Saturday, September 10, 2011
I consider it almost a patriotic duty to ensure that the Solyndra scandal gets lots of coverage. It is a classic case of what can happen when politicians (of any stripe) and politically-correct enthusiasts (e.g., the green lobby) figure out ways to tap the public purse to fund their favorite initiatives. Industrial policy (of all kinds) is about the only sure way to ensure that taxpayer's money is wasted, often at the expense of more promising but less PC ventures. Be sure to see the four related cartoons here. HT: Glenn Reynolds
I believe strongly that any good idea worth its salt will have no trouble locating funding. As the late Jude Wanniski often argued, the supply of capital in the world is virtually unlimited if you have a good and profitable idea. Governments should never play the role of venture capitalist.
UPDATE (Sep. 14): This is taking on the proportions of a major scandal. See today's ABC News report here. Crony capitalism at its finest.
Posted by Scott Grannis at 3:11 PM