Another domino in the disastrous, so-called green energy initiative, which according to Obama is the future, is closing out its final phase of its bankruptcy process, as it is holding an auction for the largest asset it still owns, a 412,000 square-foot manufacturing building.
Soon after the Obama administration guaranteed a $535 million loan for the company, it declared bankruptcy.
With the total amount of money expected to be raised via the liquidation process reaching not even $125 million, it is far under the approximate $870 million in debt held by the company. That means little of the capital lent to the company will be recovered by investors, including the taxpayers, who have had to pay for this mistake of Obama's, as well as similar ones.
In response to this terrible energy policy, the house recently passed a bill which would gradually end the loan guarantee program of the Department of Energy which irresponsibly funds these losing projects.
The focus instead should be on oil and gas holdings in the United States, which is the real future of energy in the country, whether people want to admit it or not.
Think of North Dakota which is booming, while providing outstanding jobs for those working there. We need that to happen around the U.S. where these amazing deposits reside.
Instead Democrats and liberal politicians are attempting to stop companies from accessing these amazing resources, which could give us true energy independence if we really want it.
Green energy, which very few Americans could care less about, needs to compete against other energy to see what people want to buy, rather than be artificially propped up in the midst of very low demand.
The government shouldn't be involved in any way in the free market as it is, and when you add these types of politically motivated projects, along with the low industry demand, it is a sure recipe for economic failure and disaster, as so many of these failed projects confirm.
It's good news to see this bill pass, but unfortunately, Obama and the Democrats won't even consider this bill in the Senate, while Obama would no doubt veto it even if it came to a vote and successfully passed.