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Taxpayers funding research for new electric car batteries

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    Energy Department to spend $120M on research center

  • Duration 3:27
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They like it or not you have just become the proud owner of -- -- major investment in the electric car battery of the future.

The Energy Department has announced plans to spend a hundred -- twenty million dollars taxpayer dollars to set up a battery research center.

And -- tell you what it's gonna do and as an investor we think you know.

Right back to business networks Charles Payne joins me now my child -- more I was -- CF.

So a lot of interesting ways we've seen do so -- dry and they now that -- battery effort they wanna make these kind of car batteries five times more efficient one and five times better and they feel like it's in the national interest to do this so they wanna do -- taxpayer money but I the F.

Absolutely not this is a frightening it's a ridiculous idea it's frightening and so many different levels first of all the rationale that.

The government has to do this because batteries -- all of our lives and in that somehow they must be emboldened now -- trying to counted as a security answers a national security interest sort of I guess piggybacking off the Republican argument.

That if we took care of our own natural resources we'd have better security.

But here's the thing in a -- we backed a lot of these projects already recently a company call a 123 file for bankruptcy.

They went down with 250 million of our dollars also think about this -- private sector.

Now you have a rival that not only you know has a limit money ultimately to taxpayers are also gets to make the rules it's it's one of these things that the reason.

Battery power would get better reason computers have gotten better the reason every single facet of our -- has gotten better through competition.

And that's the kind of competition we need to keep your -- get a.

Best finishing points racing because the government is involved.

It makes it less attractive to private companies -- to get into this zone because -- -- gonna be competing against the US government right.

Absolutely -- as a company Tesla has a -- -- -- does.

But -- 260.

Miles on a charge 206 about that -- in their cars and nicer cause they cost more than the -- for instance but.

It it's the stock is doing extraordinarily well.

It's one of these companies I think ultimately -- -- very successful and at this as this evolves as -- -- for evolves or even a private Samuel hit.

It does feel like people are becoming more interested in these alternatives in these cars -- taken -- you know twenty years probably to get these things happen that.

And people really interest in driving them so it may be that the market forces do you start to drive this.

-- if the government perhaps decides to stay out of it but he you mention a really interesting example tomatoes in terms of a free market and enterprise that has -- natural gas which I think is an interesting parallel to the conversation we're having tell everybody about the.

This morning I'm actually recommending two my subscribers a company called Cheniere Energy -- is -- -- liquid natural that's liquefied natural gas when they do.

They take all the natural gas that we had the liquefied -- to other countries it's it's less than three bucks there.

It's over sixteen dollars and having -- really marketable yes or what Claire yeah but here's the thing.

They're raising eleven billion dollars to make sure that this happens eleven billion in the -- private sectors from the capital markets so.

Ultimately the government is sincere about what they're saying that means they're gonna have to -- a lot deeper in our pockets and a hundred million is a lot of money to lose for taxpayers who have already lost billions on its lenders in the world but it's nothing but a drop in the bucket if you really are -- -- Battery technology -- -- -- it was all around child thanks for your perspective and Ali good to see every city -- -- a stock tip to Martha yeah.

Not just your welcome added yeah and Charles and -- -- to go good morning I'm gonna come here often.

Yeah you can do that there will be open until Glenn -- and our tour.

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