To recap: Congress subsidized a product that didn't exist, mandated its purchase though it still didn't exist, is punishing oil companies for not buying the product that doesn't exist, and is now doubling down on the subsidies in the hope that someday it might exist. We'd call this the march of folly, but that's unfair to fools.
Correcting misconceptions about markets, economics, asset prices, derivatives, equities, debt and finance
Monday, December 12, 2011
A Mess Only Congress Can Create
Posted By Milton Recht
From The Wall Street Journal, "The Cellulosic Ethanol Debacle: Congress mandated purchase of 250 million gallons in 2011. Actual production: 6.6 million."
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