“… The key Senators pushing the CHIPS Act are Chuck Schumer (D-NY) and John Cornyn (R-TX). Intel has hired Klein/Johnson, a lobbying firm that was established in 2020 by a former Schumer aide (Israel Klein) and a former Cornyn aide (Matthew Johnson). Intel is currently paying Klein/Johnson $50,000 every three months.”
I know you are right. I so often feel like just checking out from frustration, anger, people, caring and throw in the towel and just hunker down in my house while the country “burns”.
I'm reading between the lines a bit here, but it seems likely to pass. Pelosi has publicly supported the act, and her husband bought $5 million in Nvidia stocks within the last month. Surely that is just a coincidence...
That doesn’t sound good. I am so disappointed in the senate Dems, except, of course Bernie. I’m trying to figure out how to present this to my congressman and my friends because I know of very few who will actually read this entire newsletter. I read this in the middle of the night in California and my blood is still boiling.
The right wing media got some major mileage out of the Paul Pelosi Nvidia non-story. I am not a trader but I think the Nvidia low stock price was probably tempting (and risky), but doesn't look like it had anything to do with this CHIPS act. Nvidia (and AMD) look like they are getting shafted by this act.
Wow it might as well be a primer on ‘How to have a lobby hobby and rake in the dough’. As a stand alone bill this is…well, it should be humiliating for the Senate but they have no shame. Cornyn particularly. Interested to see how Manchin voted on it. I’m sure Defense courted both very heavily, Ukraine being an unending source for raw materials.
Will computer chips soon join the list of things that have more rights than women? They’re getting more respect on The Hill, thats for sure!
It’s a growing challenge for those Americans with a reasonable level of consciousness to restrain from adopting heightened cynicism
and disappointment over these issues. Resist the temptation to sideline self. Progress positive action consistently in small and big ways incrementally.. Pain is relative.
Incentivize? Thirty-eight billion for red-state based chippers and their money-grabbing lobbyists, and thirty-eight billion in subsidies to address children living in poverty, Americans living without healthcare or affordable housing, Americans without easy access to public education: furthermore, the chippers must submit a current interest rate, needs-based loan application to the federal government for approval.
I didn’t sign in yesterday to offer ideas for future writing and general direction… but today’s post is, as Cynthia said, making my blood pressure rise. Not that I need that to happen more, but I definitely appreciate having the hypocrisy unmasked and the information so clear.
Thanks, once again, for turning over this particular bill & exposing the truth behind it. Comparable to the « health halo », this is a « makes us more secure » halo. (Not too sure of my comparison here…🤔) Yes it would be great if the USA were to be more self-sufficient, but at what cost? Goods are manufactured abroad because it is cheaper. And if the chips are to be manufactured here, we will need easy access to raw materials. Russia & Ukraine are a major source of neon gas (needed to feed lasers that print minute circuitry onto silicone) and the metal palladium (used in later manufacturing stages). Pause here, & think about what’s going on in Ukraine now. But beyond that, the constant acceptance of massive subsidies for private industries using tax dollars, with no payback & no risk to the companies, along with the constant reduction in corporate tax rates, reduces federal funds needed for spending on infrastructure & improvements in the life of our citizens. There are complaints in Congress that we can’t afford to make vital medications available & affordable, but - thanks to government subsidies - CEO’s are paid millions of dollars in compensation. This whole bill is a patch on the long-term problem that the USA is not self-contained. I don’t know that it would be possible to be like that in today’s world. Anyway, it’s all form, not substance.
And so the revolving door spins faster! Congress gives more billion$ away in subsidies, former staffers join lobbying groups and/or chip companies, companies plead lack of funds while their CEOs rake in hundreds of million$ in bonuses and salaries! It's dizzying, contemptible, and yet Schumer and Cornyn are "heroes" for passing legislation with no strings attached. AND giving million$ in taxpayer funds to the very companies! Speaking of unhinged!
