Friday, September 16, 2011

Solar Scandal

Speaking of Solyandra, Megan McArdle's piece on why this is a problem is a must-read. A key excerpt...

The problem with Solyndra is not George Kaiser. It's the whole concept behind a program that is supposed to enable politically favored technologies, using loan guarantees that look cheap when they're issued, and end up costing us half a billion dollars because we rushed the due diligence to make sure top officials got a good photo op. As I wrote the other day, "When banks engage in this sort of behavior, we call it a bubble, and try to figure out how to fix things so they won't do it again. When government agencies do this, we call it a weekday."
Your tax dollars at work!



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