Good ol' crony capitalism
POSTED: Tuesday, September 27, 2011 - 5:43pm
UPDATED: Thursday, September 29, 2011 - 4:58pm
tyler — Last week the two head honchos of Solyndra took the fifth in front of a congressional hearing.
In case you didn't know, Solyndra was the Obama administration's poster child for green jobs. it was to be a shinning example of everything good about green energy and would open the door to a new way of thinking about that dirty, smoky fossil fuel we use right now.
So a guaranteed loan from uncle sugar was done.
A more than $500 million dollar loan was cut to change the world. And then, it all blew up like an oil refinery.
Enter a lock on the door and the FBI.
Andrew Malcolm from the Los Angeles Times- no bastion of conservatism- writes this...
Treasury Tim Geithner and Chief Economic Advisor Lawrence Summers warned the president that Energy's vetting process was not stringent enough to weed out troubled applicants in advance.
Energy Secretary Steven Chu was eager to push through applications by 30 companies for the program's $17 billion. He wanted even less oversight from Treasury.
According to Mr. Malcolm, the story has developed legs for two reasons: One, it hints at possible high-level political favoritism using taxpayer dollars in risky ventures with well-connected business people, what some have labeled "crony capitalism."
And two, it's a classic example of the fundamental ongoing D.C. debate over government's proper role in the economy and the financial dangers to taxpayer funds inherent when officials and bureaucrats, not free market forces, pick corporate winners and losers.
Mr. Malcolm, bravo.
That's my point of view, what's yours?
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