Even before he took the oath of office, Barack Obama embraced the financial crisis of 2008. In the words of his then Chief-of-Staff Rahm Emanuel, “You never want a serious crisis to go to waste,” and Obama saw the recession as an opportunity for him to play investor picking winners and losers with hundreds of billions of borrowed dollars. This was his moment to “transform” the American economy to match his vision for a brave new world.
Lavishing billions on green technology was high on Obama’s list of favorites. In just three years, his Administration has pumped $80 billion into so-called “clean energy” companies. Even that staggering amount is barely half of the $150 billion he said he wanted to spend if given enough time in the White House. At every opportunity Obama championed investment in green technology as “the way to a more prosperous, brighter future.” There was a very personal reason Obama was willing to plunge the nation deeper in debt with high-risk adventures in the middle of a serious economic recession. “I want to make sure the planet is as beautiful for my daughters as it was for me,” he admitted during a debate in Des Moines, Iowa in December, 2007. Most fathers are willing to sacrifice of their own treasure for the benefit of their children. Obama put the treasure of generations of other American’s children yet to be born on the line for a mythical better world for his two daughters.
Obama admitted with his policies “electricity rates would necessarily skyrocket,” and his Energy Secretary volunteered that the Administration would pursue policies to get gas prices at the pump “in line with Europe.”
Thus far, Obama & Co. have been successful in driving energy prices higher. As for saving the planet and other ancillary benefits, the record isn’t very good.
Get the Market Movements in Advance: William's Edge Webinar for Tuesday, March 11th, 2014 | John Ransom