Newsmax discusses government subsidies of energy companies with William Yeatman.
Now you may say there is no way of predicting which new companies will be successful and which won’t, and that’s true. And that’s also why the government shouldn’t be in the position of picking winners and losers in business. As William Yeatman, a senior fellow at the Competitive Enterprise Institute, explains, “Who thinks the Department of Energy has the expertise to predict which companies will succeed for fail in the marketplace, particularly in an industry that is not only dependent upon government subsidies, but is highly unpredictable?”
Besides the country already has an excellent mechanism for picking winners and losers in the marketplace. It’s called the free market and it uses competition to determine which companies succeed and which fail. Even better the market doesn’t cost a dime in tax dollars.
Aquion Energy evidently could spin a good story — it was named “the North American Company of the Year Award” at the annual Cleantech Forum in San Francisco, which “focuses on emerging trends, leading innovation companies, and key players in sustainable innovation” — but it couldn’t produce results.
Once the market determined that, private money went elsewhere and there weren’t enough government grants to keep it afloat.
“Clean energy” and “green energy” are a product of “global warming” hysteria that feeds on government money, or as Yeatman explained, “Let’s remember that the need for energy storage systems is strictly a consequence of the intermittency of renewable energy sources like solar and wind. These companies benefit from the grants and indirectly from the inefficiencies of an industry that exists by the grace of political favoritism.”
Read the full article at Newsmax.