I am not the first to make the prediction that this idiotic idea will result in massive abuse and cost the tax payers of New York a pretty penny. From the article:
New York’s first bank dedicated to boosting the deployment of clean technologies is set to open in early 2014, after the state’s Governor confirmed an initial $210 million of funding.
The NY Green Bank is eventually expected to be capitalized with $1 billion, investing alongside the private sector in renewable energy, energy efficiency and other low carbon technology projects.
On Thursday last week, Governor Andrew Cuomo confirmed an initial $210 million backing for the Green Bank, $165m of which is from unallocated government funds, such as surcharges in utility bills that the state already collects for energy-efficiency programs, and $45 million from the Regional Greenhouse Gas Initiative emissions trading scheme.
He said the bank was now on track to open for business and start offering its first loans and other financial products in early 2014.
We all have seen how well this green sector shit has played out for us tax payers at the federal level. It’s been a horrible investment, period, and it has been nothing but crony capitalism wealth transfer schemes of the worst kind. Nothing says make the rich richer, and the poor poorer, like green energy. From Solyndra to Fisker, we have forked over tens of millions only to see a few connected people rake in the cash and the endeavor fail miserably. Tax payers were left to foot the bill and the jobs promised went poof.
Now double down on the fact that this new green energy bank is in New York, only out-crooked by the state of Illinois when it comes to donkey controlled corruption, and you can see how this is going to play out. When you get these government-business incestuous relationships, especially around the idiotic concept of green energy, they are doomed endeavors. The only way for green energy to make money is by political fiat: i.e. onerous and illogical regulations that cost the people money, and produce marginal, if any, value, be it short or long term. Did I mention it is NY state and government is involved to make the point this is doomed to a scandalous failure? Some are betting we find out in two years or so that this whole thing has been abused, and that it either is collapsing, or needs a new cash infusion, courtesy of the tax payers. I think they are horribly optimistic in their predictions.