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    Ener1 Bankruptcy Proves Stimulus Money Should Never Be Given Again

    By L. Vincent Poupard | Yahoo! Contributor Network – Fri, Jan 27, 2012
    This story comes from the Yahoo! Contributor Network, where individuals publish their unique perspectives on some of the world’s most popular websites.
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    COMMENTARY | Ener1, the parent company of stimulus grant-receiving EnerDel, has filed for bankruptcy, according to Fox News. I was not a fan of the stimulus package, and this turn of events adds more fuel to the fire. The government should not be in the business of giving money to companies for energy research with nothing in return.

    I liked the idea of the automotive bailouts due to the fact the federal government gained an interest in the companies involved. If something drastic were to happen to GM or Chrysler, the government would be able to recoup the money it lent so the taxpayers were not left with holes in their pockets. The stimulus grants and loans continue to backfire on President Barack Obama and the Energy Department.

    Ener1 is the third major stimulus boost company to file bankruptcy along with Solyndra and Beacon Power. Between the three companies, the U.S. taxpayer is out almost $700 million with nothing to show for it. While Beacon Power and Ener1 do not have the questionable fundraising connections to the administration, they should not be overshadowed by Solyndra.

    If the government wants to encourage new technology in energy, it should not give handouts and loans to outside companies without holding a stake. Instead, the scientists within the Energy Department should be encouraged to ramp up work in specific areas. The money that was given out during the stimulus package could have been used to hire more scientists within the federal government. The idea of greedy CEOs and unbalanced bonuses could easily be taken out of the equation since government workers do not receive "retention bonuses."

    When the idea of the stimulus packages came out, I was completely against them. With Ener1 adding a name to the bankrupt companies from the first round, I hope the idea never comes up again. Certain members of government, especially President Obama, need to learn that if you want something done right, you have to do it yourself. Don't simply toss money out the window at people and companies who look like they know what they are doing.

     

    1 comment

    • Uncle Donny
      Uncle Donny  •  3 mths ago
      You do not put someone with the experience of a community organizer in charge of the American tax dollars and especially trying to finance fringe businesses that are long shot gambles anyway. That is why we are 15 TRILLION DOLLARS in debt !! I'z cants be out a dem white folks money..I'z still gots checks left !!! Anyone but Obama in 2012.
     Post a comment
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