It’s an article of unsubstantiated faith with people like Paul Ryan that the private sector does everything better. In a wonderful article outlining his disillusionment with Paul Ryan, William Saletan of Slate lays it out:
Google paid Paypal co-founder Max Levchin $200 million for a company that made things like electronic-pet apps for Facebook, but wrote off most of its investment a few years later. Or more consequentially, the financial industry’s love affair with credit-default swaps, which played a big role in bringing down the world economy. For that matter, in just a few weeks of playing with other peoples’ money, a rogue trader for JP Morgan Chase lost about four times as much as the Obama administration invested in Solyndra.
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