Well, it’s about time somebody got to the bottom of this.
The Wall Street Journal reports: “Federal regulators are using powers they gained in the Dodd-Frank financial overhaul law to ramp up an inquiry into the recent trading blunders at J.P. Morgan Chase.” How dare a private company lose $2 billion. Losing money, after all, ought to be restricted to the federal government.
A list of failed government “investments” would fill a book. But a handful of examples should make the point.
• The Obama administration has “handed out $2.4 billion in grants to the electric-vehicle sector, as well as nearly $2.6 billion in loans,” journalist Robert Bryce reports. But automakers can’t unload those cars; Nissan sold a mere 1,800 all-electric Leafs in the first quarter, while GM has twice stopped production of its poor-selling Volt.
• First Solar has received $1.46 billion in loan guarantees. Yet it announced in April that it will lay off another 2,000 employees, after letting 100 go last year.
• Solyndra pocketed $535 million in loan guarantees, then went bankrupt last year.
Heritage Action for America is keeping a running list “of all the clean energy companies supported by President Obama’s stimulus that are now failing or have filed for bankruptcy.” That list is up to 19. Even the mainstream media is covering the waste. In January, “CBS News counted 12 clean energy companies that are having trouble after collectively being approved for more than $6.5 billion in federal assistance.”
Of course, the federal government wastes taxpayer money in more traditional ways.
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