Monday, October 03, 2011

Too smart by a half but with our money...

As the Solyndra scandal continues to unfold the democrats on the appropriate House committee released a series of emails that purport to show there was no "payoff" and there was dissent within the White House and Obama supporters who were advising the White House.  

What is revealing in the emails is their arrogance.  Larry Summers started an exchange between him and Brad Jones of Redpoint Ventures.

Summers (this is the same arrogant SOB who lasted a short time as president of Harvard who declared himself to be "The Paul Revere of the Global Economy") said in December 2009, that he was “interested in left coast perspectives on economy markets and  econ policy and especially advice.”
Jones replied: “The allocation of spending to clean energy is haphazard; the government is just not well equipped to decide which companies should get the money and how much. . . . One of our solar companies with revenues of less than $100 million (and not yet profitable) received a government loan of $580 million; while that is good for us, I can’t imagine it’s a good way for the government to use taxpayer money.
Summers responded: “I relate well to your view that gov is a crappy vc [venture capitalist] and if u were closer to it you’d feel more strongly. ”  (Emphasis added)
So one of the President's chief academic advisors realizes that the government is lousy at making capital allocation decisions and one of the Administration's chief financial advisors agrees and they still made the "investment" of more than half a billion dollars of taxpayer money.
I don't care if there was a payoff - this is like the rest of the President's "shovel ready" investments - Ron Johnson's comment comes back again - My neighbor's dog has created more shovel ready projects than Barrack Obama.

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