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Harold Morgan: If it sounds too good...

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Cool startup deals should generate caution

By Harold Morgon

There are promoters — people pushing substantive projects with capital in the bank. Then there are promoters.
I grew up around the latter kind with the smoke, the mirrors, the hustle and the hot checks. I remember one attempt to build a stock issue around a $350 copper lease.
In economic development, hopes and dreams play big roles.
So headlines about the latest “next big things” should bring caution.
As context for big announcements, complaints float that Gov. Susana Martinez has done little to produce jobs in New Mexico. True enough, I think.
But the other truth is that governors can do little to “jump start” an economy.
To start, consider your car. Your battery dies. Someone appears with a good battery and jumper cables and “jump starts” your car.
Easy. Economies don’t work that way.
Still we seek jump starts. And promoters respond.
A wonderful pure promotion appeared some years back for the Artesia area. It pitched a big chicken farm.
There were the details of the water and money. The promoters, it proved, had little. The promoters did have a background in promoting through an associated public company that pushed solar collectors in the 1970s. Ah, solar, again a big thing, again pushed by government.


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