From our little corner of the world we’ve been warning investors off green energy for months, but the mighty New York Times has finally reached the same conclusion.

The about-face article, which appeared in today’s edition, was written by Kate Galbraith – one of the three new green correspondents the Times has been trumpeting.

The Times reports that wind and solar energy are suffering from the credit crisis and “economic downturn.” These market realities are our core argument against alternative energy for the present time and foreseeable future. You see, the green contingent engages in a dangerous group-think that says if we all hold hands and click our heels, the financial argument for green will make sense in a world of cheap oil and high unemployment.

Apparently, the “feel-good finances” that we’ve been railing against simply aren’t working.

The Times reports “Factories building parts for these industries have announced a wave of layoffs in recent weeks, and trade groups are projecting 30 to 50 percent declines this year in installation of new equipment, barring more help from the government.”

The article quotes Mayor Richard Mattern of Fargo, ND who fell under the green spell. He told Ms. Gailbraith, “I thought if there was any industry that was bulletproof, it was that industry,” he said referring to the wind-turbine factory in his home town, which recently 20% of its workforce.

We take no delight in dancing on the pink slips of the unemployed. Our gripe is with Mayor Mattern himself, who espouses the same claptrap as the Obama administration. The difference is that when the edict comes from Washington, it falls into the category subsidized energy rather than viable business model.

The wind and solar industries are apparently hopeful that President Obama’s green thumb will help them flourish, according to the Times. But as the article states, these renewable energy plans “will take time, and in the interim they [wind and solar companies] are making plans for a dry spell.”

Even tax credits don’t seem to be working. According to the Times, “Banks have invested in renewable energy, lured by the tax credits. But with banks tightly controlling their money and profits, the main task for the companies is to find new sources of investment capital. Wind and solar companies have urged Congress to adopt measures that could help revive the market. But even if a favorable stimulus bill passes, nobody is predicting a swift recovery.”

Again, we do believe that alternative energy is viable – inevitable.  Unfortunately, it’s not the place to put your money today.