News

Obama gives $529 million loan to firm that outsources manufacturing to Finland

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From ABC News. (H/T Doug Ross Journal)

Excerpt:

With the approval of the Obama administration, an electric car company that received a $529 million federal government loan guarantee is assembling its first line of cars in Finland, saying it could not find a facility in the United States capable of doing the work.

Vice President Joseph Biden heralded the Energy Department’s $529 million loan to the start-up electric car company called Fisker as a bright new path to thousands of American manufacturing jobs. But two years after the loan was announced, the job of assembling the flashy electric Fisker Karma sports car has been outsourced to Finland.

[…]The loan to Fisker is part of a $1 billion bet the Energy Department has made in two politically connected California-based electric carmakers producing sporty — and pricey — cutting-edge autos. Fisker Automotive, backed by a powerhouse venture capital firm whose partners include former Vice President Al Gore, predicts it will eventually be churning out tens of thousands of electric sports sedans at the shuttered GM factory it bought in Delaware. And Tesla Motors, whose prime backers include PayPal mogul Elon Musk and Google co-founders Larry Page and Sergey Brin, says it will do the same in a massive facility tooling up in Silicon Valley.

An investigation by ABC News and the Center for Public Integrity’s iWatch News that will air on “Good Morning America” found that the DOE’s bet carries risks for taxpayers, has raised concern among industry observers and government auditors, and adds to questions about the way billions of dollars in loans for smart cars and green energy companies have been awarded. Fisker is more than a year behind rolling out its $97,000 luxury vehicle bankrolled in part with DOE money. While more are promised soon, just 40 of its Karma cars (below) have been manufactured and only two delivered to customers’ driveways, including one to movie star Leonardo DiCaprio. Tesla’s SEC filings reveal the start-up has lost money every quarter. And while its federal funding is intended to help it mass produce a new $57,400 Model S sedan, the company has no experience in a project so vast.

Doug Ross’ post linked to a description of the car’s features:

Yikes. The EPA has finally released its official fuel economy rating for the Fisker Karma, and it’s not high: just 52 MPGe, an all-electric range of 32 miles and 20 miles per gallon on gasoline when the battery runs dry. This is well below the numbers that Fisker reps were bandying about in past years: 67.2 mpge and an all-electric range of 50 miles.

The Wall Street Journal explains who stands to gain from these taxpayer-funded loans.

Excerpt:

A tiny car company backed by former Vice President Al Gore has just gotten a $529 million U.S. government loan to help build a hybrid sports car in Finland that will sell for about $89,000.

The award this week to California startup Fisker Automotive Inc. follows a $465 million government loan to Tesla Motors Inc., purveyors of a $109,000 British-built electric Roadster. Tesla is a California startup focusing on all-electric vehicles, with a number of celebrity endorsements that is backed by investors that have contributed to Democratic campaigns.

[…]Kalee Kreider, a spokeswoman for Mr. Gore, confirmed that the former vice president backs Fisker and purchased a Karma. “He believes that a global shift of the automobile fleet toward electric vehicles, accompanying a shift toward renewable-energy generation, represents an important part of a sensible strategy for solving the climate crisis,” she said in a statement.

Fisker’s top investors include Kleiner Perkins Caufield & Byers, a veteran Silicon Valley venture-capital firm of which Gore is a partner. Employees of KPCB have donated more than $2.2 million to political campaigns, mostly for Democrats, including President Barack Obama and Hillary Clinton, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign contributions.

Officials at Kleiner Perkins didn’t return requests for comment.

We have been in a massive economic downturn that started when Nancy Pelosi took the gavel from John Boehner in January of 2007. And this is what the Democrats have been doing?

News

Obama raised more money from rich bankers than any Republican candidate

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From the liberal Washington Post.

Excerpt:

Despite frosty relations with the titans of Wall Street, President Obama has still managed to raise far more money this year from the financial and banking sector than Mitt Romney or any other Republican presidential candidate, according to new fundraising data.

Obama’s key advantage over the GOP field is the ability to collect bigger checks because he raises money for both his own campaign committee and for the Democratic National Committee, which will aid in his reelection effort.

As a result, Obama has brought in more money from employees of banks, hedge funds and other financial service companies than all the other GOP candidates combined, according to a Washington Post analysis of contribution data. The numbers show that Obama retains a persistent reservoir of support among Democratic financiers who have backed him since he was an underdog presidential candidate four years ago.

[…]One top banking executive who raises money for Obama and who requested anonymity to discuss fundraising efforts said reports of disaffection with the president “are exaggerated and overblown.” He said a strong contingent of financiers in New York, Chicago and California remain supportive of Obama and his economic policies, even as some have turned on him.

The Daily Caller explains how Barack Obama has received the most money from Wall Street bankers of all politicians in the last 20 years. (H/T Neil Simpson)

Excerpt: (with links removed)

In fact, the Sunlight Foundation, a nonpartisan watchdog group that tracks lobbyist spending and influence in both parties, found that President Obama has received more money from Bank of America than any other candidate dating back to 1991.An examination of the numbers shows that Obama took in $421,242 in campaign contributions in 2008 from Bank of America’s executives, PACs and employees, which exceeded its prior record contribution of $329,761 to President George W. Bush in 2004.

