rep. blackburn: we should end all of these programs - energy storage companies

This is a rush copy of your world in October 31, 2011.
This copy may not be in final form and may be updated.
Guest host Stuart Wani: from one dispute to another.
After the solindra scandal, another taxpayer
The supported energy company went down, so you lost again.
This is an energy storage company.
It is called Beacon power supply.
Beacon filed for bankruptcy after receiving a $43 million loan guarantee from the Department of Energy.
To the female member--
Republican Congressman Martha Blackburn serves on the House Energy CommitteeAm I right?
Is this exactly the same as Solyndra, the number of Solyndra is bigger, but is it the same thing? REP.
Martha BlackburnTENN.
Well, Stuart, that's the same thing.
Interestingly, Solyndra is the first person to get a loan and Beacon Power is the second person to get a loan.
That's exactly why I said, look, let's join this guarantee program and pull out all 28 companies that have taken these loans.
Let's review the review process to see where something went wrong and where something went wrong.
I think we should end all these subsidy programs. It’s time.
We have no money.
Let's go.
Valny: the Department of Energy issued a statement on the latest news. -
This bankruptcy, this is what the Department of Energy told us today about the bankruptcy of lighthouse power.
I quote directly: "Protecting taxpayers' money is still the primary task of Secretary Zhu and the State Council, that's why we are careful to include a lot of protection for taxpayers in the loan guarantee for the Stephentown project at Beacon Power.
"What guarantee are they talking about?
It seems to me that we have lost. -
The taxpayer lost money.
Blackburn: You're right.
We know that the Beacon Power Project has $72 million in assets and $49 million in debt.
We know the federal government is going to take a big chunk back.
But here, you know, we're going to have to go through the wait --and-
See assets for sale.
If there are other precautions on this loan that have not been implemented on Solyndra, then it will certainly give us more questions.
Of course, we know this week at a hearing with Susan Richardson, legal counsel for the Department of Energy, that we will be able to figure out why she chose to serve the American people in the solingdra loan.
You can't do too much on this.
The money has been invested in a lot of green energy companies.
The money is outside.
It is being promised.
You can't really take it back, can you?
Blackburn: I think we can do something in the future and maybe some observations to make sure we are if you want. . .
But the money is outside.
You can't get the money back, can you? It’s there.
Blackburn: The money is outside.
It's right outside the door. That is right. VARNEY: OK.
Blackburn: But I think these companies need to know that we're holding them accountable and we're not going to get them out of the woods.
This needs to be known to their boards and investors.
VARNEY: It worries me a lot and I'm sure our audience will lose money here and you won't get it either.
Yes, you're right.
Vani: you can't do it.
MP Blackburn, I'm sorry to raise this, but it reminds me of incandescent lamps, you know? (LAUGHTER)BLACKBURN: Yes.
VARNEY: You and I, we want to keep 100 together-watt bulb. We lost. You lost.
Nothing you can do about it.
It had disappeared as of January 1. (CROSSTALK)
Blackburn: We have one. year reprieve.
We have one-
Suspended for one year in this regard.
We hope that we can do that by reducing some of the funds.
Stewart, we don't want the federal government to micro-manage all these alternative energy projects and ideas.
If they are a good idea, take them to the market.
Protect your investors.
Then make it a profitable business.
But we know that the best energy policy in the United States is drilling here and drilling now.
Vani: will the Republican government end the idea that the government can pick winners and put an end to putting public money into private companies?
Can you stop, Ping-out?
Blackburn: I hope we will have a republican government, not just the Republican government.
The Senate will agree with the Republican Party.
It's time for the House to end these subsidies, and the federal government should try to micro-manage and pick winners and losers. VARNEY: OK.
Congressman Blackburn, I'm glad you bought us one.
The life of incandescent lamps has been extended for one year because. . .
Blackburn: That's right.
We are still trying to keep the light bulb of our choice. VARNEY: OK.
Thank you so much for being with us.
It's always a pleasure.
Thank you, Stewart.
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