Meanwhile, the Ohio jurisdictions where Intel’s facility will be located are busy taking residents’ property by eminent domain. Ohio taxpayer dollars are being devoted to (wasted on?) this boondoggle, while residents’ lives and neighborhoods are being disrupted irrevocably, whether or not the project ever produces a single chip. Intel doesn’t need this money; their obscene profits are being subsidized enough already.
I got an email from Bernie a couple days ago with this same info minus
Schumer/Cornyn/Pelosi corruption. It’s expected now that these huge corporations with profits soaring and execs raking in millions more each year will lobby and wrangle for government welfare, but our representatives grifting for them takes the cake. There are a handful of MOC who ‘represent’ me. Bernie is one. He’s recently called out Manchin on his BS, needs to do the same w Democratic leadership and Cornyn.
Judd, you piss me off on a regular basis. Thank you.
Have we heard the word "Billions" so many times that we are numb to actually what it means? We've forgotten what it COULD do in a world where so many suffer. Is money the ONLY thing for the most part that a certain level of the population cares about? This bill is absurd, in the way it seems to be costructed, which includes allowing them to still continue manufacturing in China. And Joe Manchin, honest to God...he commits "executive decisions" and he is ONE man just playing the cards so he stays in office. I am SO disgusted with him.
As usual, the corporatist Congress steps up to the plate, late and willfully ignorant of what is happening in the world. Hope you do what you do so well and connect the donation dots in this for us. Keep on Truckin’
“… The key Senators pushing the CHIPS Act are Chuck Schumer (D-NY) and John Cornyn (R-TX). Intel has hired Klein/Johnson, a lobbying firm that was established in 2020 by a former Schumer aide (Israel Klein) and a former Cornyn aide (Matthew Johnson). Intel is currently paying Klein/Johnson $50,000 every three months.”
And there’s the grift.
This makes my blood boil. Doesn’t this CHIPS Act need to also be passed by the house?
It does. They passed aspects of it before but only attached to much broader policies. So there would need to be another vote.
So if we all pressure are reps to vote no, maybe they will hear us 🤞🤞 thank you for educating us
YES! Getting on it…
I no longer believe they listen
I know you are right. I so often feel like just checking out from frustration, anger, people, caring and throw in the towel and just hunker down in my house while the country “burns”.
I'm reading between the lines a bit here, but it seems likely to pass. Pelosi has publicly supported the act, and her husband bought $5 million in Nvidia stocks within the last month. Surely that is just a coincidence...
That doesn’t sound good. I am so disappointed in the senate Dems, except, of course Bernie. I’m trying to figure out how to present this to my congressman and my friends because I know of very few who will actually read this entire newsletter. I read this in the middle of the night in California and my blood is still boiling.
The right wing media got some major mileage out of the Paul Pelosi Nvidia non-story. I am not a trader but I think the Nvidia low stock price was probably tempting (and risky), but doesn't look like it had anything to do with this CHIPS act. Nvidia (and AMD) look like they are getting shafted by this act.
JFC
Wow it might as well be a primer on ‘How to have a lobby hobby and rake in the dough’. As a stand alone bill this is…well, it should be humiliating for the Senate but they have no shame. Cornyn particularly. Interested to see how Manchin voted on it. I’m sure Defense courted both very heavily, Ukraine being an unending source for raw materials.
Will computer chips soon join the list of things that have more rights than women? They’re getting more respect on The Hill, thats for sure!
It’s a growing challenge for those Americans with a reasonable level of consciousness to restrain from adopting heightened cynicism
and disappointment over these issues. Resist the temptation to sideline self. Progress positive action consistently in small and big ways incrementally.. Pain is relative.
You are absolutely correct. News like this on top of al the other BS we're being subjected to,
makes one want to curl up in a corner whimpering cause it's just too much and much too hard.
We have to stand tall and vote because our lives, continued health and security are all very much
at risk and if the party of liars, cheater, psychopaths and sex offenders takes over, we are so done!
Right you are Adam. The tide is turning in our favor Regarding this water torture.
