NHTSA to Investigate Tesla Fires as Battery Facts Remain Elusive

Tesla fireAfter three recent fires, Tesla Motors CEO Elon Musk said he asked the National Highway Traffic Safety Administration to investigate its Model S.

NHTSA said no he didn’t.

Tesla has been saying it received the highest safety rating in the U.S., a “new combined record of 5.4 stars.”

NHTSA says there’s no such thing.

Musk said he expects the investigation will clear Tesla after incidents in which metal objects struck the underside where the Model S battery is located.

NHTSA says we’ll see, and a decision whether there should be a recall will likely take months. Maybe a lie detector test needs to be part of the study.

Musk thought he had averted scrutiny after the first fire in Washington state last month, when NHTSA declined to investigate the cause. Then another fire followed a collision in Mexico, and another blaze ignited in Tennessee a couple weeks … Read More ➡

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Taxpayers Tally Losses as Treasury Exits GM Stake

money down the drainIt appears the time has finally come for the Obama Administration to end taxpayers’ forced investment in General Motors. Reports continue to roll in that Treasury is expected to sell its remaining stake by year-end. Of course, the news will be trumpeted as a great success by those responsible for the heist that cost taxpayers (along with creditors and shareholders of old GM) billions of dollars.

The final figures confirming how taxpayers fared will have to wait for the closing tally, but the estimated loss to those who footed the GM bailout bill is in the $10 billion range. A full retrospective view will reveal that the losses go far beyond that monetary sum. Worse yet, the money was spent to reward political allies that would, in return for the payoff, come out in force to secure President Obama’s reelection.

The hyperbolic spin by General Motors and the Obama … Read More ➡

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Taxpayers Pay $176 per Gallon of Gas “Saved” by Chevy Volt

Volt and AkersonI have to hand it to General Motors and those Chevy Volt supporters who continue to come up with creative ways to espouse the virtues of the slow selling and heavily subsidized vehicle. They just won’t give up. The latest figures being presented in political fashion utilize large numbers that, on the surface, appear impressive. When analyzed, the figures give more insight into just how much taxpayer money is being wasted on green subsidies, particularly on electric vehicles (EVs). Sound the trumpets! According to Green Car Reports, the Chevy Volt has saved 17 million gallons of gas to date.

Now it’s time to break down what the numbers really represent. Let’s start with what it cost taxpayers to save the wealthy owners of President Obama’s favorite car 17 million gallons of fuel. The estimate for total cost to taxpayers to produce and subsidize the Volt is about $3 billion. … Read More ➡

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‘Democratize’ Just the Latest Phony Campaign to Sell Renewables

solar panelsThe survival of wind and solar energy, like electric vehicles, is wholly dependent on coerced wealth transfers by government from the private sector (i.e., taxpayers) to the renewable industry. This distorted “economic sector” could only exist under political practices such as Communism at worst, and crony-favoring corporate welfare at best.

Unfortunately for “green” proponents, they are stuck with the stigma that they can’t make it without government mandates and subsidies. The last few years of President Obama’s (un-)stimulating spending, with billions of dollars that have gone to prop up projects that produce piddly amounts of energy (compared to fossil fuels), that have resulted in bankruptcies including Solyndra and Abound Solar, have projected an even worse image for wind and solar.

As a result the advocates for clean-tech, in order to conceal the true nature of renewable economics, have come up with a new term: “Democratization.” … Read More ➡

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Tesla to Target Rich, Environmentally Conscientious Rednecks?

Obama and MuskTesla CEO, Elon Musk, seems to have reached cult status with green ideologues, as well as with many in the media. Musk’s name often goes hand in hand with descriptive monikers like “visionary” and “genius.” Of course, what Musk is really a genius at is getting politicians to fund his private businesses ventures with taxpayer money so they don’t have to make a profit.

It might be time to step back and ponder just how genius Musk’s latest idea is; which is for Tesla to compete with Ford’s best selling F-series trucks by offering up an electric pickup truck.

According to Businessinsider.com, Musk claims that Tesla may have an electric pickup truck to compete with Ford’s F150 in five years. Musk’s bold dream comes to light at just around the same time as his even bolder dream of developing an electric, supersonic jet. Neither of Musk’s two latest visions seems … Read More ➡

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Corruption Surrounds World Bank Loan for Argentina

American Argentine moneyThe United States is broke. The federal government has to borrow 40% of each dollar it spends. We send billions to lending institutions, most of all, the World Bank, to which the American taxpayer is the biggest contributor. Yet this debt load may be on the verge of increasing. The government of Argentina currently is demanding a $3 billion loan from the World Bank. Argentina makes for an unreliable debtor. Burdened by decades of corruption, nationalization and devaluation, Argentina has a long history of refusing to pay its debts.

