CaptainExplosion said:
sundin13 said:
If the US Government is taking stake in corporations, they need to ensure those corporations are working for the public good, else it is just glorified welfare for big business. |
It IS glorified welfare for big business, because that's one of the only things Republicans care about. |
I don't think Republicans support this. It is Trump's own idiosyncratic position. If it were put to a vote probably would pass the Senate but not the House of Representatives.
SanAndreasX said:
sc94597 said:
Even if the corporations aren't "working for the public good" and just profiting like other corporations, at least the public is ostensibly benefiting by sharing in those profits (in this case 10% of them.) Of course that is assuming the U.S Government is itself providing public goods. This is essentially the basis of state-owned enterprises. Plus as ownership increases and the SOE's are therefore more democratically embedded there is more public influence. So yeah, I think public ownership is good in itself and not just "glorified welfare for big business." It's a much better solution compared to the generous loans and bailouts we saw in the Great Recession, for example. It just sucks that Trump is doing it for his crony self-interest. |
In this case, it is glorified welfare, not to mention an opportunity to make one of the USA's largest chipmakers work for nefarious ends by the government. There is no public benefit here. This is pretty much classical fascism. This is similar to what Germany did to the chemical/pharmaceutical conglomerate I.G. Farben, which previously had ties to a liberal political party before it was Aryanized after 1933. |
What nefarious ends do you think Intel will more likely engage in now than they would as a fully private company or in comparison to other tech companies? Pretty much all private corporations are cooperating with Trump even without U.S government ownership.
As to the Nazi comparison, Germany had a long history of public investment in corporations (before and after the Nazis.) Nazism really wasn't an economic movement. The Nazis privatized and nationalized according to whim, but probably on net privatized more than they made public. And yes, Trump is also doing similar, but that doesn't make expanding public ownership bad at face value. The more public ownership we have in five years, the better we'll be able to weather the mass-unemployment crisis that will be coming.
sundin13 said:
I feel like I haven't heard good things about the previous times the US government has done this. Do we actually expect this to be a revenue generator? |
Eh, the only recent example I can think of is creating the New GM (and owning large shares in it for like three years), and that probably was the right decision on net (which is why the Canadian and American governments did it jointly.) It saved jobs, pensions, and the U.S government barely took a loss (far less than the social costs would've been to let Old GM go without a replacement.)