REPOST: How did $50B high-risk, job-killing nuclear loans get in the stimulus? Fraudulent budget

[Blaze Diem]

This is posted in Environmental Forum, but Deserves Attention & Discussion
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x186272

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From Climate Progress:

How did $50B high-risk, job-killing nuclear loans get in the stimulus? Fraudulent budget gimmickry.

<snip>

Not only won’t these loans generate any jobs in Obama’s first term, but as Peter Bradford, former member of the Nuclear Regulatory Commission, explained to me, it could actually kill jobs. How?

<snip>

But here is where it gets particularly farcical: The loans only got snuck into the bill by budget gimmickry that replicates the high-leverage, fraudulent risk analysis that got us into the subprime mortgage and credit default swap mess. Some leading nuclear energy experts explained this to me Tuesday, and I will do my best to explain it to you.

The Washington Post explained (not quite completely) last week:

Bennett’s amendment took $500 million away from $10 billion initially allotted to a new loan guarantee program for renewable energy and electric transmission projects and moved it to an existing loan guarantee program established under the Energy Policy Act of 2005. The existing program covers a much wider variety of energy projects, including “advanced nuclear” power plants, plants that “gasify” coal or turn it into liquid form, and plants that capture and bury carbon dioxide, a greenhouse gas produced by coal power plants.

Moving the money allows the government to stretch its loan guarantees further. Because of different accounting methods used in the two programs, a $500 million appropriation would permit approximately $5 billion in loan guarantees under the renewable program but $50 billion under the broader, existing program.
ETC.
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Lengthy Post but worth the read.

[TacticalPeek]

1. Interesting detail, thanks, but

the link needs redoing.

Maybe copy the link location, not the link text?

[Blaze Diem]

3. Thanks: Corrected the link.

Here it is again as posted by DUer Bananas.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x186272

[grannie4peace]

2. 3 rushicans

[terisan]

4. This is in the bill because Obama and Dems wanted it there, Should be no surprise

that Obama supports nuclear.

on edit. Understand it has been taken out of bill----Major congratulations to those who fought it and the Democrats who jettisoned it!

[Blaze Diem]

6. Thanks for informing of its removal.

Appreciated.

[slipslidingaway]

5. K&R n/t