Don Quixote for Windmill Czar!

Chris critiques the wind energy industry and its reliance on government subsidies. Referencing Donald Trump's stance on wind farms, Markowski highlights inefficiencies, taxpayer burdens, and corporate welfare tied to wind energy projects. He discusses the economic flaws of wind power, its environmental impact, and calls for consistency in addressing subsidized industries like ethanol. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Don Quixote for winds are. Oh, yeah, we need a
we need a windsor we do. And the job of
the winds are is to knock down windmills. Yeah, I
think don Quixote would be perfect for that. The Mana
la Mancha. Yeah, I remember reading about don Quixote back

(00:36):
in sixth grade. But anyway, yeah, we need to start
knocking down these windmills. And I like the fact that
Donald Trump was saying, geez gee, wow, how about that
this entire industry in of itself is stupid. Still proves

(00:57):
just creating energy. It's great energy. It's stupid because it
doesn't work. It loses money unless you get government subsidies
tax credits. Anyway, Donald Trump said in his speech last week,
wind farms only work if you get a subsidy. The

(01:20):
only people that want them are the people that are
getting rich off windmills, getting massive subsidies from the US government.
And it's the most expensive energy there is. It's many,
many times more expensive than clean natural gas. You don't
want energy that needs a subsidy. He's right, he's right,

(01:42):
He's one hundred and ten percent right. But the only
thing I would say to Donald Trump is I agree
with you, but be consistent. Be consistent with your logic.
Not only should we get rid of windmills, we should
also be getting rid of ethanol as well. Anyway, Okay,
windmills subsidies were fattened due to the Inflation Reduction Act

(02:05):
KEN which is the inverse, which would be the case, Okay,
the exact. You are spending money on something that makes
no sense. What's that doesn't reduce inflation anyway? Federal tax credits.
It's not a tax reduction. It's a tax credit. Can

(02:25):
cover fifty percent of the cost of building an offshore
wind farm and more than eighty percent of the cost
on shore. Yeah, that's that's a nice tax. Again, this
is a tax credit, tax credit, and sometimes these tax

(02:48):
credits are refundable, meaning if the windmill's not making any money,
they get a check for that tax credit. Anyway, completely different. Well,
even the Biden Energy Department put out in twenty twenty
three report that power from new onshore wind farms onshore
costs more than from gas fired plants on a per

(03:11):
megawatt our basis. If you exclude subsidies, wind with tax
credits is about twenty five percent less expensive. On the
other hand, offshore wind costs two to three times more
than gas even with the subsidies. Plus it's been killing

(03:33):
a lot of whales. And again that doesn't even take
into account the batteries. The batteries, they cost three to
four times more than baselow generators. It is far cheaper
to run gas, coal or nuclear around the clock than

(03:53):
to use wind and solar some of the time and
then have to back them up with other forms of energy.
Not to mention the fact you got higher interest rates
which have made this that much more difficult to make
the math work. This is why you had the big
wind company or Steed cancel a four took four billion

(04:15):
dollars in right downs walking away from their project in
New Jersey. Again, this is corporate welfare to people who
are connected. It makes no sense. I imagine if we
did this with every other industry out there, every other

(04:36):
industry out there, you put it, you put out a
product that you know is more expensive, there's a superior one,
better than anyone else, And the government says, hey, you
know what, we're going to make it right. We're going
to give you a tax credit so you don't have
to pay any taxes. It's nonsensical, quite frankly, and I'm
gonna be honest with you, be honest with you. These

(04:57):
tax credits and these windows. They insult my intelligence. Every
single time I see one of these things, it insults
my intelligence. Some sniveling, little ponytail, sensitive ponytail liberal out there, Oh,
look at what we did. We put this up. You've
done nothing. It aggrivate, and yeah it does. It aggravates

(05:19):
me as much as the people that are still wearing
masks Hire don Quixote start knocking these eye sores down.
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