GreenEnergyForEarth.com – Alternative Energy News and Green Products

Nov 7, 2008 – President-elect Barack Obama held his eagerly awaited first press conference this afternoon. Economy crisis is # 1. He met with his economic team this morning, not his green energy team. Take the hint. The DJI might have been up 244 points before Obama’s press conference, but it’s still below 9,000 [remember 14,000 and the predictions of 20,000] down 1,000 the previous 2 days, & up only 130 by the end of the press conference [Possibly, the traders were watching the press conference and not trading.] & then closed up 248 at the end of the day. We know that if the economy is not moving forward there will not be funds to develop green energy and physical infrastructure. The 8-year tax incentive extension was already signed into law by President George Bush in early October & was greeted with unanimous joy by the green energy industry players [see previous posts]. Investment in any industry including solar plants & wind turbine farms requires large amounts of capital investment and credit, both of which are in short supply at the moment. Residential solar might require a home equity line. I’m not receiving 10 solicitations a week any longer. Are you?

Obama met in the morning with Vice President-elect Joe Biden and members of his economic advisory board [most standing on the platform], which includes former Treasury secretaries Robert Rubin & Lawrence Summers, former Labor secretary Robert Reich, former chair of the National Economy Council Laura Tyson, former Federal Reserve Chairman Paul Volcker, billionaire Warren Buffett, Michigan Gov. Jennifer Granholm, Los Angeles Mayor Antonio Villaraigosa, Google Inc chairman Eric Schmidt, Xerox chairman Anne Mulcahy & Time Warner Inc. chairman Richard Parsons. It was not clear if all of these individuals were present today.

He stated that his goal is a rescue plan for the middle class to create jobs, further extension of jobless benefits, a fiscal stimulus plan that he wants to see done sooner rather than later, address the spreading impact of the financial crisis in the US & globally, the hardship of auto industry including suppliers & small businesses [retooling assistance, asked team to explore what could be done under current law and what should be added, not unduly rewarding management of companies that receive govt assistance. He said, “Fixing the economy won’t be easy or quick.”

Clean energy was only listed in a group of areas to be addressed. No comment on any specific aspect of green energy or infrastructure.