For Thee, Not for Me.
The chief of the FAA told Congress today that Washington-area airports will largely escape the effects of the air traffic controller furloughs — a blessing for lawmakers who fly out of the nation’s capitol.
Michael Huerta, head of the Federal Aviation Administration, told a congressional panel that the Washington region’s airports are spaced out enough and have enough spare capacity that furloughs to air traffic controllers won’t hurt as much here.
“Green” Update…The Story Continues
The electric carmaker, which laid off 75% of its employees earlier this month, missed its first loan payment to the Energy Department on Monday. Treasury has already seized $21 million in an effort to get back some of the taxpayer money loaned to it, but most of the $192 million that was given to the company over the three years is very much at risk.
Also at risk is about $21.5 million it received from the state of Delaware because of plans it once had to reopen a closed General Motors plant there.
Company officials and spokesmen are not commenting on the outlook for the company or reports that it is close to a bankruptcy filing.
Fisker is what is known as a story stock. It’s not a public company, of course, but it still qualifies. A story stock is a company that relies upon “a story” to get new investors to pony up more money to keep the story going.
It can’t point to results, or a business model, or demographics. It has some new, breakthrough technology or process that will revolutionize the world if and when… blah, blah, blah, blah, talk, talk, talk.
And all they need is a bit more money.
And Obama gave Stimulus Money to them.
More Money down the “green” rat hole.
Story stocks suffer from the opposite problem Google and Facebook posed: Story stocks have a revolutionary way to monetize demand for products, but they have little demand.
And the last thing a company with very little demand needs is a bit more money.
A bit more money gives a company with no customers the trappings of success without the fuss and bother of actually selling things; a bit more money allows the story to supplant sales; a bit more money means that the only thing left to do is go out and get a bit more money over and over again.
In the 1990s the fuel of the future was to be ethanol, especially ethanol derived from biomass cellulose waste like switchgrass and cornstalks and sawdust.
All they needed was a bit more money to perfect the technology of refining ethanol from waste products and success was to be ensured.
Sounds like every Liberal idea I’ve ever heard of. When it fails, all we need (perpetually) is more money and it will succeed! Just that little bit more…!!! 🙂
Twenty years later, all biomass fuels have to show for the story is more research grants from the Department of Energy, more demonstration plants that can’t produce commercial volumes and more need for subsidies from the federal government to stay afloat.
Other than an a food storage because of all the Corn converted to fuel instead of food, that is. 🙂
And regular corn ethanol- a competitor to biomass ethanol- is still only about as economical as regular gasoline, if not a little less so.
Just a bit more money, please.
“There are two times in a man’s life when he should not speculate,” Mark Twain wrote in Following the Equator, “when he can’t afford it, and when he can.”
Twain by then had been ruined by a story stock of his own making.
“The author,” he says, “did not gather [these observations] from practice, but from experience.”
Twain invested in, managed and ultimately smothered a new marvel in typesetting technology called the Paige Compositor. Twain had the great disadvantage of knowing a thing or two about typesetting. He was a young apprentice typesetter in Philadelphia, New York and St. Louis.
In Twain’s case- as in other story stocks- a little knowledge proved to be a dangerous thing. The inventor James Paige beguiled Twain with creating the most perfect machine ever, instead of one that would sell. Consequently the machine never even got to the prototype stage. Instead of merely losing money in the affair, Twain’s quest for a perfect machine finally drove him into bankruptcy- an event from which his creative mind never fully recovered.
According to biographer Justin Kaplan, Twain later indulged in fantasies of locking the inventor of the typesetting machine in a steel trap and watching him die.
The folks from Fisker have no less arduous a trap to face themselves.
“As the years rolled by,” writes Scientific American, “Fisker observers became increasingly suspicious that the company didn’t even possess a working car. At the 2008 debut, Fisker announced that the Karma would go on sale in late 2009. Yet by early 2010, when Bill Gifford profiled the company for Popular Science, no one but the chauffeur for the Crown Prince of Denmark had driven even an early prototype.”
But like most Liberal ideas, it sounded good, noble and tugged at the heart strings of emotion so with good intentions they wasted vast amounts of money. And in stead of admitting they were morons for buying into it they just want to spend even more money to prove their pie-in-the-sky righteousness is correct no matter what.
They actually did build a few cars, but most of them flooded before some spontaneously caught fire, just like the Chevy Volt. Really.
So now the steel trap set for Fisker is in Congress, which of course wants taxpayer money back. But what Congress really wants more than anything is to embarrass Obama, the Department of Energy and the whole green energy scheme, which was produced by a little too much knowledge and way more money than they ever needed.
They have found a willing victim in Fisker.
While Twain could only fantasize about retribution, Congress owns the steel trap of public investigation in which many others who speculate on the public dime have gone to die a slow, and humiliating, death.
It’ll make a great story. (Townhall)
The Greatest Story/Show on Earth. 🙂