Saturday, July 3, 2010

Solar Power Grants

The government is handing out nearly $2 billion for new solar plants that President Barack Obama says will create thousands of jobs and increase the use of renewable energy sources.

Obama announced the initiative in his weekly radio and online address Saturday, saying the money is part of his plan to bring new industries to the U.S.

"We're going to keep competing aggressively to make sure the jobs and industries of the future are taking root right here in America," Obama said.

In reality this is far too little. Private capital is sitting on the sidelines in the trillions . If the holders of private capital can't find a way to invest it - beyond swapping paper - then it should be taxed, seized, or borrowed at 1% interest through bonds, and used for infrastructure, education, and future growth industries.

This will necessarily have to be the future of all so-called advanced economies or they will be riddled with weak demand and high unemployment for perpetuity. We have over capacity in mature industries worldwide, and unprofitable technologies in growth industries, both of which discourage investment from private capital. Thus, the swapping of paper.

The establishment of public banks , perhaps with money created by the Federal Reserve, would also be nice. If Chase and Jamie Dimon can access it, why can't we ?

Back to the initial point: 2 billion is weak, pathetic, and window dressing.

1'Obama awards $2B for solar power, hails new jobs' - AP; Pace


Anonymous said...

It is hard for me to side with you on this one purple. Yes, we need limitations of power, but we allowed the gap between the rich and the poor to grow to far because we borrowed too much. People have to stop idolizing the wealthy class and resist debt. If we can't take responsibility for smoking the dope of the will we ever learn?

Purple said...

I agree on smoking the dope of the elites. I think we need to look at the concept of public banking a bit more. North Dakota has such a bank. We need investment, not a sugar rush like C for Clunkers, and that's the differentiation.

Anonymous said...

I have no problem with public banking as long as it can not be influenced by political corruption.

I suggest we split up corporations, shareholders and their alliances that possess undue influence in their markets and force them to reinvest the proceeds elsewhere or be levied with a 5% annual wealth tax that can be loaned out to build infrastructure, education and new technology/industry.

Anonymous said...

I would define the undue influence of market share as an influence that controls greater than 5% of the national market.

The failure to bust the trust of monopolies ultimately leads to excessive political corruption and the socialism of this state will take away the liberties of the common person one by one.