According to the Center for Responsive Politics, Wall Street firms also contributed more to Obama’s 2008 campaign than they gave to Republican nominee John McCain.

“The securities and investment industry is Obama’s second largest source of bundlers, after lawyers, at least 56 individuals have raised at least $8.9 million for his campaign,” Massie Ritsch wrote in a Sept. 18, 2008 entry on the Center for Responsive Politics’s OpenSecrets blog.

By the end of Barack Obama’s 2008 campaign, executives and others connected with Wall Street firms, such as Goldman Sachs, Bank of America, Citigroup, UBS AG, JPMorgan Chase, and Morgan Stanley, poured nearly $15.8 million into his coffers.

[…]Wall Street’s generosity to Obama didn’t end with his 2008 campaign either. Wall Street donors contributed $4.8 million to underwrite Obama’s inauguration, according to a Jan. 15, 2009 Reuters report.So far Wall Street has raised $7.2 million in the current electoral cycle for President Obama, according to the Center for Responsive Politics. Obama’s 2012 Wall Street bundlers include people like Jon Corzine, former Goldman Sachs CEO and former New Jersey governor; Azita Raji, a former investment banker for JP Morgan; and Charles Myers, an executive with the investment bank Evercore Partners.

It should be no surprise to anyone that Barack Obama voted for the $700 billion Wall Street bailout in 2008. He also supported extending the bailout powers of the federal government in 2010. Those are the facts.

Polemics

What conditions support the minimum requirements for complex life?

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The Circumstellar Habitable Zone (CHZ)

What do you need in order to have a planet that supports complex life? First, you need liquid water at the surface of the planet. But there is only a narrow range of temperatures that can support liquid water. It turns out that the size of the star that your planet orbits around has a lot to do with whether you get liquid water or not. A heavy, metal-rich star allows you to have a habitable planet far enough from the star so  the planet can support liquid water on the planet’s surface while still being able to spin on its axis. The zone where a planet can have liquid water at the surface is called the circumstellar habitable zone (CHZ). A metal-rich star like our Sun is very massive, which moves the habitable zone out further away from the star. If our star were smaller, we would have to orbit much closer to the star in order to have liquid water at the surface. Unfortunately, if you go too close to the star, then your planet becomes tidally locked, like the moon is tidally locked to Earth. Tidally locked planets are inhospitable to life.

Circumstellar Habitable Zone
Circumstellar Habitable Zone

Here, watch a clip from The Privileged Planet: (Clip 4 of 12, full playlist here)

But there’s more.

The Galactic Habitable Zone (GHZ)

So, where do you get the heavy elements you need for your heavy metal-rich star?

You have to get the heavy elements for your star from supernova explosions – explosions that occur when certain types of stars die. That’s where heavy elements come from. But you can’t be TOO CLOSE to the dying stars, because you will get hit by nasty radiation and explosions. So to get the heavy elements from the dying stars, your solar system needs to be in the galactic habitable zone (GHZ) – the zone where you can pickup the heavy elements you need but not get hit by radiation and explosions. The GHZ lies between the spiral arms of a spiral galaxy. Not only do you have to be in between the arms of the spiral galaxy, but you also cannot be too close to the center of the galaxy. The center of the galaxy is too dense and you will get hit with massive radiation that will break down your life chemistry. But you also can’t be too far from the center, because you won’t get enough heavy elements because there are fewer dying stars the further out you go. You need to be in between the spiral arms, a medium distance from the center of the galaxy.

Like this:

Galactic Habitable Zone
Galactic Habitable Zone and Solar Habitable Zone

Here, watch a clip from The Privileged Planet: (Clip 10 of 12, full playlist here)

The GHZ is based on a discovery made by astronomer Guillermo Gonzalez, which made the front cover of Scientific American in 2001. That’s right, the cover of Scientific American. I actually stole the image above of the GHZ and CHZ (aka solar habitable zone) from his Scientific American article (linked above).

These are just a few of the things you need in order to get a planet that supports life.

Here are a few of the more well-known ones:

  • a solar system with a single massive Sun than can serve as a long-lived, stable source of energy
  • a terrestrial planet (non-gaseous)
  • the planet must be the right distance from the sun in order to preserve liquid water at the surface – if it’s too close, the water is burnt off in a runaway greenhouse effect, if it’s too far, the water is permanently frozen in a runaway glaciation
  • the solar system must be placed at the right place in the galaxy – not too near dangerous radiation, but close enough to other stars to be able to absorb heavy elements after neighboring stars die
  • a moon of sufficient mass to stabilize the tilt of the planet’s rotation
  • plate tectonics
  • an oxygen-rich atmosphere
  • a sweeper planet to deflect comets, etc.
  • planetary neighbors must have non-eccentric orbits

By the way, you can watch a lecture with Guillermo Gonzalez explaining his ideas further. This lecture was delivered at UC Davis in 2007. That link has a link to the playlist of the lecture, a bio of the speaker, and a summary of all the topics he discussed in the lecture. An excellent place to learn the requirements for a suitable habitat for life.