Obama following path that led Spain to the edge of ruin

Washington, D.C. -- Barack Obama doesn't do the mundane. He was sent to us to do larger things. You could see that plainly in his Oval Office address on the Gulf oil spill. He could barely get himself through the pedestrian first half: a bit of BP-bashing, a bit of faux-Clintonian "I feel your pain," a bit of recovery and economic mitigation accounting. It wasn't until the end of the speech -- the let-no-crisis-go-to-waste part that tried to leverage the Gulf Coast devastation to advance his cap-and-trade climate-change agenda -- that Obama warmed to his task.

Pedestrian is beneath Obama. Mr. Fix-It he is not. He is world-historical, the visionary, come to make the oceans recede and the planet heal.

How? By creating a glorious, new, clean green economy. And how exactly to do that? From Washington, by presidential command and with tens of billions of dollars thrown around. With the liberal (and professorial) conceit that scientific breakthroughs can be legislated into existence, Obama proposes to give us a new industrial economy.

But is this not what we've been trying to do for decades with ethanol, which remains a monumental boondoggle, economically unviable and environmentally damaging to boot? As with yesterday's panacea, synfuels, into which Jimmy Carter poured billions.

Notice that Obama no longer talks about Spain, which until recently he repeatedly cited for its visionary subsidies of a blossoming new clean energy industry. That's because Spain, now on the verge of bankruptcy, is pledged to reverse its disastrously bloated public spending, including radical cuts in subsidies to its uneconomical photovoltaic industry.