Source: Washington Times
If only the administration’s Solyndra scandal were a garden-variety case of crony-capitalist payback to political supporters. It’s much worse, as President Obama’s energy policy is fixated on solving the supposed global-warming crisis, regardless of the economic cost.
Energy Secretary Steven Chu traveled to Capitol Hill on Nov. 17 to defend his decision to pour $535 million into the ill-fated Solyndra, which filed for bankruptcy in August. He denied that his order was “based on political considerations” and told lawmakers the United States must compete for business in an $80 billion clean-energy market that is expected to grow by hundreds of billions in coming decades. “We are in a fierce global race to capture this market,” he argued. (more…)