John McCain continues to display a stunning lack of understanding of how the free market works. Let me help him out.
Senator McCain, the real prize for any person/company who develops the battery you suggest will be a global market for anyone wishing to purchase a long distance electric car. In the event that market truly exists, $300 million will be an insultingly paltry amount. The market place will provide a reward hundreds of times larger.
My Way News - Sen. McCain offers $300 million prize for new auto battery
Sen. McCain offers $300 million prize for new auto battery
Jun 23, 9:18 AM (ET)
By GLEN JOHNSONPHOENIX (AP) - John McCain hopes to solve the country's energy crisis with cold hard cash.
The presumed Republican nominee is proposing a $300 million government prize to whoever can develop an automobile battery that far surpasses existing technology. The bounty would equate to $1 for every man, woman and child in the country, "a small price to pay for helping to break the back of our oil dependency," McCain said in remarks prepared for delivery Monday at Fresno State University in California.
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