By Jim Campbell
There is no longer any doubt why Dianne Feinstein is practicing her duck and cover drills while refusing to debate Elizabeth Emken on the issues.
How could the 79 year-old senior Senator from California explain her total lack of concern for tax payers money?
When Feinstein hears the word tax, she has a single thought, raise them.
It’s her penchant for spending other people’s money that has forced companies to leave the state as well as the country while crushing the job market in California.
In her own words and from her website, California’s 79 year-old tax and spend senator does it again, signing on to wasting $535 million tax payer dollars. Why not, it’s not her money.
Solar manufacturing facility was expected to generate up to 3,000 clean energy jobs in Fremont, CA.
San Francisco, CA – U.S. Senator Dianne Feinstein (D-Calif.) applauded the U.S. Department of Energy’s decision to finalize a $535 million loan guarantee to a California-based solar company, Solyndra. The Department of Energy announced the initial selection of Solyndra as a conditional loan guarantee recipient in March and formalized the decision today at a ground-breaking ceremony in Fremont, California.
“This is a major milestone for California’s solar industry,” Senator Feinstein said. “This federal loan guarantee of $535 million will enable Solyndra to secure affordable financing, at a time when credit is extremely tight, in order to build and operate a commercial-scale facility to manufacture the next generation of rooftop solar systems. The operation is expected to generate at least 3,000 clean energy jobs in an area whose largest employer, NUMMI – may soon shut down.
And it will ultimately help make it more affordable for more Americans to power their homes and buildings through solar energy. So it’s a win-win for the economy and the environment.
Energy Secretary Steven Chu has pledged that his department will act as an engine for innovation – and this loan guarantee program is an important part of that effort. So, I’d like to extend my thanks to Secretary Chu for his leadership.”
Solyndra is building the next generation of rooftop systems to collect and convert solar energy, and was expected to employee up to 3,000 workers in clean energy jobs. The company’s proprietary design transforms cylindrical glass tubes into a low-cost and efficient solar photovoltaic rooftop system. The new plant is expected to produce enough panels to generate 15 gigawatts of renewable energy, thereby reducing carbon dioxide emissions by 300 million metric tons.
The company was selected by the Department of Energy through a competitive bidding process in which at least 60 companies applied., Before the Department of Energy could finalize the loan guarantee, Solyndra was required to secure 20 percent of the project’s loan financing from other sources.
The federal loan guarantee program was designed to support innovative technologies and was established by Congress in Title 17 of the Energy Policy Act of 2005. Congress expanded this program in the stimulus bill, or the American Recovery and Reinvestment Act, in order to infuse additional credit into the burgeoning U.S. clean energy economy.
Solyndra will be the first-ever recipient of the Title 17 energy loan guarantee program.
President Obama’s acceptance speech which has been widely panned will be further undercut by the video below commemorating the one-year anniversary of solar panel firm Solyndra’s bankruptcy filing.
The green energy firm, initially touted by the president as an example of the success of his stimulus program, has since become a campaign liability. Republicans have said the plant’s bankruptcy led to hundreds of job losses, and noted that Obama campaign donors had ties to the company
“While the American people know they are not better off under President Obama, his Solyndra campaign donors are doing fine,” said Republican National Committee Chairman Reince Priebus in a statement. “People lost jobs and half a billion taxpayer dollars went to President Obama’s campaign donors to serve the president’s green energy pipe dream.”