September 12, 2011

The no-due-diligence presidency

Here are a couple of quick anecdotal examples of why this is the no-due-diligence presidency.

  1. Obamacare and as Nancy Pelosi pointed out - we have to pass it to see what's in it.
  2. During the BP oil spill the President claimed to be on top of the situation but blamed the disaster entirely on BP. This despite the fact that his slow response and clearly not knowing all the facts indicated that there wasn't much due diligence coming out of the White House and it seemed entirely befuddled.  Angry, but befuddled.
  3. His last address to the joint session of Congress demanding they pass the bill - that he still hasn't fully released (see item #1 for a historical comparison).
  4. The $0.5 billion loan to Solyndra to make solar panels a year before the company declared bankruptcy, when the GAO had concerns about this sort of lending;
Plenty of venture capitalists made foolish bets on Solyndra, but the federal government was the most reckless. The Obama administration wanted to throw money at the likes of Solyndra without due diligence, or much diligence at all. In 2008, the Government Accountability Office warned that the Energy Department loan program — created in a 2005 energy bill — had inadequate safeguards.

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