In the last week or so there has been a lot of media attention with regards to that secret video of Mitt Romney and the now infamous comments he made to some campaign donors about the 47%. However, what got my attention was another thing he said on that video which should give solar power project developers some cause for concern:
Yeah, it’s interesting…the former head of Goldman Sachs, John Whitehead, was also the former head of the New York Federal Reserve. And I met with him, and he said as soon as the Fed stops buying all the debt that we’re issuing—which they’ve been doing, the Fed’s buying like three-quarters of the debt that America issues. He said, once that’s over, he said we’re going to have a failed Treasury auction, interest rates are going to have to go up.
I don’t think that it is any secret that one of the things that has served to underpin the rapid growth of solar power projects in recent years has been the alternative they have offered to yield starved investors thanks to Bernanke’s actions over at the Fed. Having said that, what will happen to the relatively robust pipeline of solar power projects if at some point Bernanke gets religion and discovers his inner Volcker?
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