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What is Google CEO Eric Schmidt’s Innovation Bailout plan?

By Amarendra Bhushan for CEOWORLD Magazine Updated:November 19, 2008

Well I’m sure Obama will listen to Schmit. He will soon be pouring our tax dollars into the Auto industry so the UAW can keep they’re gold plated compensations. He will be paying off any other big business that helped put him in office. I can see every third rate dictator and communist wanna be lining up to extort money and step on the U.S .

Google Inc. Chief Executive Eric Schmidt said that conversations he has had with executives have centered on fear over revenue growth. “Basically, everyone is worried about revenue,” Schmidt said on the sidelines of The Wall Street Journal CEO Council conference.

Oh how I despise Google. Schmidt acts like he’s on some humanitarian mission talking this and that about power, broadband, blah, blah, blah… In the end, his only motivation, and Google’s is to sell more advertising. At the end of the day, that all Google is – an advertising network no different than your TV broadcasters like CBS, NBC, and ABC…

All talk about green this, openess, competitiveness – all to line their own pockets. Google and Schmidt can suck the big one. ‘Do no evil?’ Always be wary of a company or organizations with a similar self-righteous slogan. Hitler’s youth had belt buckles that were engraved with ‘God is on our side..’. Go figure.

Schmidt is one of several dozen executives and government officials meeting to discuss the opportunities for the incoming Obama administration. Since no one knows when the financial system will unlock, companies need to act “responsibly,” he said.

Schmidt said he also supported the quick delivery of a stimulus package. He added that he supports credits that were “two-fers,” which give money back in exchange for beneficial activities such as saving energy through insulation.

Schmidt declined to comment on the advice presented by two advisors to President-elect Obama – Robert Rubin and Lawrence Summers – who spoke during the opening panel with Treasury Secretary Henry Paulson on Monday.

Schmidt declined to comment on his expectations for advertising revenue, saying Google doesn’t have guidance.

“The right answer is a balance between these,” he said. “The objective is to win as a country.”

It’s vital, he said, “that small startups with funny names get founded and get funded in the new regime. That’s where the wealth will be created.”

Openness is critical for that, he argued. The end-to-end principle that underlies the Internet, the open network, is a must. “It is that openness, the ability that anyone can play … that drives the modern economy.”

“Why don’t we do the same thing with the energy grid?” he asked. “Isn’t it obvious?”

Fixing the energy grid to work along these lines, he suggested, is just a design problem, just a matter of will. And doing so will benefit our economy. “Infrastructure is the foundation upon which wealth is created,” he insisted.

Schmidt praised the FCC for opening up underutilized portions of the spectrum but said more needs to be done to promote access to information.

“We invented this stuff and we’re now 15th in the world,” he said, in reference to broadband penetration. “It’s a big problem.”

The problem, he said, is there’s almost no competition for high-speed broadband connectivity in most markets in the United States.

“We have to move from a regulatory framework … and build an economic framework,” he said.

“The alternative is the case of Ma Bell,” he suggested. “You can have any telephone you want as long as it’s big, heavy, and black.”

Where the government does have a role, he argued, is in funding the country’s future.

“Why do we fund research and development?” he asked. “Because no one else does.

“Businesses by law have to serve their shareholders,” he explained. “They’re not going to invest in R&D. … It takes government policy.”

The push towards alternative energy must be carefully thought out. We have to remember that elderly people on fixed incomes and hard working families live in this country. Thought must be given to make sure that these alternative resources are AFFORDABLE.

Currently oil is the cheap and abundant and can be found in massive amounts in the US. Before any alternative energy is available to the public it should be as cheap or cheaper than what we use now. A lot of these alternative ideas sound great, but let’s get to the bottom line. How much will they cost?

We have the knowledge, we have the technology, what America lacks is a plan!

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