Obamanomics: Exposed again
Solar-panel maker Solyndra LLC's Chapter 11 bankruptcy filing last week left taxpayers on the hook for more than half-a-billion dollars in federal loan guarantees and put 1,100 out of work. And it's the latest case study in the predictable failure of Obamanomics -- a "green" beneficiary of crony capitalism, unviable even when subsidized by a government trying to pick winners.
Touted and visited by the president, Solyndra received those loan guarantees in 2009 from an Obama administration that ignored such red flags as Solyndra's own accountants warning it was in dire financial straits.
The Department of Energy ignored taxpayer-protecting guidelines to grant the loan guarantees. And among Solyndra investors who benefited was Oklahoma billionaire and major Obama-Biden campaign "bundler" George Kaiser.
"We smelled a rat from the onset," said House Energy and Commerce Committee Chairman Fred Upton, R-Mich., and Oversight and Investigations Subcommittee Chairman Cliff Stearns, R-Fla., in a joint statement reacting to Solyndra's bankruptcy.
Investigating the loan guarantees, last winter they subpoenaed related White House Office of Management and Budget documents. The White House has been stonewalling for seven months. There can be little wonder why.
The essence of Obamanomics long has been its manifest unsustainability. (Think of the abysmal August jobs report.) But this case raises the specter of criminality being part and parcel to it as well.