Crony Capitalism

The bills are coming in for Obama’s handouts to his supporters, thinly disguised as “green technology” investments. First of course was Solyndra (solar panels), next Ener1 Inc., which received $118.5 million out of the 2009 stimulus bill in order to make advanced vehicle batteries, filed Thursday for bankruptcy. And now just seven months after California-based solar power company Amonix Inc. opened its largest manufacturing plant, in North Las Vegas, the company’s contractor has laid off nearly two-thirds of its workforce.

This is why you can’t have government allocating capital investment. It all gets allocated to the politicians’ cronies’ pockets.

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