When Solyndra crashed and burned last fall, defenders of government greenery said, “Well, just like venture capitalists, investments go bad sometimes. Solyndra was just one out of a whole portfolio.” So stop making such a big deal.
Well, today we learn, courtesy of a Freedom of Information Act request by the Wall Street Journal, that fully one-third of the Dept. of Energy’s clean energy loan portfolio is on an internal “watch list” for being at high risk. No wonder Obama is now saying, Solyndra—never heard of them, wasn’t us . . . per se. Solyndra wasn’t an outlier: it is the model.
Turns out the DoE still hasn’t spent much of the money in the loan guarantee fund. Here’s a suggestion. Shut it down, and return the rest of the money to the Treasury. Oh that’s right, there isn’t actually any money. It’s all borrowed.