I love it when a plan comes together.
Up to 1,000 jobs at Bucyrus International Inc. and its suppliers could be in jeopardy as the result of a decision by the U.S. Export-Import Bank, funded by Congress, to deny several hundred million dollars in loan guarantees to a coal-fired power plant and mine in India.
About 300 of those jobs are at the Bucyrus plant in South Milwaukee, where the company has 1,410 employees and its headquarters. The remaining jobs are spread across 13 states, including Illinois, Minnesota and Indiana.
On Thursday, the Export-Import Bank denied financing for Reliance Power Ltd., an Indian power plant company, effectively wiping out about $600 million in coal mining equipment sales for Bucyrus, chief executive Tim Sullivan said.
The fossil fuel project was the first to come before the government-run bank since it adopted a climate-change policy to settle a lawsuit and to meet Obama administration directives.
“President Obama has made clear his administration’s commitment to transition away from high-carbon investments and toward a cleaner-energy future,” Export-Import Bank Chairman Fred Hochberg said in a statement. “After careful deliberation, the Export-Import Bank board voted not to proceed with this project because of the projected adverse environmental impact.”
They say people get the government they deserve. And I’d say they’re getting it, good and hard.
Damned straight, Kate. Only the stupid, gullible and/or naive voted for Bam Bam. There’s no way any rational person would vote for an individual with such an unimpressive background for POTUS, not to mention his shady associations (Ayers, Wright). Full stop.
Several weeks before the November 2008 election, I said to my wife an Obama presidency would be a “train wreck.” I admit, however, it’s worse than even my most extreme expectations.
Where are all the liberals now? I thought once Bushchimphitler was gone, America could make nice with Iran, get massive allied cooperation in Afstan, and generally ensure everybody in America would get a unicorn. How’s that hopeychangey workin’ out fer ya?
I switched to natural gas 5 years ago to save money.
Now that Bambi is determined to destroy the coal fired industry,
ALL energy electricity producing companies have switched to natural gas.
Guess what my natural gas bill will cost in 2 years?
I am planning to use my unicorn for plowing the garden and turning the windmill.
Things are looking up. A Whale is on its way to the Gulf. Maybe.
http://www.dailypress.com/news/oil-spill/dp-nws-oil-skimmer-20100625,0,3072230.story
Presently shown underway at 13.8 Kts
http://www.marinetraffic.com/ais/datasheet.aspx?SHIPNAME=A Whale&TYPE_SUMMARY=&PORT_ID=&menuid=&datasource=SHIPS_CURRENT&app=&mode=&orderby=SPEED&sort_order=DESC&var_page=1
Not to mention the thousands of people in India who could do with a little electricity in their lives. Small price to pay for a 0.0000001% reduction carbon emissions I suppose.
No problem. The Indians will turn round and purchase the equipment from Russia or China.
Well, they got the change. And now all they’ll be left with is hope.
The link to the graph below is definitely worth a look.
Net jobs lost from green energy, by source
http://www.americanthinker.com/blog/2010/06/graph_of_the_day_for_june_26_2.html
They’re getting it alright. One hopes the pain is still intense when the next set of elections roll around.
The Obamassiah Economic Doctrine at work.
Please enjoy your Hope & Change while you can. Paying for all this mushy mumbo-jumbo feely-goody crap is being done by borrowing staggering sums of money from other countries.
Countries that will soon be able to call America’s tune while Barry bows in subservience.
Dump the chump while there is a glimmer of hope left.
That should be a glimmer of hope right?
They say people get the government they deserve. And they’re getting it, good and hard.
The problem, of course, is that even those Americans who voted for John McCain are getting it good and hard. Those of us who also own stock in Bucyrus International will be hit a bit harder.
“Get the organic, salt-free butter.”
I like the way ‘fossil fuel’ is used as a perjorative these days. However, I’m still waiting for those who use the term to explain to me how Saturn’s moon Titan came to be a big ball of ‘fossil fuel’. Must of had some wicked dinos there.
Obama will make the country leaner (as they go hungry) and cleaner (as they freeze and starve).
Go Green – cull the planet.
Not to play Devil’s advocate or anything, but if this project wasn’t based on GOVERNMENT MONEY then Bucyrus could pretty much tell them to go pound salt couldn’t they?
Perhaps some of the giant public teat suckers in corporate America will take this as a warning to wean off the government money. Or perhaps they’ll double down, fascism requires cooperation from industry after all.
Going to be fun watching Obama be a lame duck after November though, eh? Two whole years of “NO SOUP FOR YOU!!!” from Congress.
Phantom 600 million is a lot of money to come up with for a company the prez wants to put out of business. In those circumstances I would want backup for the loan and re-insurance of debt ain’t what it used to be.
Union jobs no doubt… :>)
Agreeing with The Phantom also..
