European Solyndra

European Solyndra. 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 that we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Looks like we got ourselves a European Solindra. Remember Cylindra.
It was kind of one of those. It was. It
was Solar. It's a solar company that Obama decided to
take a whole bunch of my money and your money
and give it to them and give it to the

(00:38):
solar panel company that is no longer anyway. This is
all over the European press. A company based out of Sweden,
north Vault, north Vault, north Vault or whatever electric vehicle
dreams crashing to reality. This is a battery manufacturer, battery manufacturer.

(01:09):
It filed for bankruptcy. This is the day after Ford
announced four thousand job cuts in Europe because the European
government mandated ev transition. Yeah, this is what Ford had
to say. The global auto industry continues to be in

(01:31):
a period of significant disruption as it shifts to electrified mobility.
The transformation is particularly intense in Europe, where automakers face
significant competitive and economic headwinds while also yeah tackling I
misalignment between CO two regulations and consumer demand for electrified vehicles,
meaning that nobody wants to buy them. Nobody wants to

(01:55):
buy them. The demand for evs are softening in Europe
as a are here in the United States, despite despite
the government subsidies, despite the mandates. Anyway, anyway, we talked
about Volkswagen. They're closing plants, they're cutting pay they're slashing

(02:17):
thousands of jobs. Again, Ford said that Europe needs more
public investment in charging infrastructure. And I think about it,
and I think about imagine putting in charging infrastructure. How
does one put up Tesla superchargers in Florence, Italy or

(02:40):
in Rome. I'm trying to get my arms, but where
you going to put those things where? Anyway? North Vault Okay,
this is another example of government subsidies. Again, the techno rants,
the people that are better, the people that are smarter

(03:03):
than us. We have them here in the United States,
they have them there in Brussels as well. Yes, they
are going to give money to North Vault and they
are going to compete with Elon and Tesla and the Chinese.
Uh huh, this is what the well, the European governments
gave them five billion dollars. Here you go, five billion dollars.

(03:29):
The CEO said, this is a milestone for the European
energy transition. Okay, here's teachable moment for everybody. Right now,
here's one to grow on if you will. Okay, if
the government needs to subsidize any business, any industry at all,

(03:54):
it's again, it doesn't deserve the money in the first place.
It's stupid. What do you mean public private partnerships to
lowacy politicians standing out there with the ribbon cutting ceremonies,
in golden shuffles shovels. No, every single time I see
one of those things, it makes me sick to my stomach.
I don't want to see another politician at a ribbon

(04:15):
cutting ceremony or with some golden shovel where they're starting
a project somewhere. I don't care if it's Donald Trump
with a stupid fox conplant in Wiscantin or somebody other
crap that all these politicians push all the time. They're failures.
Let me tell you why. Okay, I'm in the business
of investing. Yeah, in the business of investing. Let me

(04:37):
tell you something about investing.

Speaker 3 (04:38):
If you have any good idea, if you have a
worthwhile idea that makes logic sensible, it's gonna make money
down the road.

Speaker 2 (04:50):
Guess what you'll get. Money, You'll get financing, money will
flow your way. Yeah, that's what investors do. They invest
in things that are going to make the money, that
are going to be profitable down the road. Now, if
this was such a great company, this Northfolt, why did

(05:11):
they have to go to Brussels to get five billion dollars?
Shouldn't people be beating a path to your front door?
One would think, right, no, no, no, you were a phony,
You were a fake, You were a fugazy to begin with,
and the only way you could survive is by government subsidies.
And it looks like Europe doesn't feel like sending them

(05:33):
any many more money, so you're done, kind of like you,
I don't know, Celindra and many others Watchdog on Wallstreet
dot com