My friend just forwarded this to me. I know, I am dead tired right now because the new baby, but still I can't help playing games or watch those.
Oragn vs BackHo
A Future History
5 weeks ago
WOW player, former bot writer
So please allow me to reintroduce myself: I am an excess of the 1980s. Based on my ownership stake in Cypress, I am one of the people who, in the President's words, "profited most from the uneven prosperity of the last decade." I became a paper millionaire in the 1980s--eight times over, in fact.
How did I profit? I started a company in Silicon Valley. I obtained stock in that company when it had one employee (me) and one used computer. I worked with that company for a decade--sixteen hours a day, six days a week--to help get it where it is today.
And where is it? Over its ten-year history, Cypress has generated over $1 billion in cumulative revenue, made over $160 billion in profits on which we paid $60 million in taxes, created 1,500 jobs which paid cumulative salaries of nearly $500 million, on which our employees paid further taxes of $150 million. We have shipped cumulative exports worth $300 million. We have generated a market value of $500 million for our shareholders and employees--all of whom own stock in the company.
If that is an "excess of the 1980s," let's have more!
Or think about Europe. Amazingly, we still have "experts" who want us to emulate Europe's alphabet soup of technology consortiums such as JESSI, their equivalent of the U.S. chip consortium Sematech. JESSI showered billions on the European semiconductor industry. It also "rationalized" the industry by allocating certain market segments to various companies. Siemens became the DRAM company for Europe--and has since gone out of the business. Philips became the SRAM company for Europe--and has since gone out of that business.
After inadvertently weakening its chip industry, Europe then established 14% import duties on foreign chips--the next logical step of desperate government policy. The import duty had precisely the effect we might expect: It raised the price of components to the European computer industry and virtually wiped it out as well. Today, there is no European chip industry or computer industry to speak of--thanks to the role of government programs like JESSI. European taxpayers gave up part of their income to wipe out two critical industries! We can't afford to emulate such failed experiments.