When Wall Street Makes Crap Loans, It’s a Crisis; When DOE’s Steven Chu Does It, It’s Green Energy

Nick Gillespie
Reason Magazine
3/15/2012

Via Instapundit linking to The Fiscal Times comes documentation of just what an easy grader Department of Energy (DOE) Secretary Steven Chu really is. As you’ll recall, a while back the Nobel laureate cum bureaucrat was asked by Rep. Paul Broun (R-Ga.) to grade his performance at DOE. Chu’s humble response? “There’s always room for improvement, maybe an A-.”

The Fiscal Times’ Edward Morrissey writes about the new Government Accountability Office report on the performance of DOE’s loan-guarantee program which gave way to Solyndra and other debacles. Suffice it to say, GAO wasn’t grading on a curve set by the performance of Obama’s cabinet…

…Morrissey drives home the point that when it comes to lending standards and the vilification of private financial institutions processing mortgages that were either backed or bought up by government-sponsored enterprises, the Obama admin is firmly in the “do as we say, not as we do” camp:

What makes [DOE's] carelessness and irresponsibility so galling – apart from the fact that it involves $30 billion of taxpayer money, of course – is that this is the same administration that is so quick to screech about “irresponsible lending,” at least when others do it…

Read the entire article at Reason.com

Read also, Crony Capitalism Comes With Big Government

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