Saturday, October 15, 2011

Observations From the Back Row: 10-15-11

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“De Omnibus Dubitandum”

New Video: Paul Ryan on Repealing Obamacare

Everthing we are told should bear some resemblance to what we see going on in reality!
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A week before President Barack Obama was scheduled to deliver yet another big-think proposal to Get America Working Again, reality intervened with a well-timed smack upside the head: Solyndra, a California solar panel company, filed for Chapter 11 bankruptcy. Back in May 2010, as part of the run-up to what the administration was then touting as “Recovery Summer,” Obama used Solyndra as a poster child for both the 2009 American Recovery and Reinvestment Act and his long-stated promise to create millions of “green jobs.”…. Agency numbers cited by Investor’s Business Daily in August, the Recovery Act’s $7.2 billion in “clean tech” money had “created or retained” a pathetic 7,140 jobs, at a cost of about $1 million each. According to the Department of Energy’s inspector general, one reason for this paltry payoff is the wage and regulatory provisions of the Davis-Bacon Act, the National Environmental Policy Act, and the Buy American Act. In sum: The government scooped up hundreds of billions from taxpayers, redistributed it in the name of creating jobs, then attached a series of requirements that made job creation much more expensive and therefore unlikely……Contributing Editor Deirdre McCloskey highlights what may be the most salient point: “‘Jobs’ are deals between workers and employers, and so ‘creating’ them out of unwilling parties is impossible. The state, though, can outlaw deals, and has.” Until that insight sinks in, it will be a long time before America gets back to work.



How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project—three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico, to build the panels for the project.

The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization. If SunPower was a bank, the feds would shut it down. Instead, it received a lifeline twice the size of the money sent down the Solyndra drain.


The green jobs subsidy story gets more embarrassing by the day. Three years ago President Obama promised that by the end of the decade America would have five million green jobs, but so far some $90 billion in government spending has delivered very few.  A new report by the Labor Department's Office of Inspector General examined a $500 million grant under the stimulus program to the Employment and Training Administration to "train and prepare individuals for careers in 'green jobs.'" So far about $162.8 million has been spent. The program was supposed to train 125,000 workers, but only 53,000 have been "trained" so far, only 8,035 have found jobs, and only 1,033 were still in the job after six months.


Occupy Wall Street: Communism's Clueless Foot Soldiers




"The time has come," the Walrus said,
"To talk of many things:
Of shoes, and ships, and sealing wax -
Of cabbages and kings,
And why the sea is boiling hot,
And whether pigs have wings."

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