Washington (The Weekly Standard) Vol. 017, Issue 06 – 10/24/2011 – Of the many lame excuses used by the Obama administration to explain why the Energy Department extended a $535 million loan guarantee to the troubled solar panel manufacturer Solyndra in 2009, then gave the firm more money in 2010 after it had technically defaulted on the initial loan, then changed the terms of the agreement (perhaps illegally) so that private investors would be remunerated before taxpayers in the event of bankruptcy, and continued to support the company right up to its collapse, one claim is especially revealing. Far from exposing the problems inherent in government interference in the market, White House officials say, Solyndra is actually a textbook example of how capitalism should work. Sometimes investments pan out, sometimes they don’t. You win some, you lose some.
“There are no guarantees in the business world about success and failure,” lectured White House press secretary Jay Carney in September. Carney, whose knowledge of the business world comes from 20 years as a journalist and a few as a press flack, added, “That is just the way business works, and everyone recognizes that.” Former White House chief of staff Rahm Emanuel, now
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