Thomas Friedman argues in today's New York Times that the US government should be using taxpayer money to invest in start-ups (rather than using it to bolster already-failing companies like General Motors).
I am surprised that Friedman comes right out and advocates for a GM bankruptcy -- he is not hedging his opinion on this issue.
Friedman continues to be very focused on wind energy. I don't know a thing about wind energy but I feel like I have read articles questioning its viability as a broad-based alternative source, at least in America.
Here is Friedman's specific suggestion:
"G.M. has become a giant wealth- destruction machine — possibly the biggest in history — and it is time that it and Chrysler were put into bankruptcy so they can truly start over under new management with new labor agreements and new visions. When it comes to helping companies, precious public money should focus on start-ups, not bailouts.
You want to spend $20 billion of taxpayer money creating jobs? Fine. Call up the top 20 venture capital firms in America, which are short of cash today because their partners — university endowments and pension funds — are tapped out, and make them this offer: The U.S. Treasury will give you each up to $1 billion to fund the best venture capital ideas that have come your way. If they go bust, we all lose. If any of them turns out to be the next Microsoft or Intel, taxpayers will give you 20 percent of the investors’ upside and keep 80 percent for themselves."
This seems right to me -- as long as the US government is going to become (even more of) a major player in the private sector economy, why not focus the effort on building new companies with the potential for transforming our society?
89. Saab announced this week that it is filing for bankruptcy protection. As I understood the articles, Saab is now a division within General Motors and is somewhat at odds with GM's board about how best to proceed. When did GM and Saab merge and was the relationship ever fruitful?
90. What's the nearest "new generation windmill farm" to Charlottesville? Are there any in Virginia?
91. Does Dominion Virginia get any of its energy from wind power?
