The President made a bit of a faux pas a few weeks back when he talked about how the government spending on roads and other infrastructure helped those who built businesses. His wording was wrong in saying “if you've got a business - you did not build that.” But his speech was essentially correct that all business big and small relies on public infrastructure such as roads, bridges, the internet, fire departments, and police departments to conduct their business.
What the President had hoped for in the energy arena was that his Stevie Wonder Physicist Extraordinaire Secretary of Energy would actually build green energy businesses with the billions of dollars of loan guarantees or outright grants the Obama administration handed to myriad companies who all claimed to have a better green mousetrap. The President cannot equate these loans and grants to special interests with the government’s role in building the Hoover Dam, the Golden Gate Bridge, the Interstate Highway System, or the small narrow paved roads that run through much of Main Street America.
Backing Solyndra, A 123, Ener 1, Fisker, Tesla and the myriad other companies that were simply gangrene and not green was just plain stupid use of the money we the tax payers gave to our government for our collective welfare. The President was spot on in his bungled speech that there are needs for collective efforts in certain sectors of the economy to uplift us all. In the extrapolation of this ideal toward the support of companies that friends and supporters of the President stood to make a bundle, the President certainly overstepped the line and he should be held accountable.
Of course the President has never spent one minute studying thermodynamics and relied 100% on the advice of the low temperature physicist and Nobel Prize winner to make the selection of those who were to receive many billions of dollars of Federal money in total. It is therefore honest to argue that Steven Chu Built Solyndra, that Steven Chu Built A 123, that Steven Chu Built Fisker, that Steven Chu built Ener1, etc. etc.. However in the end all that Steven Chu Built was a pure waste of our collective money.
Romney will argue that Obama Built Solyndra. The logic is correct by the chain of responsibility as the Bucks Never Stopped being spent by the Oval Office. I do not care whether the politics of the Building of Solyndra will become the lightning rod of the election, what I do care is that Steven Chu take responsibility for his complete incompetence in formulating an energy policy and his utter waste of billions of dollars on junk science. There are no excuses for him!
A 123 is now trading at 34 cents a share and the grants given to the company will likely benefit the Chinese company that will pick up the pieces of this company that simply had Betamax technology that emanated from MIT. Note Obama cannot say MIT is short for MITT and that it is all MITT’s fault. I do hold MIT responsible for a significant amount of the junk science based companies that got big bucks from Uncle Sam. Just because MIT says a technology is wonderful does not mean it is worth funding. MIT did not bring us the Hoover Dam or the Golden Gate Bridge. They brought us A 123, Evergreen Solar, and a few other flops.
The lesson we should all learn including Mr. Romney is that one cannot simply wish for silver bullet solutions to lay our energy golden eggs, but that energy policy will need to be based on the realities of the laws of motion and the laws of physics. Even a Superman type person like Steven Chu has to obey the “laws of physics” or else just like in the photo above they will be given a citation. Chevrolet made a compact car in the 1980s called the Citation that replaced the Nova. It was a piece of junk and was no Super Nova. Perhaps after November Steven Chu should go teach at MIT?