Incentivize? Thirty-eight billion for red-state based chippers and their money-grabbing lobbyists, and thirty-eight billion in subsidies to address children living in poverty, Americans living without healthcare or affordable housing, Americans without easy access to public education: furthermore, the chippers must submit a current interest rate, needs-based loan application to the federal government for approval.
That Joe Manchin. Always on the right side of things... 🙄
I didn’t sign in yesterday to offer ideas for future writing and general direction… but today’s post is, as Cynthia said, making my blood pressure rise. Not that I need that to happen more, but I definitely appreciate having the hypocrisy unmasked and the information so clear.
More of “this” please.
Thanks, once again, for turning over this particular bill & exposing the truth behind it. Comparable to the « health halo », this is a « makes us more secure » halo. (Not too sure of my comparison here…🤔) Yes it would be great if the USA were to be more self-sufficient, but at what cost? Goods are manufactured abroad because it is cheaper. And if the chips are to be manufactured here, we will need easy access to raw materials. Russia & Ukraine are a major source of neon gas (needed to feed lasers that print minute circuitry onto silicone) and the metal palladium (used in later manufacturing stages). Pause here, & think about what’s going on in Ukraine now. But beyond that, the constant acceptance of massive subsidies for private industries using tax dollars, with no payback & no risk to the companies, along with the constant reduction in corporate tax rates, reduces federal funds needed for spending on infrastructure & improvements in the life of our citizens. There are complaints in Congress that we can’t afford to make vital medications available & affordable, but - thanks to government subsidies - CEO’s are paid millions of dollars in compensation. This whole bill is a patch on the long-term problem that the USA is not self-contained. I don’t know that it would be possible to be like that in today’s world. Anyway, it’s all form, not substance.
I wish I could state exactly how MY taxes paid were to be used… and not one dollar would go to ANY FOR PROFIT COMPANYz
It would be a better world!
CHIPS passes, but the Judiciary Act won’t.
Nor climate change—anything!
And so the revolving door spins faster! Congress gives more billion$ away in subsidies, former staffers join lobbying groups and/or chip companies, companies plead lack of funds while their CEOs rake in hundreds of million$ in bonuses and salaries! It's dizzying, contemptible, and yet Schumer and Cornyn are "heroes" for passing legislation with no strings attached. AND giving million$ in taxpayer funds to the very companies! Speaking of unhinged!
Meanwhile, the Ohio jurisdictions where Intel’s facility will be located are busy taking residents’ property by eminent domain. Ohio taxpayer dollars are being devoted to (wasted on?) this boondoggle, while residents’ lives and neighborhoods are being disrupted irrevocably, whether or not the project ever produces a single chip. Intel doesn’t need this money; their obscene profits are being subsidized enough already.
God love Bernie Sanders!
I got an email from Bernie a couple days ago with this same info minus
Schumer/Cornyn/Pelosi corruption. It’s expected now that these huge corporations with profits soaring and execs raking in millions more each year will lobby and wrangle for government welfare, but our representatives grifting for them takes the cake. There are a handful of MOC who ‘represent’ me. Bernie is one. He’s recently called out Manchin on his BS, needs to do the same w Democratic leadership and Cornyn.
Judd, you piss me off on a regular basis. Thank you.
Amen. I do have to say that Judd has his good days too.
So FkG depressing. Are they ALL corrupt?
Have we heard the word "Billions" so many times that we are numb to actually what it means? We've forgotten what it COULD do in a world where so many suffer. Is money the ONLY thing for the most part that a certain level of the population cares about? This bill is absurd, in the way it seems to be costructed, which includes allowing them to still continue manufacturing in China. And Joe Manchin, honest to God...he commits "executive decisions" and he is ONE man just playing the cards so he stays in office. I am SO disgusted with him.
As usual, the corporatist Congress steps up to the plate, late and willfully ignorant of what is happening in the world. Hope you do what you do so well and connect the donation dots in this for us. Keep on Truckin’
Disgusting.