Should the government invest in alternative energy?
All-Star panel weighs in on green energy subsidies
- Duration 5:13
- Date May 16, 2012
All-Star panel weighs in on green energy subsidies
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Supporting the search is an important role of government but the loan guarantee program as a wasteful to -- because it doesn't work.
Having spent most of my career developing strategy for companies large and small.
Have -- one important thing and that is that is economics not government policy that drive behavior.
The clear financial success the employment and security benefits demonstrated by this program.
Demonstrates -- the DOE should ramp up its loan guarantee efforts.
And provide -- guarantee support for roughly another thirty to forty billion dollars of US clean energy projects and companies.
While the current environment doesn't seem like that is going to be possible with Solyndra fresh in their minds house Republicans.
Holding a hearing up on Capitol Hill today about green energy how much should the government should.
Invest in it back of the panel Charles.
There were as testimony have a -- on both sides but the point Republicans were making was.
The promises we talked about the previous panel of President Obama on the one million jobs created.
Hasn't hasn't come close.
That it's pie in the sky because I think Obama -- understands the role of government in new technology.
Yes the government ought to invest in research as it does with NIH for example.
Because for a private company to go into new researcher basic research won't make sense it's not gonna pay off -- knowing they'll be able to be.
Solvent but the government has that role.
But the road is not to subsidize infant industries like these which are clearly not economical and -- miles away from being economical.
There will be technological advances in the future -- which solar wind or others will be economic and and competitive.
But they are not nearly so and -- Obama says he wants to make it.
Competitive it's not that he's gonna make the alternate Energy -- cheaper is -- wants to tax and -- state and regulate.
The the traditional energies.
To a point -- become so expensive that it matches.
The un economical clean energies -- expense and then it becomes even.
But that's the wrong way to go about it because it -- and believes the economy if -- raises our energy prices and and power.
Expenses and it made it undermines the entire economy I think they're going about it.
Entirely the wrong way.
Want sometimes these hearings can just -- for the lawmakers to show they're tough on these guys at one point in this hearing.
The CEO of a company called first shoulder was questioned.
Because and really chastised because he and his board members of his -- sold some 700000.
Shares of stock three days after getting.
Back everything really sets off alarm bells to.
Certain I -- clearly looks like the sucker in the deal with the taxpayers.
And it makes everybody nervous and also you heard -- -- -- people say it looks you straight -- -- doesn't seem to make sense.
Now on the other hand I think the other side of this picture is.
That there has to be a role for government and alternative energy -- -- you look at Germany you look at China you look at Brazil they're all investing in alternative energy.
The question is how do you go about it in such a way that you don't have a backlash of failure that comes from a -- type deal which is right now -- the American public.
On the idea of making what I think is a legitimate necessary investment in alternative alternative energy and for the future.
Especially given that everyone -- I think would agree that we are overly dependent.
-- Middle Eastern -- Steve -- many European countries are fact cutting back their investments in in alternative -- because they've proven so in effect and it cost so much money.
But this is the level of absurdity that we're talking about with respect to -- -- Ninety billion dollars of taxpayer money went into green energy as a part of the stimulus package to create these these illusory.
Million jobs as you suggest at the same time we awaiting an announcement tomorrow on the outcome.
I'm an investigation by the US Department of Commerce in -- government of China for what.
For subsidizing green energy so at the exact same time we're subsidizing have had a green energy we're going after China.
Because they're subsidizing green energy and it's like.
A folly of the -- year -- let's hear me well there's -- there's subsidizing it over there and we're complaining that it's unfair practices so there was an investigation.
Launched in November by the Department of Commerce.
That is gone through several steps now awaiting an announcement on the final outcome of this which mandated fact lead to tariffs.
The administration is so dedicated to protecting.
An -- of the green energy -- happy how big an issue is this in the fall.
Well I think it's an.
Adjunct to the issue -- it's -- part of the major issue Obama's answer to everything expand the government spent a lot of money.
-- a lot of money under the word invest.
So I think it fits in that that I think the biggest boondoggle.
We started actually you're not in the Obama years but before that which is -- even Al Gore admits that it doesn't nothing in respect to climate.
It consumes as much energy as it saves it's completely lost and what happens were locked into it.
Huge subsidies is a complete waste of money for the taxpayer of the country that.