The California Facepalm
we do it every day...
a letter from U.S. Sen. Diane Feinstein, D-Calif., on Thanksgiving Eve makes clear what few taxpayers know: The billions in auto loans are a giant honey pot intended for any auto manufacturer in the nation.
...[She wrote to] Senate Majority Leader Harry Reid: “I do not support disadvantaging the next generation of American automobile companies in an effort to save the first generation.”
...But long-simmering hostilities between the California and Michigan delegations on auto issues threaten the deal. California legislators want that money to subsidize their own Silicon Valley-based auto industry, which they argue is the future of American transportation.
...In fact, Tesla Motors, a struggling San Jose start-up manufacturer of electric cars in Feinstein’s back yard, has already applied for $400 million in EISA loans to build a new plant for making a luxury $60,000, battery-powered family sedan.
Tesla’s chairman, Elon Musk, is doing some very good things in the privatization of space, so I guess I’ll give him a break on this… But, yeesh.
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