Posted by: conservativecritic | March 31, 2012

GEOTHERMAL GARBAGE – OBAMA THROWING MORE OF YOUR TAX MONEY DOWN THE DRAIN!!

Raser Technology, a Utah company, filed for Chapter 11 bankruptcy protection in 2011 after burning through hundreds of millions of investor financing and a $33 million Obama supported Treasury Department grant that was awarded to the company only a few months earlier, in 2010.

Nevada Geothermal Power(NGP) said in its recent financial filings that it has NEVER operated profitably and that the company is at risk of failing. NGP received a $98.5 million loan guarantee under the same Obama Administration that awarded Solyndra a loan guarantee.  NGP Blue Mountain operation cannot produce enough power to even break even – even with Senator Harry Reid’s support.

A third company, U.S. Geothermal, received a $97 million grant from Dr. Chu’s Energy Department about 12 months ago.  Its filings with the SEC show that it has NOT made a profit in the LAST FOUR YEARS.

So…what is going on here.

Well, its more of the same story — where Obama wants us to put solar panels (which will take the average of 35-40 years to break even) on our homes and businesses, put up tens of thousands of windmills all over the country, and have us drive around in electric cars constructed from recycled cereal boxes.

Barack Obama's vision for 21st century transportation

This is Obama’s vision for energy…

And, the list of failures could cover this entire page.

Besides the foolishness of Obama and his reluctance(or inability) to understand a P and L statement or business plan,  why do these  companies fail?  Well, if they had reliable P and L statements or a business plan in the first place that shows profitability without being propped up by taxpayer grants, then maybe legitimate investors would see profits and continue to support the ventures.

Solyndra, the Obama favorite, likely cooked the books…and with so much government(read US taxpayer) support…totalling over $525 million, they had a lot of ways of shielding unprofitable projections from investors or the public – or even those notable Nobel Prize winning brainchilds Dr. Chu and Barack Obama.

Alternative energy is not ready for prime time – it may be another generation before these programs are able to be launched successfully and  compete with the far less expensive and more plentiful energy sources currently right under our feet.

Your comments are always appreciated.

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