From Sigmund Holmes at davidstockmanscontracorner.com:
Silicon Valley is in the midst of another boom and gullible reporters are buying anything the alleged tech geniuses throw at them. The latest example is this bit of hyperbole from Bloomberg reporters Mark Chediak and Chris Martin on the latest innovation from the valley:
Silicon Valley has something to offer the world in the drive toward a clean energy economy. And it’s not technology.
It’s a financing formula. In a region that spawned tech giants Apple Inc. and Google and is famous for innovators and entrepreneurs like Steve Jobs, a handful of startups began offering to install solar panels on the homes of middle-class families in return for no-money down and monthly payments cheaper than a utility bill. This third-party leasing method — which made expensive clean energy gear affordable — ignited a rooftop solar revolution with annual U.S. home installations increasing 16-fold since 2008, according to the Solar Energy Industries Association and GTM Research.
Really? Do these twits really think Silicon Valley invented lease financing? Do they really think that’s why roof top solar is now “affordable”?
What makes roof top solar “affordable” is low interest rates and massive government subsidies. And, oh yeah, the other thing that makes it “affordable” is that shareholders don’t seem to care that the companies involved, even with the massive subsidies, can’t seem to figure out how to turn a profit.
To continue reading: Silicon Valley’s Latest Hype