August 31, 2011
Didn’t make it past the end of subsidies ….
There is no business model that would say taking government subsidies makes a viable. Industry. Today was the day for the third solar panel manufacturer to go belly up two weeks ago a ethanol fuel manufacturer went belly up because of high corn prices that the ethanol manufacturers caused.
The Obama administration is trying desperately to head off what many economists say is a coming crash in the clean-energy industry. To make the case, Vice President Joe Biden on Tuesday equated spending on clean energy during a recession to spending on crucial weapons and technology during a war, previewing a theme likely to recur this fall as the White House and Democrats try to save what’s left of the federal clean-energy budget.
“If we shrink from deciding we’re going to lead in the area of renewable energy, then we will make the worst decision we’ve made in this nation’s history,” Biden said, delivering the keynote speech at the fourth annual National Clean Energy Summit, hosted by Senate Majority Leader Harry Reid, D-Nev.
In the next year, the small but growing U.S. clean-tech sector, which President Obama sees as crucial to transforming the nation’s energy economy, will face a trifecta of challenges: Roughly $30 billion in federal spending the industry enjoyed in the 2009 stimulus law will come to an end; the congressional panel charged with slashing $1.2 billion from the federal deficit this fall will likely target the government’s existing clean-energy tax credits, subsidies, and research funding; and new energy policies that Obama once hoped would spur massive market demand for renewable energy—such as a national clean-energy mandate or a price on carbon pollution—will be halted in Congress with a Republican-controlled House.
Read more at nationaljournal.com
August 31, 2011
SS number, outstanding deportation order … since the 1960s?
Passing the time relaxing on the front porch of his Massachusetts home, Obama Onyango looked to neighbours as if he was living the American dream.
But the 67-year-old long lost uncle of President Barack Obama was last week arrested for drunk-driving and found to be living in the U.S. illegally.
Now, MailOnline can reveal how the man the President called ‘Uncle Omar’ had been living in a nice house, hosted popular backyard barbecues and worked at a local liquor store.
Neighbours said that Onyango’s pale yellow house in leafy Framingham, a suburb of Boston, was always bustling with people.
The illegal immigrant, who they described as ‘neighbourly’ and ‘cordial’, would spend time on his front porch, adorned with a welcome mat and flower pots, greeting neighbours.
But Onyango’s illegal residence in the U.S., since what is believed to be the 1960s, was uncovered last week when he was arrested for drunk driving.
He was charged with driving under the influence of alcohol and held under a longstanding warrant for his deportation.
From a UK newspaper, no less …
August 31, 2011
Is the world economy ready to hit the big red button.
The economy has entered the double dip recession on Friday last.
Zero Hedge reports:
While the key market moving event from last Friday may have been Bernanke’s Jackson Hole speech which merely left the door open to future QE episodes, the most important event from an economic standpoint was the first GDP revision Q2, which dropped from preliminary 1.3% to a sub stall speed, in real terms, 1.0%. What is just as important is that as the following chart from Bloomberg demonstrates, the YoY change in real GDP, which is now at 1.5%, is a slam dunk indicator of recession: “Since 1948, every time the four-quarter change has fallen below 2 percent, the economy has entered a recession. It’s hard to argue against an indicator with such a long history of accuracy.” Bernanke agreed that “growth has for the most part been at rates insufficient to achieve sustained reductions in unemployment.” And while Bernanke is shifting dangerously into Greenspan territory with the open-ended interpretation of his statement, another thing that is more actionable is the observation that virtually every time real YoY GDP has dropped below 1.5%, this has led to a negative nonfarm payroll number. Granted, the result may not be as shocking as what the Philly Fed implied vis-a-vis this Friday’s NFP, but we believe a subzero print in the August labor report will convince the three Fed holdouts that the time for yet another monetary intervention is here (Arab Spring part deux consequences be damned).
And lastly, sealing the deal for the “recession” argument is the following data from John Lohman which finds that the collapse in real-time economic data over the past three months is the sharpest in history.
Another day, another disappointing real-time indicator declines AND is below consensus estimates. In fact, every manufacturing index for the month of August has missed expectations and signaled further weakness. As Bernanke, the IMF, and most Wall St. economists cling to the notion of a second-half acceleration, the rest of us are witnessing a deterioration in global growth which is unprecedented.
August 30, 2011
The purge is on, to rid the Obama regime of the stink. But as we all know a fish rots from the head.
As reported by FNC:
Acting ATF Director Kenneth Melson has been reassigned to a lesser post in the Justice Department and the U.S. attorney for Arizona is also “out,” sources told Fox News Tuesday as fallout from Operation Fast and Furious reached new heights.
Acting ATF Director Kenneth Melson has been reassigned to a lesser post in the Justice Department and the U.S. attorney for Arizona is also “out,” sources tell Fox News Tuesday as fallout from Operation Fast and Furious reaches new heights.Melson’s step down from his role as head of the Bureau of Alcohol, Tobacco, Firearms and Explosives to the position of senior adviser on forensic science in the Department of Justice’s Office of Legal Programs is effective by close of business Tuesday, administration officials announced. U.S. Attorney for the District of Minnesota B. Todd Jones will replace Melson.U.S. Attorney for Arizona Dennis Burke, one of the officials closely tied to Fast and Furious, is also a casualty in a shakeup tied to the botched gun-running program. Burke was on the hot seat last week with congressional investigators and, according to several sources, got physically sick during questioning and could not finish his session.The purge of those responsible for the firearms t…
Read More ›
August 30, 2011
This should be Obama’s Dukakis Tank moment, when pure bravado exposed the very perception of weakness the candidate hoped to overcome.
Is there anything worse than a candidate who tries so hard to be something he is not, to fake it so hard that it hurts to watch?
Here he is in command of something he knows nothing about …
Great minds think alike, More irenic thoughts, or Obama as Dukakis (via Instapundit)
I note that at least Dukakis looked like he was having fun in the tank.
August 30, 2011
Who knew, the Sun did it.
You know it as the fiery scorching ball of stuff at the center of our solar system, the creator of the nasty sunburn. It’s looking more and more like the Sun did it could be the case:
The science is now all-but-settled on global warming, convincing new evidence demonstrates, but Al Gore, the IPCC and other global warming doomsayers won’t be celebrating. The new findings point to cosmic rays and the sun — not human activities — as the dominant controller of climate on Earth.
The research, published with little fanfare this week in the prestigious journal Nature, comes from über-prestigious CERN, the European Organization for Nuclear Research, one of the world’s largest centres for scientific research involving 60 countries and 8,000 scientists at more than 600 universities and national laboratories. CERN is the organization that invented the World Wide Web, that built the multi-billion dollar Large Hadron Collider, and that has now built a pristinely clean stainless steel chamber that precisely recreated the Earth’s atmosphere.
In this chamber, 63 CERN scientists from 17 European and American institutes have done what global warming doomsayers said could never be done — demonstrate that cosmic rays promote the formation of molecules that in Earth’s atmosphere can grow and seed clouds, the cloudier and thus cooler it will be. Because the sun’s magnetic field controls how many cosmic rays reach Earth’s atmosphere (the stronger the sun’s magnetic field, the more it shields Earth from incoming cosmic rays from space), the sun determines the temperature on Earth.
The results of the CLOUD experiment may never get a lot of lamestream media attention, mostly due to efforts to avoid politicizing the findings and angering those who stand to greatly profit from selling AGW as scientific fact — which if you think about it, is politicizing the findings, except in the opposite direction.
We’ll now wait for Al Gore to accuse CERN, and possibly the sun, of being racist….
The truth wins in the end.