How bad a credit risk is Argentina? It’s bad enough to have defaulted on $81 billion in bonds back in 2001, touching off worldwide legal battles that rage on to this day. In the U.S. courts, literally a hundred judgments have been entered against this deadbeat nation, ordering it to pay its debts. Yet Argentine officials have ignored these judgments. And they have done so by expressing contempt for our legal … Read More ➡

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Senate Republicans Block Mel Watt FHFA Nomination; White House to Try Again

mel-watt-congressional-photoNorth Carolina Democratic Congressman Melvin Watt has a dream job: running a federal agency that controls around $5 trillion in financial assets. For now, he’ll have to keep dreaming about it. On October 31, the Senate, by a 57-41 margin, fell three votes shy of the 60 votes needed to invoke cloture (i.e., end debate) over President Obama’s nomination of Watt as director of the Federal Housing Finance Agency, which for over five years has been conservator for mortgage giants Fannie Mae and Freddie Mac. Republicans, with two exceptions, voted to filibuster, believing he wasn’t qualified to run the agency. Yet the main problem with Watt is less his qualifications than his view that FHFA should be a permanent agency, and one with favoritism toward nonwhites.

The upside of the vote: Edward DeMarco will remain in charge of the agency for at least a little longer. National Legal and Policy … Read More ➡

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Problems Pile up for Taxpayer-Subsidized Tesla

Tesla Tenn fireFires, faulty drive units, financial losses and stock price deflation marked Tesla Motors news in a week that seemed as bad as the last couple of years were good.

Fortunately for CEO Elon Musk and his support staff he’s mastered the art of celebri-preneur showmanship that he’s built enough standing with the media to endure a really bad week. The multi-billionaire who’s dazzled with innovation at Paypal, SpaceX and SolarCity will be permitted his stumbles because of his track record and his self-assurance. Henrik Fisker, whose taxpayer-backed luxury electric auto company didn’t get nearly the same favor, must be jealous.

But even Fisker Automotive didn’t suffer three vehicle fires in the space of six weeks, like Tesla’s Model S just did. The latest occurred Wednesday afternoon near Nashville.  The Tennessee Highway Patrol told Associated Press that the car’s driver ran over a tow hitch on Interstate 24. … Read More ➡

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SPECIAL REPORT: The Carnahan Wind Deal: Crony Capitalism in Missouri

In this 23-page report, NLPC Associate Fellow Fred N. Sauer looks at Wind Capital Group (WCG), a St. Louis-based company that has been the recipient of Obama administration stimulus funding, as well as other significant tax credits and subsidies.

WCG was founded in 2005 by Tom Carnahan, son of the late Missouri Democratic Governor Mel Carnahan and his widow, former Missouri Senator Jean Carnahan. He also is the brother of former Missouri Secretary of State Robin Carnahan and former Congressman Russ Carnahan.

The firm’s core activity is building and operating wind farms in the Midwest, with a focus on the northwest part of Missouri. But to really understand how the firm operates is to know who has become wealthy as a result. WCG is now almost wholly owned by an Irish company, NTR plc. The Carnahan family’s expertise is politics, not business. And Wind Capital Group, though touted as an … Read More ➡

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Inspector General Says DOE Hid Vital Info from Audit of Bankrupt Ecotality

Blink chargerAfter an Inspector General’s audit earlier this year of now-bankrupt electric vehicle charging company Ecotality, which determined that millions of taxpayer dollars were wasted in a nearly unworkable program, the IG has returned with findings that the Department of Energy withheld information about the project’s problems during his first investigation.

The audit, released by DOE IG Gregory Friedman in July, determined (among other things) that the persistent weak demand for electric vehicles harmed the deployment and timeliness of a $135 million-plus taxpayer funded charging network, which led to excessive grants and project expansion that became virtually unusable under the grants’ guidelines. Investigators discovered that conditions for reimbursement to Ecotality for the EV charging demonstration project were “very generous” and that cost-sharing requirements were extremely lenient.

Shortly after that report was released, on August 7, Ecotality informed DOE that it was in financial distress and that its ability to do … Read More ➡

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