President Obama continues to advertise the $814 billion stimulus and its green energy subsidy programs in particular as unqualified successes. But a remarkable memo from Mr. Obama's own advisers tells the real story, neatly illustrating what happens when his anticarbon agenda meets the political allocation of capital.
The eight-page October 25 memorandum to the President was written by soon-to-depart chief economic aide Larry Summers and senior policy aides Carol Browner and Ron Klain, and it's been kicking around Capitol Hill and industry circles for the last week. The trio walks through an interagency dispute about Energy Department subsidies for wind, ...
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