President Obama’s Clean Energy Summit last week was a farce and a flop, rivaled only by the mythical theatrical productions of Bialystock & Bloom. However, after enduring Obama’s speech at the Mandalay Bay Resort Convention Center in Las Vegas last Monday, no one was heard humming, in the manner of Matthew Broderick’s accountant-cum-show business-impresario character Max Bloom, “I want to be a producer” of alternative energies. And there certainly isn’t going to be a revival of the show on the strip there any time soon.
Green energy investments are a guaranteed flop, the kind of failure only a shady Broadway producer could envision. This current green energy production really got underway when the economic “stimulus” set aside $80 billion to subsidize politically connected energy projects, according to the Heritage Foundation. Since the halcyon days of the stimulus, 1,900 investigations have been opened to probe stimulus fraud and about 600 convictions have been secured by prosecutors.
What is more, about 10 percent of the Obama-backed green companies have gone bankrupt or out of business.