Calling Prof. Hayek: A Central Planner Dropped Some Knowledge and Wants You to Return It

Embedded in today's New York Times article on the Solyndra solar manufacturing bankruptcy is the following amazing statement from the deputy director of the Office of Management and Budget:

"While taxpayers could lose the $528 million the company borrowed from the Treasury, Jeffrey D. Zients, deputy director of the Office of Management and Budget, said that the system for evaluating such loans was sound. He said it was inevitable that some cutting-edge firms would fail but that over all, the investments would prove worthwhile. He did allow, 'The lesson learned here is that marketplaces can change even more rapidly than one would have anticipated.'"

The lesson learned here is that marketplaces can change even more rapidly than one would have anticipated, indeed.