Why $52b chip subsidies are being held up – and what the White House is doing about it The Biden administration has had enough of Congressional delays in authorizing $52 billion in chip manufacturing subsidies, and is bringing the heat to Capitol Hill with the clear goal of seeing the funding unlocked before lawmakers leave for August recess. The Creating Helpful Incentives to Produce Semiconductors for America …
treat EVERY critical bill as a path to push agenda and stuff these bills full of unrelated crap. What we really need is a bill to be signed that doesn't allow unrelated garbage to be added. If your proposal is worthwhile it should be able to stand on its own.
Yes, both parties play this little game, but one side tacks all their crap to every bill going.
You mean "the side in charge tacks all their crap onto every bill".
Or did you miss how many times republicans tried to add funding for the wall and repealing Obamacare as an amendment to bipartisan bills when they had the majority?
Because you can't do this when you're the minority party, you can only offer amendments and have them shot down by the majority. It is only when you're in the majority you can get amendments unpalatable to the other side added. And you know why? Because then they can stick the minority party for voting against a popular bill and leave out the context of why they did. i.e. "Senator X voted against a bill to buy tissues for grieving mothers of Vietnam veterans, vote for Senator Y instead he cares about grieving mothers!"
Reason #562 why congressmen and senators should be limited to 2 terms.
HOW about GOV and Politicians keeping out of the private sector and quit launching these exploding cigars on the taxpayers. INTEL has $80 Billion in relatively recent stock buybacks. Why would anyone want to give that SFO Bay area company a dime?
UM... Paul Pelosi's recent $5 in stock options maybe?
HOW about GOV and Politicians keeping out of the private sector and quit launching these exploding cigars on the taxpayers. INTEL has $80 Billion in relatively recent stock buybacks. Why would anyone want to give that SFO Bay area company a dime?
UM... Paul Pelosi's recent $5 in stock options maybe?
It's amazing, you're watching enough Fox News to know who you should be mad at, but not enough to actually pick up any of the details!
Paul Pelosi recently exercised a call option he'd had for some time to purchase between $1m and $5m in Nvidia stock. He had call options that expired later in June, and had to choose between exercising them and extending the call options
Fox thinks this is obviously suspect, because of CHIPS, but forgets that Nvidia have no fabs, are not planning on building any fabs, and will have no benefit from CHIPS at all - apart from, maybe, they'll find it easier to book TSMC to fab their chips.
It's clearly worked, Lordrobot has even reworked it in his brain that Pelosi bought Intel stock instead - which at least makes sense to have some outrage
@AC
"How about keeping the private sector out of government and allowing for the possibility of a democratic process?"
I expect you mean a specific part of the private sector as we the people are the private sector. Individuals all the way to global companies are private sector. As for the sway of 'contributions' it is those with the most power worth bribing. Reduce their power and reduce their value.
Intel is clamoring for subsidies ?
It has made 306 billion dollars since 2019. Why should the Government hand over even more money when Intel is already practically printing its own ?
It has made 306 billion dollars ...
While screwing over the public and offshoring.
Government should make them invest or tax them heavily on the money they have made for not doing so.
Greedy bastards, extracting subsidies from the government/tax payers while there are millions sleeping on the streets, suffering hunger, healthcare is in ruins and infrastructure is tattered.
O.
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@Def
"Subsidies for any company should be given in exchange for shares in said company."
Bernie has come out with that idea too! Its a good one. Unfortunately he then adds further caveats which would make such an offer less appealing-
https://www.timworstall.com/2022/07/im-cool-with-this-bernie-sanders-idea/
These subsidies are a bribe by the country to get Intel to build factories there. Its not Intel begging for handouts.
Offshoring? You argue for the Fed Gov to fix local bridges and potholes in your negligent city? No reason why some Farm equipment mechanic in Kansas should be paying for your rusted bridge in Jersey City.
Corporations are supposed to make profits and go to the largest market. Asia is the largest market. Corporations are not an extension of the Gov welfare office, though apparently, that is where INTEL would like to be.
These FAB plant ideas are daft. They are geared to a mere 5% of the global market. And what happens when the Politicians block US FAB sales to some Asian countries? Then your chips rot on the shelf like bananas that can't be sold to anyone.
Chips have a very short shelf life... career politicians have a very long shelf life comprised of bad ideas.
@Pascal Monett
"Why should the Government hand over even more money when Intel is already practically printing its own ?"
The government should hand over the money because its the government who wants the factories. That applies to whatever government is trying to bribe the business to their territory. Otherwise Intel would have to fund its own and would put them where it wants.
Then the government can say that it will only buy made in america chips for certain applications.
Then it's upto individual companies to decide if they want to service this market and what capital to put to work
In fact you could organise the whole economy around this idea of customer demand and market supply and capital allocation
We could call it "Demand And Supply Capitalism". Or in the fashion of the modern web, with acronyms and odd dramatic misspelled words we could call it DAS Kapital
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It turns out Senate Majority Leader Chuck Schumer (D-NY) tried to add drug price reductions and tax increases on high earners to the legislative package, and Minority Leader Mitch McConnell (R-KY) refused to pass the bill if these Democrat proposals were included.
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I actually agree with the objectives of Mr. Schumer, who is and always has been an idiot, a perfect example of DNC fake leftism; yet putting this crap in utterly unrelated bills could be considered purposely determined sabotage, to a bill, and to those leftist objectives.
Of course, such people can always go back to their constituents and, head hanging mournfully, ruefully claim:
"Well, I tried, gave it all I got, but those bastards came at me with all they had; but never fear folks, the struggle goes on, we shall win in the end ! The People's Will Will triumph. Give me some more money to make it happen."
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Speaking of fakers, I was wondering yesterday what happened to AOC and 'The Squad' after Joe masterfully put them in a box after fake shadow-boxing with his old friend Joe ? Still plotting the Bidenist-Leninist Revolution ?
I have to admit Mr Pelosi is cool under fire. Just back from Europe where Nancy was destroying the global media in a bathing suit, exposing her Hindenburg's, Paul came back to SFO and the first thing he did was order up $5 million in chip stock options for the upcoming HOUSE VOTE on the CRAZY Semiconductor subsidies bill. HE's a great investor... always gets to the bacon, first.
But remember, the Pelosis are doing this for you... LET THE BUYBACKs BEGIN!
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