Peter Schiff on The Morning Joe 26 Mar 2009
PETER SCHIFF
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The current administration is hoping to borrow as much as possible and put the money to work (at least that’s what they say). They know that America needs to start producing things in order to create value and bring its deficit down. However, I don’t see all this borrowed money being put into something productive. Instead the money is devoured. It is being used to support bad companies. Wow, can there be a faster way to destroy wealth?
ReplyDeleteI will give you an example of what I mean. The government spends billions keeping alive companies such as General Motors which, under normal circumstances, could survive and find its place under the sun only if it first fails. In the same time a very little known company from California puts a revolutionary product that could change America and the world. I am talking about Tesla Motors and their completely electric vehicle that runs 350 miles on a single charge. The sedan charges for 45 minutes in normal house electrical outlet. If it is plugged in an industrial type of electrical outlet, with higher voltage, it can charge for approximately the same time it takes you to fill up the tank of a gasoline vehicle. Moreover, the Tesla’s car beats a regular gasoline car in any performance test. The cost of one charge (350 ml) is approximately 4 dollars. The price of the car is around 40,000 dollars. However, the company is relatively small and does not have the economy of scale advantage, thus the higher cost.
This product could change the world and help America get back to balance. This is how the free market is supposed to work. GM out Tesla in.
Obama’s administration with all of its talk about green jobs and oil independence should invest the money America borrows in infrastructure that will support the Tesla car. Instead they are promoting failed companies such as GM and failed ideas such as corn based ethanol.
Imagine the export possibilities of such a product. America could be the new Japan of the automobile industry.
If you are broke and you borrow money in desperate attempt to create a new business you better invest the money in a damned good business.
Well, well … If things only worked the way the free market capitalism is supposed to work….