Robinson Meyer

And so the moral of that story, it seems to me, is that LPO's job, the thing that makes it different from the rest of the private sector, is that it can lose money. And it can lose money on worthwhile projects, or it can decide that basically it doesn't need to make money in a short period of time. It doesn't need to respond to the conditions of the spot market at any one moment.

And so the moral of that story, it seems to me, is that LPO's job, the thing that makes it different from the rest of the private sector, is that it can lose money. And it can lose money on worthwhile projects, or it can decide that basically it doesn't need to make money in a short period of time. It doesn't need to respond to the conditions of the spot market at any one moment.

You mentioned earlier that LPO has made money, that it's been making money recently. There's like two famous stories about LPO, which is that in 2010, it made a $465 million loan to Tesla. But also, at around the same time, it made a $535 million loan to this company, Solyndra, which went bankrupt relatively quickly and became a big issue in the 2012 campaign.

You mentioned earlier that LPO has made money, that it's been making money recently. There's like two famous stories about LPO, which is that in 2010, it made a $465 million loan to Tesla. But also, at around the same time, it made a $535 million loan to this company, Solyndra, which went bankrupt relatively quickly and became a big issue in the 2012 campaign.

One question I've had about LPO for the past... few years, is like, you know, the Tesla story is great. The Solyndra story is obviously haunts the office. Not anymore. Did we overlearn the lesson of Solyndra? Like, is the fact that LPO is making money, that's great, right? It's good that it's making money. We're running the government like a business.

One question I've had about LPO for the past... few years, is like, you know, the Tesla story is great. The Solyndra story is obviously haunts the office. Not anymore. Did we overlearn the lesson of Solyndra? Like, is the fact that LPO is making money, that's great, right? It's good that it's making money. We're running the government like a business.

But like, LPO's job is not to run the government like a business. So... Did we overlearn the lesson of Solyndra? Like, should LPO, if it is doing exactly what it's supposed to be doing, should it be losing money?

But like, LPO's job is not to run the government like a business. So... Did we overlearn the lesson of Solyndra? Like, should LPO, if it is doing exactly what it's supposed to be doing, should it be losing money?

So Biden came into office promising to do big things. This is like a theme you keep returning to. And as you were saying, he went to the climate people and he made a set of promises to them and he went to labor unions and made a set of promises to them and said, we're going to bring back jobs. He said, we went to the justice people and said, we're going to get pollution out of your communities.

So Biden came into office promising to do big things. This is like a theme you keep returning to. And as you were saying, he went to the climate people and he made a set of promises to them and he went to labor unions and made a set of promises to them and said, we're going to bring back jobs. He said, we went to the justice people and said, we're going to get pollution out of your communities.

And the Inflation Reduction Act, which is like the signature partisan bill of his administration, tries to do a lot of these things at the same time, right? It's a decarbonization, an environmental bill. It's a justice bill. It's also a manufacturing bill. How do you see all of those impulses brushing up against each other in the bill and in the Biden administration's policy writ large?

And the Inflation Reduction Act, which is like the signature partisan bill of his administration, tries to do a lot of these things at the same time, right? It's a decarbonization, an environmental bill. It's a justice bill. It's also a manufacturing bill. How do you see all of those impulses brushing up against each other in the bill and in the Biden administration's policy writ large?

It has grants for environmental justice. It does a few different. I think if we were talking maybe two years ago, Biden officials would be describing it a little differently.

It has grants for environmental justice. It does a few different. I think if we were talking maybe two years ago, Biden officials would be describing it a little differently.

I think looking back on the past three years of LPO and on what's followed the Inflation Reduction Act, there's obviously been this boom in clean energy and clean manufacturing that's happened across the U.S. But when you look at the numbers from LPO specifically... They suggest that there's a lot of dry powder sitting in LPO. So LPO has $400 billion of loan authority.

I think looking back on the past three years of LPO and on what's followed the Inflation Reduction Act, there's obviously been this boom in clean energy and clean manufacturing that's happened across the U.S. But when you look at the numbers from LPO specifically... They suggest that there's a lot of dry powder sitting in LPO. So LPO has $400 billion of loan authority.

I think it's issued $54 billion of loans. I think $19 billion of that has come after the election, and you should correct me if any of this is wrong. And I believe there are 200 applications with over $300 billion of loans waiting to get dispersed, waiting at your office. So what has gone into that holdup? Why haven't there been as many loans issued from their offices? There could be.

I think it's issued $54 billion of loans. I think $19 billion of that has come after the election, and you should correct me if any of this is wrong. And I believe there are 200 applications with over $300 billion of loans waiting to get dispersed, waiting at your office. So what has gone into that holdup? Why haven't there been as many loans issued from their offices? There could be.

Why is there so much dry powder at the end of the Biden administration in this very important program?

Why is there so much dry powder at the end of the Biden administration in this very important program?