In the attached article W. James Antle III at The American Spectator examines the distinct pattern of failure throughout the “green rush” spurred by the current administration.
Many of the programs which guaranteed loans, or even gave outright grants to renewable energy efforts amounted to little more than ways to pad the bottom lines of Obama contributors. Green yes, but as in greenbacks. Kind of a works program for executives
(From the American Spectator)
“When governments try to pick winners and losers in emerging industries, they often swing and miss. Politicians and bureaucrats just don’t have the same batting average as the free market. But there is another problem inherent in such government interventions: the public largesse inevitably accrues to the politically connected. Solyndra’s case was no different. Roughly 35 percent of the company was owned by George Kaiser, an Oklahoma billionaire who just happened to be a bundler for Barack Obama’s 2008 presidential campaign. Each Obama bundler raised at least $100,000. The more than $500 million loan guarantee wasn’t just a random mistake and Solyndra’s fate was no unpredictable fluke.”