Tuesday, August 27, 2013

You Eventually Run Out of Other People's Euros

In the early phases of its green energy initiative (2004), the Spanish government estimated that the cost of emission permits to Spanish companies would run no more than 85 million euros. The actual cost (as determined by Price Waterhouse Coopers) turned out to be somewhere in the neighborhood of 15 BILLION euros. The cork-soakers were off by 1,665%. Yeah, Mr. Obama, let's emulate Spain.

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