What is the world coming to? Another energy company, Bacon Power is going bankrupt. I don’t know what the government is doing. If it wants to loan millions of dollars of our hard earned cash to companies which are not going to last a year we are in big trouble.
Bacon Energy is now the second major energy company the government loaned money to only to go bankrupt. I hope the government realizes how much damage it has done. The people pulling the strings on this loan need someone looking over their shoulders and the American public is best fit for the job.
The government has started an investigation into Solyndra headed by Cliff Stearns, a republican senator from Florida. Bacon Power, like Solyndra, received a large loan from the government to improve energy generation.
Bacon Power used flywheels to help prevent blackouts. It is not as green as the solar panels Solyndra was going to produce but it provided stability to the grid. The loan was guaranteed back in August 2010. Bacon Power will still have one remaining facility in Stephentown, New York which could help pay back the $43 million.
The effects will be felt in the short run. In the long run the market will stabilize.
How Luke Sees It
I have looked around the web to see if I could find something to give me hope that the government is not wasting our money. I have not found it.
My only hope is the investigation led by Cliff Stearns finds the problem quick enough to stop it from happening again.
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