20 February 2012

Forbes calles LA-RICS "Next Solyndra"

Here is a story that the mainstream media has largely ignored; a tale of cronyism, special interests, law-breaking, bureaucratic delays, union complaints, last-minute changes in the law solely designed so that Los Angeles could keep federal grant money, panicked spending of federal money, and ultimately more than $800 million of your tax dollars.

Like all tragedies, it holds a powerful lesson: massive Keynesian spending programs often fail to create jobs or grow the economy, but insider “experts” rarely fail to get their piece of the action.

Our story begins with a lofty and laudable goal. In bureaucratic argot, it is known as “interoperability.”

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