From Zero Hedge:

Remember that one keyword that oddly enough never made its way into the president's largely recycled SOTU address -- "Solyndra"? It is about to make a double or nothing repeat appearance, now that Ener1, another company that was backed by Obama, this time a electric car battery-maker, has filed for bankruptcy.

Net result: taxpayers lose $118.5 million.

The irony is that while Solyndra may have been missing from the SOTU, Ener1 made an indirect appearance: "In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries."

Uh, no. Actually, the correct phrasing is: "...positioned America to be the world's leading manufacturer of insolvent, bloated subsidized entities that are proof central planning at any level does not work... but we can keep doing the same idiocy over and over hoping the final result will actually be different eventually."

We can't wait to find out...

Read full article...

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