About $90 billion in taxpayers' money has been thrown at ''green'' companies. Billions of dollars have been lost when the companies, often poorly vetted by the federal government, went out of business.
Another expensive failure occurred last week.
A Michigan company, A123, had been approved for $249 million in federal ''stimulus'' grants. The company was founded to make lithium-ion batteries for electric cars.
Fortunately, only $130 million of that had been paid out by last week, when A123 declared bankruptcy. That money is gone.
So is the $193 million in loans the White House gave to Fisker Automotive before stopping payments on a $529 million award when that firm failed for two years to produce its promised electric car.
It's wrong for the federal government's energy policy to consist of picking winners and losers. It's worse for the federal government's energy police to consist of picking losers.
Our tax dollars at work?