Saturday, December 15, 2012

US Borrows $ From China==>Gives to Battery Maker==>Goes Bankrupt==>China Buys==>Provides Parts for US Auto Industry==>China Wins==>US Taxpayers Lose

 How's that green energy stimulus working out for ya?

It is a triple irony.  The U.S. borrowed money from China to subsidize a battery company to compete with state-subsidized Chinese battery companies.  The American company gets bought out by a Chinese company for about the same amount of money that the U.S. government gave it.  The U.S. still has to pay the money back to China.  The Chinese company buying the American company makes a lot of money by providing auto parts for the cars that Americans drive.

The story is here. 

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