Posted 12:04 am Wednesday, April 25, 2012
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Crony Capitalism, April 25
The only difference in the present administration and previous ones, regardless of party, is the propensity to speculate on “green energy” development, with much looser standards. The definition of “speculation” most appropriate for this discussion is: “Engagement in risky business transactions.” This president has no qualms in adhering to this definition, nor have previous presidents, though they did so perhaps to a lesser degree.
When questioned about squandering over $500 million of tax money on Solyndra, President Barack Obama was rather flippant in his response. He said something to the effect of, “we have to risk tax money to make progress and find alternative energy.” This is absolutely not true and not fair to the taxpayers who have little say in this risky business.
General Sherman declared in the middle of the 19th Century that the transcontinental railroad would never have been constructed without government subsidies. Also untrue. James Hill constructed the Great Northern Railroad without government subsidies, only a few years later. Your columnist, Jay Ambrose, mentioned in his column on Thursday, April 19 that someone ought to tell Obama that most significant innovations have come from private entrepreneurs.
Our money continues to be misspent.
David E. Pierson
Tyler
When questioned about squandering over $500 million of tax money on Solyndra, President Barack Obama was rather flippant in his response. He said something to the effect of, “we have to risk tax money to make progress and find alternative energy.” This is absolutely not true and not fair to the taxpayers who have little say in this risky business.
General Sherman declared in the middle of the 19th Century that the transcontinental railroad would never have been constructed without government subsidies. Also untrue. James Hill constructed the Great Northern Railroad without government subsidies, only a few years later. Your columnist, Jay Ambrose, mentioned in his column on Thursday, April 19 that someone ought to tell Obama that most significant innovations have come from private entrepreneurs.
Our money continues to be misspent.
David E. Pierson
Tyler
