says Ben Zycher in his new book, Renewable Electricity Generation: Economic Analysis and Outlook, which I found this morning while reading Steven Hayward’s OMNIBUS EPIC GREENFAIL BLOG
Back on the crony energy/Solyndra front (you do remember Solyndra, don’t you?), as the time Solyndra went upside down the defenders of green energy downplayed it by saying it was just one loan out of $35 billion, and investments sometimes go bad, right? What’s the big deal. The Obama Administration has now released a dry report saying that total taxpayer losses from bad loans in the program may reach $2.7 billion, which starts to look like real money, even if the figure is a low-ball estimate, which is likely is. The Wall Street Journal comments on the issue today.
The WSJ’s article, The Green Eyeshade Report
Got questions about Solyndra? Don’t look here.
Only in Washington is $2.7 billion in losses considered performing “well.” But the bigger problem is that the Allison report addresses none of the main issues. Because Mr. Allison’s brief was to examine only current loans, the report failed to investigate the bankruptcies of Solyndra or Beacon Power, an energy-storage company. So apart from its biggest failures, the program is a success.
Next thing you know, Washington will want to sell you a car that only people making $175,000 a year can afford.