A third Obama-subsidized green energy firm is bankrupt after $118.5 million loan

CNS News explains how well stimulus spending stimulates the economy.

Excerpt:

 The third federally subsidized green energy company to declare bankruptcy seems to indicate a pattern, said Rep. Cliff Stearns, chairman of the House Energy and Commerce subcommittee on oversight and investigations.

“One bankruptcy may be a fluke, two could be coincidence, but three is a trend,” Stearns said in a written statement. “Our investigation continues, and we are working to ensure taxpayers never are never again stuck paying hundreds of millions of dollars because of the administration’s risky bets.”

Ener1, which makes batteries for electric vehicles, announced Thursday it had filed for Chapter 11 bankruptcy protection. The company had been awarded a $118.5 million from the Energy Department through the American Recovery and Reinvestment Act, better known as the stimulus.

The Obama administration has already been under fire for a $535 million stimulus-funded loan it made to California-based solar panel company Solyndra, which filed for Chapter 11 bankruptcy protection last fall before being raided by the FBI. The House Energy and Commerce Committee has been investigating the Solyndra loan.Also late last fall, the Massachusetts-based Beacon Power, green energy storage plant that got $43 million in stimulus funds, filed for Chapter 11 bankruptcy protection.

Ener1 announced the Chapter 11 filing one year to the day that Vice President Joe Biden visited a Greenville, Ind. plant on Jan. 26, 2011.

If we want the economy to do well, then we need to elect someone who understands free market capitalism – not a socialist community organizer. Let the private sector create jobs. They know how to compete. They know how to survive. They know how to give customers what they want. They know how to be efficient.

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Herman Cain endorses Newt Gingrich

Herman Cain gives Newt Gingrich endorsement
Herman Cain gives Newt Gingrich endorsement

From the liberal Washington Post. (H/T Richard)

Excerpt:

Businessman Herman Cain threw his support to Republican presidential contender Newt Gingrich late Saturday.

The move by the former GOP candidate and tea-party favorite comes three days before the Florida primary, at a moment when Gingrich is badly in need of something to rekindle the momentum he gained in the wake of his South Carolina primary victory.

[…]Cain is the latest in a series of popular conservative figures to back the former House speaker, while much of the GOP establishment is marshaling against him. Among Gingrich’s other recent supporters are former Alaska governor Sarah Palin; his onetime presidential rival, Texas Gov. Rick Perry; and former senator Fred Thompson (Tenn.)

[…]He remains popular today among grassroots conservatives. He demonstrated particular popularity in Florida, where he earned a surprising win of a straw poll last summer — and launched his dramatic, if short-lived, rise to the top of the field.

[…]Gingrich said he hopes Cain will co-chair a commission to lead the policy discussion on the economy and taxes. He compared the idea to his request that Perry lead a commission on the 10th Amendment, which he proposed when Perry endorsed him in advance of last weekend’s South Carolina primary.

“I realize that as a co-chair fo a commission like that, there would be a little thing called 9-9-9 that would be brought in and put on the table. So I fully expect that,” Gingrich said.

Gingrich also just got endorsed by the Florida Tea Party. He already had the endorsement of many other Tea Party groups nationwide.
I still like Rick Santorum better than Gingrich, because of his activism on social issues, but I admire the way that Gingrich is attracting so many endorsements from high profile conservatives. Nobody wants Romney to be the nominee except for Democrats , Barack Obama and the mainstream media, including Fox News.

16 scientists explain why global warming is not a threat

From the Wall Street Journal. (H/T Levin)

Excerpt:

Perhaps the most inconvenient fact is the lack of global warming for well over 10 years now. This is known to the warming establishment, as one can see from the 2009 “Climategate” email of climate scientist Kevin Trenberth: “The fact is that we can’t account for the lack of warming at the moment and it is a travesty that we can’t.” But the warming is only missing if one believes computer models where so-called feedbacks involving water vapor and clouds greatly amplify the small effect of CO2.

The lack of warming for more than a decade—indeed, the smaller-than-predicted warming over the 22 years since the U.N.’s Intergovernmental Panel on Climate Change (IPCC) began issuing projections—suggests that computer models have greatly exaggerated how much warming additional CO2 can cause. Faced with this embarrassment, those promoting alarm have shifted their drumbeat from warming to weather extremes, to enable anything unusual that happens in our chaotic climate to be ascribed to CO2.

And:

Although the number of publicly dissenting scientists is growing, many young scientists furtively say that while they also have serious doubts about the global-warming message, they are afraid to speak up for fear of not being promoted—or worse. They have good reason to worry. In 2003, Dr. Chris de Freitas, the editor of the journal Climate Research, dared to publish a peer-reviewed article with the politically incorrect (but factually correct) conclusion that the recent warming is not unusual in the context of climate changes over the past thousand years. The international warming establishment quickly mounted a determined campaign to have Dr. de Freitas removed from his editorial job and fired from his university position. Fortunately, Dr. de Freitas was able to keep his university job.

This is not the way science is supposed to work, but we have seen it before—for example, in the frightening period when Trofim Lysenko hijacked biology in the Soviet Union. Soviet biologists who revealed that they believed in genes, which Lysenko maintained were a bourgeois fiction, were fired from their jobs. Many were sent to the gulag and some were condemned to death.

Why is there so much passion about global warming, and why has the issue become so vexing that the American Physical Society, from which Dr. Giaever resigned a few months ago, refused the seemingly reasonable request by many of its members to remove the word “incontrovertible” from its description of a scientific issue? There are several reasons, but a good place to start is the old question “cui bono?” Or the modern update, “Follow the money.”

Alarmism over climate is of great benefit to many, providing government funding for academic research and a reason for government bureaucracies to grow. Alarmism also offers an excuse for governments to raise taxes, taxpayer-funded subsidies for businesses that understand how to work the political system, and a lure for big donations to charitable foundations promising to save the planet. Lysenko and his team lived very well, and they fiercely defended their dogma and the privileges it brought them.

Read the whole thing! This is a must-read.

UPDATE: My friend Neil Simpson has found another recent study showing that there has been no significant global warming for 15 years – and the numbers come from the British Met Office, and the University of East Anglia (home of Climategate).

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