Monday, January 11, 2010

Thanks for the money, idiots! Department of Energy throws your $$$ away(NAV, CMI, JCI)

In all seriousness, is there a single industry or activity that cannot be called "green" anymore?  I mean, why not increase the environmental friendliness of your local business by using recycled paper, qualifying you as a "green collar" employer and entitling you to federal largess?  I swear this will never end...

Stephen Chu, the energy-hating US Secretary of Energy, announced today's example of redistributive wealth.  The Department of Energy will fund 9 projects intended to create "green jobs:"

"Secretary Chu Announces $187 Million to Improve Vehicle Efficiency for Heavy-Duty Trucks and Passenger Vehicles
Columbus, Ind. – At an event today in Columbus, Indiana, Secretary Chu announced the selection of nine projects totaling more than $187 million to improve fuel efficiency for heavy-duty trucks and passenger vehicles.  The funding includes more than $100 million from the American Recovery and Reinvestment Act, and with a private cost share of 50 percent, will support nearly $375 million in total research, development and demonstration projects across the country."

WHY ARE WE DOING THIS???????????????

Cummins will receive $54million in proceeds, but they don't need the money!  They have $885million cash on their balance sheet.

Navistar will receive $38million in proceeds, but they don't need the money!  Navistar sits on almost $1.2billion cash.

If you want  a real laugh, head to the Dept. of Energy's website, which is headlined by a video titled "Face of the Recovery Act: Johnson Controls."  The DOE gave them a $300million grant, to pad their $761million cash balance.

Copyright 2010 AlphaNinja

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