Hoosier State customers’ electric bills.
“The ratepayers of Duke Energy should not be mandated to bear the risks and most of the costs of this boondoggle,” said Kerwin Olson, executive director of Citizens Action Coalition, to … Read More ➡
As Energy Secretary Ernest Moniz announced last week a renewed push to provide $16 billion in taxpayer-backed loans for “clean” technology vehicles, more bad news emerged from another stimulus-funded electric vehicle company over the weekend.
Smith Electric Vehicles, the truck company that was supposed to “make it” because electrification made so much sense for short, urban delivery routes, halted production at the end of 2013. A quarterly report at Recovery.gov attributed the stoppage to “the company’s tight cash flow situation.”
While not a beneficiary of the Advanced Technology Vehicles Manufacturing Loan Program that Moniz wants to revive, Smith Electric is another reason why subsidies of any type for this floundering pseudo-industry – loans, grants, tax breaks, etc. – are enormous wastes. In light of the hundreds of millions of dollars that other companies like Fisker Automotive, Ecotality and A123 Systems received, Smith’s $32 million in grants is comparatively … Read More ➡
NLPC has detailed extensively the wastefulness and folly of spending billions of taxpayer and consumer dollars to subsidize wind energy, solar energy and electric vehicles, all in the name of fighting climate change.
But the complicated, uneconomical boondoggle that Duke Energy built in Edwardsport, Ind. so as to burn coal gas rather than coal – and thus produce less carbon dioxide than a traditional coal plant – may be the dumbest idea to fight imaginary global warming to date. If you swallow the alarmists’ premise and “solutions,” the plant so far is a joke, as recent evidence shows it is using more energy than it produces.
Edwardsport was supposed to cost $1.9 billion but that estimate was about $1.6 billion short. The project has hacked and wheezed since 2006 under evidence of cronyism, corruption, conflicts of interest, cost overruns, delays, waste, and mismanagement, but at least it became … Read More ➡
Last week AAA released findings from tests it had run on three models of electric automobiles, and announced that the heavily subsidized vehicles suffer dramatic driving range loss in both cold and hot temperatures.
The news wasn’t new, but apparently the broader media noticed because the pronouncement from the nation’s largest consumer automotive club made it official. NLPC (beginning with a Consumer Reports experience) has reported from time to time on such problems since late 2011. The Tulsa World reported that AAA found driving distance for electric vehicles can be diminished up to 57 percent in extremely cold temperatures, and by one-third in very hot temperatures.
The models tested were the Ford Focus EV, Mitsubishi i-MiEV, and the much-hyped Nissan Leaf. AAA said it rated “normal” range as 105 miles on a single charge, but that’s not even realistic for at least one Oklahoma owner.
“My … Read More ➡
Last week bankrupt Fisker Automotive was sold to a Chinese company, and Tesla Motors experienced another fire in one of its Model S electric cars.
The Obama administration Green-stimulus losing streak continues. The two luxury electric automaking companies, where the Department of Energy deemed taxpayer “investments” should be placed at risk, don’t inspire confidence.
As NLPC has documented extensively, Fisker burned through more than $1.4 billion, which included $193 million loaned from U.S. taxpayers and millions more from state and local governments. After selling the scraps of its loan to a Chinese businessman, Richard Li, DOE said the government would realize a $139 million loss. Now another Chinese-based company, Wanxiang Group, won the rights to Fisker’s assets with a $149.2 offer at the bankruptcy auction. U.S. taxpayers are none the better for it.
Wanxiang – China’s largest auto parts manufacturer – was also the company … Read More ➡