Powerful Democrats help Chinese energy firm get $450 million in stimulus money

The Democratic Party has been caught several times taking illegal campaign money from the Chinese ( 1, 2). It seems that money has not gone to waste.

Jackie Walorski warned of this happening. It seems that she was correct.

MSNBC:

WASHINGTON — Top Democratic fundraisers and lobbyists with links to the White House are behind a proposed wind farm in Texas that stands to get $450 million in stimulus money, even though a Chinese company would operate the farm and its turbines would be built in China.

The farm’s backers also have close ties with Senate Majority Leader Harry Reid, D-Nev., who, at the height of his hard-fought re-election bid this fall, helped blunt congressional criticism over stimulus dollars possibly going to create jobs in China by endorsing a proposal by the Chinese company to build a factory in his home state. Although his campaign received thousands of dollars in donations from the wind farm’s backers and Reid stood on stage with them at a campaign event they hosted, his office declined to answer any questions about the wind farm’s organizers or their plans for Nevada.

The wind farm, first announced more than a year ago, would consist of 300 2-megawatt wind turbines, each perched atop a 26-story-tall steel tower and spinning three blades — each half the length of a football field. The farm would span three counties and 36,000 acres in West Texas land best known for its oil. Dubbed the Spinning Star wind farm, the project’s 600-megawatt capacity is, theoretically, enough to power 180,000 American homes and would be the sixth-largest wind farm in the country.

It is being planned by an unusual joint partnership between the U.S. Renewable Energy Group, a Dallas investment firm with strong ties to Washington and the Democratic Party, and A-Power Energy Generation Systems, an upstart Chinese supplier of wind turbines. Filings with the Securities and Exchange Commission indicate the Chinese are bringing financing and the turbines.

What the Americans are supplying is the local know-how and political clout in Washington, where decisions on how to distribute billions in loan guarantees, stimulus grants and financial incentives are made.

The clock is ticking for Spinning Star: To claim the stimulus grant it must arrange its financing and begin work on the wind farm by Dec. 31. Besides the $450 million stimulus grant, A-Power’s SEC filings indicate the joint-venture also will pursue a Department of Energy-backed loan guarantee. According to the SEC filings, the project is waiting to hear if it will receive the loan guarantee before financing will follow to build the turbines.

Dr. Sowell: The U.S. economy likely to decline in the long run. The private sector cannot prosper against the onslaught of government largess.

[Flashback February 2011: There was a glimmer of a recovery but now it seems that what we saw back in February was just inventory restocking. Time has demonstrated Dr. Sowell’s warning as he was not optimistic in this video when “economists” the elite media talked to were “surprised” by the monthly bad economic news. They were surprised every month for two and a half years.]

The video is of Dr. Thomas Sowell who is likely the greatest and most published economist alive. He is a free market guy so that is why many college students may not have heard of him. The use of Dr. Sowell’s materials is virtually banned at some universities such as Indiana University at South Bend. The left, as well as the IU administration, is very hostile to Dr. Sowell because he is a black economist who believes in and understands the free market.

Via The Daily Caller:

Dr. Sowell appeared on Wednesday night’s “The Kudlow Report,” on CNBC to promote his book, “Basic Economics: A Common Sense Guide to Economics.” Host Larry Kudlow asked Sowell about the current outlook and his long-term predictions for the economic system as a whole in the United States. The senior fellow at Stanford University’s Hoover Institution replied that politics plays into the answer.

I have never seen Dr. Sowell so concerned. As some economists have said, this recession is different. Combine that with the fact that government has so effectively chased wealth out of the country and undermined economic confidence that unless we change government culture permanently and do it soon the United States may be done as an economic super power.