What is the next hottest government program now that "cash for clunkers" is over? Yup, you guessed it. It's wind farms.

According to the Wall Street Journal (subscription required), the government is starting a new program to subsidize the production of wind farms all over the country. Under the program, the government will rebate 30% of the cost of building a renewable energy facility, awarded 60 days after the application is approved. The Energy and Treasury Departments expect to spend $3 billion initially. Some people believe, however, that applications could grow to $10 billion. This new program started July 31.

"President Obama has stated that he's been studying Roosevelt's first 100 days and the way out of the current economic mess will look a lot like the New Deal," says David Fessler.

The advisory panelist for The Oxford Club explains, "Seventy-five years after Roosevelt's inauguration, I think we will soon see President Obama get the ball rolling on his version of the New Deal, focused on two very specific areas: energy and infrastructure." Here, he looks at stocks poised to benefit.

"Saving energy will be one of his first initiatives. It's what will give us the quickest bang for our buck. Better insulation in homes, programmable thermostats, fluorescent bulbs, more fuel-efficient cars, energy management systems for use in larger-scale commercial buildings and beefed-up public transportation are just a few of the ways to save energy.

"The government will likely offer attractive tax incentives to rally support. So who stands to prosper from such initiatives?

"Big blue-chip companies, like Owens Corning (NYSE: OC), maker of insulated glass and building insulation; General Electric (NYSE: GE), manufacturer of wind turbines, energy control and infrastructure products; and Johnson Controls Inc. (NYSE: JCI), maker of energy management systems (for buildings and vehicles) and hybrid vehicle batteries.

MOST NOTEWORTHY: Assured Guaranty, Limelight Networks and Monotype Imaging were today's noteworthy initiations:

• UBS expects Assured Guaranty (NYSE: AGO) to increase shares in the public finance guaranty market and take advantage of reinsurance opportunities. Shares were initiated with a Buy rating and $31 target.
  
• Merriman assumed Limelight Networks (NASDAQ: LLNW) with a Neutral rating. The firm believes investors should remain cautious until a ruling in the company's patent infringement trial is handed down.
  
• Monotype Imaging (NASDAQ: TYPE) was initiated at Banc of America with a Buy rating and $16 target. The firm highlighted the company's strong revenue visibility and attractive valuation. Shares were also initiated at JP Morgan with an Overweight rating, citing TYPE's discounted valuation and solid IP licensing franchise.

OTHER INITIATIONS:

• B. Riley assumed National Penn Bancshares (NASDAQ: NPBC) with a Neutral rating and $16 target.
  
• Vestas Wind Systems (OTC: VWSYF) was initiated at Jefferies with a Hold rating.
  
• UBS started MBIA Inc (NYSE: MBI) with a Neutral rating and $6 target.
  
• Morgan Joseph initiated DXP Enterprises (NASDAQ: DXPE) with a Buy rating and $53 target.

"Alternatives may not be an important source of electricity, but they are the fastest-growing subsector in the energy space," says energy sector expert Elliott Gue in Personal Finance. Here, he looks at wind power.

"The US Energy Information Administration (EIA) projects that wind power will grow by more than 7%, encouraged by generous government subsidies. Compare that to just 1.5% annualized projected growth in total electricity demand.

"The world's largest wind turbine producer, Vestas Wind Systems (OTC: VWSYF), fell on hard times back in 2005. It priced some of its turbines too aggressively and saw a surge in warranty claims because of defective components.

"But the stock appears back on track. Warranty provisions are down to 5% of revenues. Profit margins surged 4 percentage points year-over-year because of more rational turbine pricing. Vestas' current backlog stands at EUR4.1 billion (US $6.03 billion), up more than 30% year-over-year.