Obama’s ENRON


Governments rather than the market deciding which businesses are successful; what could go wrong?

WSJ:

If you thought the $535 million Solyndra scandal had chastened the fearless venture capitalists of the Obama Administration, think again. The Department of Energy shovelled out $1.1 billion in new loan guarantees to solar projects in Nevada and Arizona Wednesday, and more deals are pending before the $18 billion program funded by the 2009 stimulus expires Friday.

We’ll go out on a limb and say the rush raises questions about how carefully these outlays are being vetted, especially in light of solar-panel maker Solyndra’s August bankruptcy. The FBI, Treasury Department and Congress are all investigating who approved the politically connected California company’s loan guarantee and why. The case is an embarrassment for the White House, which touted Solyndra as a model for its green jobs agenda.

Read on. A little cost/benefit analysis comparing government “green” jobs with private enterprise’s real jobs is included.

The worst thing is, if the government-approved and funded business succeeds, shareholders reap the benefits. If it fails, taxpayers foot the bill.

This is economic madness.

UPDATE

FBI investigates Solyndra for fraud.

UPDATE II (via JM)

“$737 million in green-tech loan to company connected to Pelosi family?”

Nancy Pelosi is a top Democrat.

Ed Morrissey:

This surely is just a coincidence … in the same way that the push by the Obama administration to approve a loan to a failing Solyndra backed by one of his big campaign bundlers was just a coincidence. Recall Reason TV’s excellent video yesterday on the urban-renewal movement, in which governments seized property ostensibly to improve neighborhoods but parsed out the spoils to the politically connected ? That’s exactly what’s going on with this program, and with Barack Obama’s demands for more blank checks for stimulus. The only thing Obama’s stimulating is the pockets of his cronies.

Advertisements
  1. No trackbacks yet.

Surely you're thinking something...

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: