Google CEO: Energy Bailout Is a Must, Too

Adviser thinks Obama should open power grids, fund innovation
By Kevin Spak,  Newser Staff
Posted Nov 19, 2008 2:35 PM CST
Google CEO: Energy Bailout Is a Must, Too
Google chairman Eric Schmidt gestures while delivering a speech in Seoul, South Korea, May 30, 2007.   (AP Photo)

Google CEO Eric Schmidt thinks the government needs to fund a massive reinvention of America’s energy infrastructure, opening up the grid to startups and funding innovation, Information Week reports. It’s crucial “that small startups with funny names get founded and funded in the new regime,” said the adviser to President-elect Barack Obama. “That’s where the wealth will be created.”

Like the Internet, the energy grid must become an open network where “anyone can play,” Schmidt argues. “The alternative is the case of Ma Bell. You can have any telephone you want as long as it’s big, heavy, and black.” Schmidt thinks the economy needs to be a balance of capitalism and socialism, with the government funding innovation, “because no one else does.” (More Eric Schmidt stories.)

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