Discussion · House of Representatives
Joseph D. Morelle Democrat
“This resolution condemns all socialism. But the current administration has spent billions of tax dollars to buy shares of private companies, including Intel. Having the government own private companies is socialism. It creates conflicts of interest when the government buys products or regulates businesses. Donald Trump is acting like a socialist by buying these shares, and Republicans are ignoring it.”
“Mr. Speaker, I yield myself such time as I may consume. I will just note that in the text of the resolution it talks about how socialist ideology necessitates the concentration of power, but the whereas is essentially any form of socialism. I am just sort of curious, as I read it, it denounces socialism in all of its forms. I just ask the question of my colleagues. The current administration has entered into 39 announced deals, has invested $28 billion of American taxpayer money, and $8.9 billion of that was to purchase 433 million shares of Intel. We now have a 9.9 percent stake in Intel-- which sounds like socialism to me, the government control or ownership of the means of production--15 percent of MP Materials, 5 percent of Lithium Americas, and another 5 percent of its joint venture with General Motors. Frankly, if it comes to government ownership of private industry, which it does, as a capitalist I said this, I actually voted on the resolution when it came before the House before, but I wonder: If the United States Government gets into the habit of purchasing shares and ownership of a chip manufacturer, Intel, does that mean when it comes to procurement that we are somehow compromised? Can we choose another chip manufacturer to the disadvantage of American taxpayers because we are part-owners of the company that is competing for our business? How will we regulate companies now where we have a vested interest in the profitability because the American taxpayers are part owners of that company? I would have taken a little more care with the resolution because you would have to argue that perhaps the most socialist President in recent memory is Donald Trump because he is having American taxpayers own shares of private companies. I would think there would be a number of Members on my friends’ side of the aisle that would have distress about such a measure taken by an American President. I can imagine if Joe Biden was taking ownership of Intel how we would have heard people screaming about it, but they are oddly silent because the would-be dictator of America, the would-be king, has decided that he is going to invest American money in private companies. I just would be curious to see what people’s response is to that. Mr. Speaker, I yield 1 minute to the distinguished gentleman from Wisconsin (Mr. Pocan).”
Mr. Speaker, I yield myself such time as I may consume. I will just note that in the text of the resolution it talks about how socialist ideology necessitates the concentration of power, but the whereas is essentially any form of socialism. I am just sort of curious, as I read it, it denounces socialism in all of its forms. I just ask the question of my colleagues. The current administration has entered into 39 announced deals, has invested $28 billion of American taxpayer money, and $8.9 billion of that was to purchase 433 million shares of Intel. We now have a 9.9 percent stake in Intel-- which sounds like socialism to me, the government control or ownership of the means of production--15 percent of MP Materials, 5 percent of Lithium Americas, and another 5 percent of its joint venture with General Motors. Frankly, if it comes to government ownership of private industry, which it does, as a capitalist I said this, I actually voted on the resolution when it came before the House before, but I wonder: If the United States Government gets into the habit of purchasing shares and ownership of a chip manufacturer, Intel, does that mean when it comes to procurement that we are somehow compromised? Can we choose another chip manufacturer to the disadvantage of American taxpayers because we are part-owners of the company that is competing for our business? How will we regulate companies now where we have a vested interest in the profitability because the American taxpayers are part owners of that company? I would have taken a little more care with the resolution because you would have to argue that perhaps the most socialist President in recent memory is Donald Trump because he is having American taxpayers own shares of private companies. I would think there would be a number of Members on my friends’ side of the aisle that would have distress about such a measure taken by an American President. I can imagine if Joe Biden was taking ownership of Intel how we would have heard people screaming about it, but they are oddly silent because the would-be dictator of America, the would-be king, has decided that he is going to invest American money in private companies. I just would be curious to see what people’s response is to that. Mr. Speaker, I yield 1 minute to the distinguished gentleman from Wisconsin (Mr. Pocan).