There’s a postscript to the Fisker Automotive bankruptcy story from earlier this week: The actions by the Department of Energy in awarding the unworthy luxury electric automaker a $529 million loan gave them validation, to the point where the state of Delaware made its own “investment” with state taxpayers’ money in the company.
Now that the collapse is official, Delawareans are out too.
To be sure, state government officials are accountable for their own foolish decisions. They committed $21 million in public money to the California-based company, in exchange for a promise to take over a former General Motors manufacturing plant to build its second electric car model, the Atlantic. But rather than generate thousands of “green jobs,” instead the factory sat dormant while Gov. Jack Markell and the state’s economic development officials waited for Fisker to come and resurrect the plant to life again. It never happened, and … Read More ➡
An incident blew up in the media this week, in which a Georgia owner of an electric car was arrested, after he plugged in his Nissan Leaf at a DeKalb County middle school without permission.
Except, unable to resist a good spin, journalists glommed on to the sympathetic portrayal of the Leaf owner’s seeming inconsequential crime: He only stole a nickel’s worth of electricity. If you didn’t dig very far into the story, you’d see the portrayal of driver Kaveh Kamooneh victimized by a cold, unyielding police officer in the Atlanta suburb of Chamblee. Worse, the officer’s boss, Sergeant Ernesto Ford, said, “I’m not sure how much electricity he stole. He broke the law. He stole something that wasn’t his.”
You’d think from the account that Kamooneh was the electric vehicle-driving version of Jean Valjean, the peasant of the novel Les Miserables who received a five-year sentence for stealing … Read More ➡
Following incidents in Washington state, Mexico and Tennessee, the National Highway Traffic Safety Administration announced it would probe fires that occurred recently over a six week period in Tesla Motors’ electric Model S.
And this week, as revealed in a Detroit News story, the NHTSA looks like they’re serious – at least more serious than Germany’s transportation safety authority.
Why bring up Germany? Because as the regulatory heat bears down in the U.S. on Tesla and high-profile CEO Elon Musk, they have trotted out the Eastern Europe nation to demonstrate that they’ve been absolved of any culpability in the fires. The media that has mostly fawned over the electric automaker helpfully amplified the development, which certainly Musk welcomed. He even got a slight recovery in the company stock price as a result.
On Monday Tesla posted a press release that claimed the company received an inquiry … Read More ➡
Fisker Automotive declared bankruptcy last week, inspiring the eternally optimistic Obama Department of Energy to crow about its achievements again.
“Recognizing that these investments would include some risk, Congress established a loan loss reserve for the program, and the Energy Department built in strong safeguards to protect the taxpayer if companies could not meet their obligations,” Bill Gibbons, an agency spokesman, said in an e-mail to Bloomberg News. “Because of these actions…the Energy Department has protected nearly three-quarters of our original commitment to Fisker Automotive.”
Leave to the Obama administration hucksters to sell yet another green energy loser as a gain for the taxpayers. With this bankruptcy, it’s a $139 million loss that DOE gets to spin. The stellar defenders of the public purse originally thought Fisker was worth a $529 million risk, but quickly recognized that mistake and stopped paying at $193 million. Ever since it’s been a … Read More ➡
Last week’s punishment/settlement between the Department of Justice and Duke Energy over bird deaths caused by its wind turbines gives evidence that the Obama administration needed a scapegoat, to defuse accusations that it applies a double-standard in enforcement of wildlife laws.
The Friday before Thanksgiving both parties announced that Duke would pay $1 million for the deaths of more than 160 birds that are protected by the Migratory Bird Treaty Act. The incidents occurred over the last four years at two Wyoming sites operated by the utility’s Duke Energy Renewables subsidiary.
“This case represents the first criminal conviction under the Migratory Bird Treaty Act for unlawful avian takings at wind projects,” said Robert Dreher, acting assistant attorney general for the Justice Department’s Environment and Natural Resources Division, in a statement.
That’s nice. The problem is the timing of the action coincided with a response by the Justice Department to Republican … Read More ➡
After 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 ➡
It 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 ➡
I 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 ➡
The 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 ➡
Tesla 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 ➡