It’s beginning to look like the mess Obama makes will never be unravelled. I’ve not seen anyone on the GOP side say they’re gonna repeal/reverse anything for a while now.
I’m skeptical as to how well the Tea Party will hold together come November and especially 2012. Though that could just be because nothing really holds the ire of Canadians for too long.
I really don’t see the problem here. Obviously India has a better credit rating than the US.
I can’t wait for the impeachment hearings to begin in Dec/2010.
“Bucyrus Erie today announced the sale of its giant drag line division to Tata Intergalactic Lichtenstein LLP for an undisclosed amount. As part of the takeover, Bucyrus will receive a contract to dismantle its present factories in the USA and reconstruct them in India and China. New replacement factories in the USA will build solar panels from Chinese components and make huge profits via the Global Warming green power subsidy scams …………………………………..”
“I can’t wait for the impeachment hearings to begin in Dec/2010.
Posted by: grok at June 28, 2010 11:28 AM”
Why, grok? They’d just end up like the Clinton impeachment Senate trial, where EVERY Democrat senator voted Not Guilty. Purely coincidental, right, where every acquittal vote was from the entire Democratic membership of the senate? Must be they all came independently to the same non-partisan, dispassionate, proof-of-the-case and following-the-Constitution conclusion. /sarc
[It’s telling that Clinton subsequently accepted the humiliation and ignominy of a 5 year disbarment from the Arkansas bar (effectively a national disbarment), rather than contest the (open-to-public-and-press)disbarment trial hearings. Such contesting of the disbarment would have necessitated all witnesses to Clinton’s illegalities be heard and all evidence about his illegalities shown.]
Now, getting back to grok’s remark. We have this recent history to show us how the Democratic Party in Congress, in a hypothetical 2010 impeachment, would again subvert the rule of law, putting Party before Country.
ES
The whale is stranded in Norfolk Virginia….tied up subject to various “inspections”. Then the EPA is withholding certification because the mechanism dunps the treated water overboard with a trace of oil remaining. The only slick-lickers operating must land the treated water for further treatment.
Catch 22’s flying in formation.
chip
The OBAMABOTS/warmers are indiferent to the comfort or lack thereof to others.
atric
No matter they made their statement. Remember these folk figure people are an infestation.
Marko
Real science and facts are of no consequence.
Phantom
BP and GE stand to profit bigtime with Crap and Tax.
You obviously didn’t follow the Minnesota recounts. The Dems abid by Stalin’s rule…..
“It’s not who votes but who counts the votes.”
They say people get the government they deserve. And they’re getting it, good and hard.
Exactly Kate, plus those 10 Million Absentee Ballots filled out by ACORN sure helped alot too.
,
Agreed, Dave.
The best course of action would be for the people to vote in anybody but Democrats in the mid-terms and handcuff Obama’s agenda.
“They say people get the government they deserve. And they’re getting it, good and hard.” Great reminder Kate.
Hopefully the Bucyrus Erie management tells the workers why they are loosing their jobs.
This story reminds me of the 1800? steel plant workers in England that lost their jobs last November when the plant was shut down in order for the company to get carbon credits. As I remember it, it turned out that Pachurii (sp), the UN IPCC head, got the credits and moved the plant to India. Win win for him.
If I were religious, I would say that God is avenging all the filth that was poured upon the
innocent and the undeserving for the last nine years; in particular the libels and slanders of
George Bush and Sarah Palin.
Since I am religious, I will say it; and will add,
“He is trampling out the vintage where the grapes of wrath are stored;
He hath loosed the fateful lightning of His terrible swift sword”
Perhaps, more simply, mene mene tekel upharsin.
Can a Canadian Bank give these guys the money with the conditions they should buy equipment here??
Even if we can’t built the machines, we can buy it from US and sell them at a profit.
Why are we not jumping at this opportunity??
John Lewis Do you mean stupidity was the answer to a less than stellar precursor? Are people better off? Is there a higher sense of justice? To-day I saw Palin blamed because the Chinese are setting up to kick America’s arse in technology. She is an anti-intellectual don’t you know. So while the Chinese learn science the US learns about La Raza. Those are decisions of man alone, they have free will.
We don’t have to go looking to India/US to see bad government costing employment and economic opportunity to the electorate.
In our own backyard we have the Ontario Provincial govt and the Federal Govt playing with AECL at both Chalk River and a potential new build reactor.
The economic damage done to the Canadian economy due to the inaction of both levels of government is enormous.
Yet we go merrily along wondering why jobs are disappearing daily, and our competitive advantages as nation shrivel up.
Phantom is right, this is a good thing. Government should not be in the business of lending money period.
Cytotoxic and Phantom:
What part of “loan guarantees” makes you think the gov’t is financing the project?