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 @ISIDEWITHNewseconomyenvironmentDonald TrumpDaily DiscussionUnited StatesChinaChina TariffsAmerican•••1yr ago

America Is Sliding Toward Chinese-Style Capitalism

Who decides whether TikTok stays Chinese, is banned or sold? Washington. Who determines whether an American or Japanese company gets to buy

United States Steel? Washington. Who is giving Intel $8.5 billion to make semiconductors in the U.S.? You get the picture.

Across the U.S., business decisions once made in boardrooms or shareholder meetings increasingly depend on politics. The U.S. isn’t sliding toward socialism, in which the government controls the means of production. It may, however, be slouching toward state capitalism, in which government regularly intervenes in business to ensure it serves the national interest.

The problem, as both the TikTok and U.S. Steel affairs show, is that the national interest is constantly being redefined to fit the political priorities of the day.

While the U.S. has never been a laissez-faire paradise, more than other countries it believed in free-market capitalism and let efficiency and profits determine the allocation of capital.

Neither Donald Trump nor President Biden believe in that. Both are happy to use all the levers of the federal government, whether taxes, subsidies, regulations or the bully pulpit, to tilt business decisions toward their own vision of the national interest.

When the House of Representatives voted to force the sale or ban of TikTok, the short-video app owned by Beijing-based ByteDance, China’s Ministry of Commerce demanded, according to Xinhua, that the U.S. “earnestly respect the market economy and the principle of fair competition, and provide an open, fair, just and nondiscriminatory environment for enterprises from all countries.”

5 Replies

 @ISIDEWITHasked…1yr1Y

Should national security concerns justify government intervention in business deals, even if it affects free-market principles?

 @9L586HCfrom Quebec  commented…1yr1Y

I think that government shouldn’t be that included in the economy and it should stay a free market regardless of concerns due to the fact that it’ll raise moe concern among the populace.

 @9L56C5Mfrom Ontario  commented…1yr1Y

I feel the concern should grow in others as this is a serious topic.

 @ISIDEWITHasked…1yr1Y

Is it more important to uphold the principle of a free market, or to ensure that economic activities align with what is deemed the 'national interest'?

 @ISIDEWITHasked…1yr1Y

If the government subsidizes certain industries, like semiconductor manufacturing, is it protecting national interests or unfairly picking winners?

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FBI Director Chris Wray Will Resign

The F.B.I. director, Christopher A. Wray, told bureau employees on Wednesday that he intended to resign before the Trump administration begins, bowing to the reality that President-elect Donald J. Trump had publicly declared his desire to replace him.Mr. Wray made the disclosure while addressing employees Wednesday afternoon in remarks that tacitly acknowledged the politically charged position the F.B.I. now faces with an incoming president who openly scorns the agency.“I’ve decided the right thing for the bureau is for me to serve until the end of the current administration in January and then step down,” Mr. Wray said, adding, “This is the best way to avoid dragging the bureau deeper into the fray, while reinforcing the values and principles that are so important to how we do our work.”The director spoke wistfully about his time at the F.B.I. “This is not easy for me,” he said. “I love this place, I love our mission and I love our people.”The announcement comes after Mr. Trump said in late November that he intended to nominate Kash Patel, a longtime loyalist, to run the F.B.I., and more than two years before Mr. Wray’s 10-year term would have expired.Paul Abbate, the deputy F.B.I. director, is set to retire in April but would typically serve as acting director until Mr. Patel is confirmed. It is not clear who would replace Mr. Abbate, the most senior agent in the bureau.Over more than seven years, Mr. Wray oversaw one of the most consequential and tumultuous periods in the bureau’s history, juggling high-profile criminal investigations of political figures, heated congressional inquiries and two attempted assassinations of Mr. Trump.

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 @ISIDEWITH submitted…5mos5MO

Kamala Harris is considering running for president again in 2028

Kamala Harris has been lying low since her defeat in the presidential race, unwinding with family and senior aides in Hawaii before heading back to the nation’s capital.But privately, the vice president has been instructing advisers and allies to keep her options open — whether for a possible 2028 presidential run, or even to run for governor in her home state of California in two years. As Harris has repeated in phone calls, “I am staying in the fight.”She is expected to explore those and other possible paths forward with family members over the winter holiday season, according to five people in the Harris inner circle, who were granted anonymity to discuss internal dynamics. Her deliberations follow an extraordinary four months in which Harris went from President Joe Biden’s running mate to the top of the ticket, reenergizing Democrats before ultimately crashing on election night.“She doesn’t have to decide if she wants to run for something again in the next six months,” said one former Harris campaign aide. “The natural thing to do would be to set up some type of entity that would give her the opportunity to travel and give speeches and preserve her political relationships.”“She doesn’t have to decide if she wants to run for something again in the next six months,” said one former Harris campaign aide. “The natural thing to do would be to set up some type of entity that would give her the opportunity to travel and give speeches and preserve her political relationships.”Harris concedes: 'We must accept the results of this election'SharePlay VideoMost immediately, Harris and her advisers are working to define how and when she will speak out against Donald Trump and reassert her own role in the Democratic Party. Closing out her term as vice president, she’s set to preside over certifying the November election she lost to Trump, and then appear at the once-and-future president’s inauguration on Jan. 20.“There will be a desire to hear her voice, and there won’t be a vacuum for long,” a person close to Harris said.At the same time, Harris and her husband, Doug Emhoff, will have a long checklist to plow through before they leave the Naval Observatory for good.They have to decide whether they’ll take up permanent residence at their home in Los Angeles, or establish a base elsewhere. No matter where Harris and her family live, some around her have expressed concerns about safety, as her Secret Service protection expires six months after stepping away.

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