Once a booming industry thanks to sky-high oil prices, the feel-good trend, carbon reduction and subsidies, the financial crisis has pushed investors to give up on green energies, and like the dot-com bubble of 2000, some analysts say it's about to burst. ..."I think economic reality will kill the green industry," said Mr. Buckee, who now lives in Britain and lectures on climate change. Solar energy isn't alone in its woes. Wind, biomass, biofuel and other "clean-tech" companies are getting pasted too as the financial crisis sends investors fleeing from technology names, dries up credit and freezes the IPO market.

All speculative bubbles have a kernel of truth behind them to justify their existence. This time around it was China and India. These emerging Asian giants were gobbling up all the commodities the world could produce to fuel their rapid industrialization. It wasn't that the story was untrue; it was old. Growing global demand probably was the reason for the gradual rise in oil prices from $20 a barrel to $40 earlier in the decade, and even to $60 by mid-2005. It was the moon shot to $147 that took on a life, and a litany, of its own.

Obama has put energy policy at the forefront of his agenda. He says that his plan will boost our national security, help us achieve "energy independence," reduce greenhouse gas emissions, and promote job creation. Indeed, Obama vows to create around 5 million new jobs by increasing federal spending on renewable energy sources such as wind, solar, and biofuels. As many experts have observed, the science behind the Obama plan is dubious. ...The renewable energy industry simply does not have the capacity to power large swathes of our fossil fuel-driven economy.

Whether the reports of health hazards are true or not is almost irrelevant. Just the fact that many people are truly concerned about the potential health effects of living near a wind farm, or the electromagnetic radiation from high voltage electrical wires, is reason enough to try to avoid buying a property that is close to power lines. It's a simple law of economics: As demand for a product goes down, so does its price. When you have a certain number of people avoiding a certain property, for whatever reason, the price of that property will be negatively affected.

A centerpiece of the recent Roth Capital investment conference in California was an "Investing in Green tech" expert panel. Its goal was ostensibly to reveal how to make obscene profits by investing in green tech stocks. But it did the exact opposite. As the panel went on, it became clear that even these experts -- people who now devote their careers to advancing "green" technologies -- weren't quite sure what the perfect green tech policy, incentive, initiative, or technology looked like. But who could blame them?

Democratic presidential candidates have been stumping for "green collar jobs," contending that workers need federally-funded training to help build the new energy economy and fill the avalanche of work coming to the burgeoning domestic clean-tech and alternative energy sectors. ...There is plenty of enthusiasm about the prospects of work in green industries, though everyone seems to have their own optimistic ideas about the types of work that will arise. ...But low-wage earners and unskilled laborers deserve some honest clarity about how much additional green they can expect to receive in their paychecks when they take those so-called green collar jobs with the lowest barriers to entry. Many of these positions are unlikely to afford them a bridge to high-paying, skilled work. Cleaning a house or hotel room with chemical free products is still working in the hospitality sector.

At the end of 2007, the WilderHill New Energy Global Innovations Index (NEX), a composite of 86 new energy companies covering wind, solar, biofuels, efficiency, and hydrogen, was up by 58%, year-on-year. As of yesterday, however, it was off almost 20% for 2008 so far, compared to a drop of about 8% for the S&P 500. Why would a sector so favored by politicians, environmentalists, and socially-conscious investors suddenly appear to have diminished prospects, just when it seemed perfectly geared for growth? Unfortunately, renewables and the entire alternative energy sector are vulnerable to two of the same principal factors undermining confidence in the economy as a whole: the availability of credit and higher inflation at the wholesale level.

Wind power is not the answer to global warming. Do we have alternatives? We certainly do have alternatives to windmills but they would disrupt the lifestyle of electors and consumers. In Paris, an article in the September 2007 issue of the medical journal, The Lancet, shows with supporting calculations that it would be better to minimize human consumption of meat, for 80% of agriculturally produced methane comes from farm animals. Wind turbines won't even alter the greenhouse gas equation but by a mere .03%, as mentioned above. The way to reduce CO2 emissions and other greenhouse gases is to use less energy. Governments must massively invest in energy conservation measures rather than in these wind machines. According to another research, if every English household switched for one single low energy light bulb, a fossil fuel-burning electrical plant could be shut down! Wind power would only be interesting if energy produced can be stored. It has been proposed to fill reservoirs of large hydroelectric dams, for example. An Australian method has just offered in September 2007 to store electricity in liquid accumulators. Quebec would thus be able to utilize wind energy because the major part of our electricity comes from hydroelectric dams, which is not the case for Ontario or New York where, as almost everywhere else in the world, wind power must be backed up by carbon-based generating stations.

Wind power is an idea that is appealing to the imagination. It sounds like a "free" source of energy that would be non-polluting and stable in cost. I am an optimist, and I love technology. If I thought for one moment that windmills would be a source of low cost energy, I would be building them. The reality is quite the contrary--wind power is wasteful of human and natural resources.