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Reply #85: with stories like this re: O's proposed $36 billion bailout of nuke industry, NO ONE has credibility [View All]

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wordpix Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-20-11 09:14 AM
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85. with stories like this re: O's proposed $36 billion bailout of nuke industry, NO ONE has credibility
This story has blipped off the radar but really needs to stay outed and discussed b/c it sheds light on why O supports nuke power, even after Japan's disaster. We have to cut "entitlements" like Medicaid, Medicare, college loans and environmental programs but once again, the corporations that can't make it on their own get THEIR welfare money with plenty of backing from the WH. I still want to support this admin. so badly but daily I wonder why :puke: :grr: ...

By Peter Wallsten and Jia Lynn Yang, Friday, March 18, 7:49 PM

As the deepening crisis in Japan presents the nuclear power industry with its gravest test in years, President Obama has emerged as a critical ally and defender.

Repeatedly in recent days, Obama has peppered public remarks on Japan with assurances that U.S. reactors are safe and that nuclear energy remains a key component of his energy agenda.

The presidents stance again puts him in direct opposition to many in his political base...snip

But because the cost of building a new reactor is so high and Wall Street is reluctant to invest, with natural gas emerging as a more viable alternative utilities have turned to the government for assistance. Obama has signaled his desire to help, proposing in his 2012 budget plan an additional $36 billion in loan guarantees to build new plants.

That would come on top of the $18.5 billion set aside as part of the loan guarantee program started under President George W. Bushs Energy Policy Act of 2005.

Some critics have charged that Obamas support for nuclear power can be traced to his political rise in Illinois, home to nuclear giant Exelon.

Those connections run pretty deep, said Kevin Kamp, with the watchdog group Beyond Nuclear. That begins to explain his policy.

Exelon has had ties to some of Obamas closest advisers.

David Axelrod, the presidents longtime political strategist and former White House adviser, co-founded a consulting firm that worked for Exelon, though Axelrod said Friday he currently has no private clients.

Rahm Emanuel, Obamas former chief of staff and now Chicagos mayor-elect, helped broker the deal that created Exelon when he worked at the investment bank Wasserstein Perella.

Exelons political action committee and its employees have given more than $340,000 to Obamas congressional and presidential campaigns over the years, including $4,300 from Exelon chief executive John Rowe, according to Federal Election Commission records.
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