John Broder of The New York Times has an interesting piece on Al Gore’s financial profit tied to his global warming alarmism and push for renewable energy. Gore’s venture capital firm invested in Silver Spring Networks, a company that makes hardware and software to improve efficiency in the nation’s electricity grid.
When President Obama told a crowd at a solar power plant in Florida, ironically on an cloudy day where the sun was nowhere to be found, that $3.4 billion of the so-called stimulus package would be allocated for smart grid investment, it significantly reduced the risk of Gore’s investment: “Of the total, more than $560 million went to utilities with which Silver Spring has contracts. Kleiner Perkins and its partners, including Mr. Gore, could recoup their investment many times over in coming years.” Broder calls Silver Spring “a foot soldier in the global green energy revolution Mr. Gore hopes to lead.”
If Al Gore wants to invest his money in green technology, windmills, solar panels or algae, he can do as he pleases. It’s his money. The taxpayer does not have such autonomy. Along with Gore’s investments, the government is taking other people’s money to invest in these projects who do not have a say in the matter. It’s what economist Frederic Bastiat described as legalized plunder: “See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.”
When it comes to investment, that’s exactly what venture capitalist firms are for – to supply funding for the early stages of high risk, potentially high profit start-ups. The government footing a portion of the bill significantly reduces the risk and there’s a reason they need to do so. It’s because these projects are too expensive to compete in the market otherwise and even after years of subsidies and tax breaks, renewable energy still only provides a small fraction of our energy. Maybe wind and solar investments will occur without government support but that’s for the market to decide.
In a speech last year, the former vice president called for the United States to commit to having 100 percent of the country’s electricity supplied by renewable energy within 10 years. With cap and trade, a mandated renewable electricity standard, and billions of dollars in taxpayer-funded green energy investments, it’s no surprise “few have put as much money behind their advocacy as Mr. Gore and are as well positioned to profit from this green transformation, if and when it comes.” But it’s not just Gore. Large energy companies are hedging their bets on political policy designed to make renewable energy more competitive and are pushing for federal funding.
Gore responded to criticism of this saying, “I absolutely believe in investing in ways that are consistent with my values and beliefs. I encourage others to invest in the same way.”
That’s fine. Many Americans do invest in ways consistent with their values and beliefs and many hold stock where they work or in what they think will be profitable. It becomes objectionable when the government forces people to invest in projects, whether they’re profitable or not. But if the government is investing in them, it’s a pretty telling sign they won’t be. This isn’t laissez-faire capitalism; it’s crony capitalism.
Uh! Gosh folks. This kind of thing used to be illegal. We called in profiteering, graft and corruption. No wonder Clinton fired all those Federal Prosecutors. There is nobody left to prosecute the Democrats for their Racketeering, Influenced and Corrupt Administration (Oh, and small time Green con men like this —!)
What a gig, eh?
It sure is wonderful when the capitalism playing field is level.
We got small businessmen and entrepreneurs getting devastated in this economy.
I guess they are too small to succeed.
Confiscate all of Al Gore's earnings and send him a check for a $. Do the same thing with George Soros's billions. After all, he made his money bankrupting other countries through currency speculation.
As I read about the French Revolution, the current context in the US makes it clear why it turned so bloody. "If they couldn't get breads let them eat cakes". Gore says if the US standard of living goes down and the middle class in the US shrinks down to nothing, all because of artificially inflated energy prices, let them be happy that they are alive.
We should simply confiscate the wealth of all those that advocate socialism.
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Why is Al Gore being permitted to perpetrate such an enormous theft? He is worse than Madoff…his scheme to foster fear and panic is making him a billionaire though most know that he cannot prove his global warming theories. He mocks and refuses to answer any intelligent question that shows his scheme. He is incredibly condescending…why is he being allowed to get away with this? Why isn't there an investigation into his finances? We need an innocent child to stand and point at Gore while crying out: "The emperor has no clothes!" Let's hope this happens before Gore does any more damage. He should be in prison.
AL SNORE BELONGS IN A DUMPSTER. THAT ALONE
WOULD COOL THE PLANET 5 DEGREES.!!!!!!!!!
It amazes me how this administration can justify it's criminal behavior under the guise of going
"green." We need to communicate with others, express our opposition to representatives/senators, and participate in political action committees/websites in order to get back to conservative ideals.
Green equipment require more energy to create than they produce. How many tons of Co2 are generated to produce the components of one Windmill? How many years does that windmill have to run to save that much Co2? Then there are the maintaince costs. By the time it reaches the brake even point it is worn out and must be replaced. NOTHING gained except the Green People got rich.
If the rape&enlsave bill passes Father Gore will be catapulted beyond the multi Billionaire status of George Soros. He may have flunked out of divinity school but he damn sure learned enough to become the wealthiest cult leader in the world.
How's that hope and change working out for you?
I agree with Florence, at least with Madoff we'd have a few years of prosperity.
This green machine, which is well funded by G. Soros, has done an excellent job convincing people in high political positions that they individually will make money off of cap and trade.
Why else would they do it and ignor the truth about the math and science?
This G-machine has also convinced the world policrats that this is how they can capture more tax dollars from those who have way too much disposable income.
If they succeed, a new wave of mega billionaires will emerge but not from the business sector but instead from the policrats.
Al Gore will make hundreds of billions at the cost of well, the people.
Our only hope is to continue with what happened yesterday with the elections.
"… small time Green con men …" Nothing small time about Al! This sort of cronyism is the same thing he whined about during the Clinton administration – those Republicans are just taking care of their buddies. Yet, we keep electing these hypocrites. Isn't one definition of insanity that one continues to do the same things and all the while expects a different result? If so, we must all be daffy as ducks. Shame on us for tolerating it.
Al Gore, what a guy. Propping up the big lie about global warming, so he can invest and make tens of millions in alternative energy schemes. And it's working.
While Al is as greedy as I thought, he's not as dumb as I thought.
Here we go again–those who made there millions from our system are now against that very system
One other thing, why are they specifically after CO2 and not other things like methane which has proven to be the real problem?
Simple answer is, that going after CO2 allows them to suppress and even bankrupt our energy industry, for example the coal industry.
Then they will nationalize the others and drive them down to limited production…and then invest in them.
This is G. Soros's style, he has done things similar to this numerous time and bingo he's worth 41 billion.
Problem is, it isn't enough for george the grinch, I mean the great.
It never is for self worshipping narssisist's.
Beware the G. Machine
The Author is in support of Venture Capitalist firms as the answer. Close TARP and then we can talk.
Bob, from Portland, the reason Gore doesn't go after methane, is, he would have to give up eating meat to prove what a green guy he really was. There is no way Goreby is giving up steaks.
I am outraged that Gore could profit from the newest venture capital company, the U.S. Government. It smacks of insider trading. I cannot believe that this is legal. Does anyone think that the major news shows will carry this story? Fat chance…
Are we suppose to stop exhaling, every time you exhale you put out CO2, we need CO2 for trees to grow and to balance out the atmosphere. Co2 rises through the clouds and is returned as O2, we breath in O2 and exhale CO2, it's other elements that need to0 be curtailed.We also need to stop this ethenal bunk, it cost too much to produce and it also cuts into our corn for food and stock feedings. Drill off shore and into our reserves and refurbish OUR refineries. Gore is a hypocrite anyway, her flys a big jet all over and has a big house which burns a lot of electricity.
Al gore was, is , and always will be a user of people, a charlatan, and a fool. He would not know the truth from a lie, because he has no use knowing the difference. Al Gore uses only what best serves Al Gore, and no one, nor anything else.
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Al Gore is a little crazy….but he has good motives!
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