Friday, September 30, 2011
With only 48 hours remaining in which it could hand out poorly-researched business loans, the Department of Energy just gave out another $1 billion in taxpayer money to two solar energy companies.
But there's good reason to believe that this won't be another Solyndra-style debacle. After all, SolarReserve, the company which received most of the money, is associated with one of the members of Solyndra's board of directors...so surely he must have learned something useful from the total collapse of that company, right?
And since there just wasn't time to run a comprehensive (or comprehensible) financial check on SolarReserve before handing over $737,000,000, it's very reassuring to know that its "investment partner" has Nancy Pelosi's brother-in-law in the number two spot.
And the fact that all of this money is being spent in Harry Reid's home state? Pure coincidence! But again, it's comforting to know that the senator (famous for making sure that the federally-funded Cowboy Poetry Festival is efficiently and cost-effectively managed) will be keeping his bitter, hawk-like gaze on how the public's money is being spent.
Of course, all of this looks a lot like Washington's typical game of "crony capitalism" smoke and mirrors...and in this case, that's exactly what it is.
After all, SolarReserve's big idea is to collect solar energy using lots and lots of expensive mirrors.
As for the smoke...we got a lot of it from the Obama administration when the half-billion given to Solyndra disappeared. So imagine how much there will be when this billion goes up in smoke, too.