Capitalism at work

[Stephonit]

This country doesn't need Bernie. Firstly, he won't be able to pass the extreme vast majority of what he wants to pass. Secondly, you're a hypocrite. If you've ever taken out a loan on anything ever, if you've ever sought a better job, if you've ever bought something that perhaps you couldn't quite afford, if you've ever done literally anything ever with your own personal money that wasn't for other people... you are a hypocrite.

As I asked previously what was hypocritical about sharing that article? It shows capitalism at work—both the good and the bad. The good side of capitalism we are exposed to endless propaganda of. The bad gets swept under the rug or is lost in jargon like "leveraged buyouts" and "collateralized debt obligations". The story is pertinent in the current context not only because of how it has affected the current crisis du jour but also because it's larger firms that are dominating the market while the small and upcoming ones are more and more becoming background props.

[Cleverness]

Let's review the article.

-The federal gov't spent 15 years giving billions of dollars to their friends to make zero ventilators.

-The federal gov't (FDA) took a long ass time to approve ventilators for use.

-Finally, in Trump's America, "the government has since sped up maintenance to increase the number available." /s


Dude, this is not capitalism.

[Stephonit]

Let's review the article.

-The federal gov't spent 15 years giving billions of dollars to their friends to make zero ventilators.

-The federal gov't (FDA) took a long ass time to approve ventilators for use.

-Finally, in Trump's America, "the government has since sped up maintenance to increase the number available." /s


Dude, this is not capitalism.

"The contract called for Newport to receive $6.1 million upfront, with the expectation that the government would pay millions more as it bought thousands of machines to fortify the stockpile."

Where are the billions you are talking about? You mean the current deal that was struck by the Trump administration in the midst of this crisis which values a new ventilator at around $10000 each rather than the $3000 of the Newport deal?

[Cleverness]

Oh sorry, hundreds of millions over 15+ years? You can delete your post now or continue to debate minutia.

[bladefd]

"The contract called for Newport to receive $6.1 million upfront, with the expectation that the government would pay millions more as it bought thousands of machines to fortify the stockpile."

Where are the billions you are talking about? You mean the current deal that was struck by the Trump administration in the midst of this crisis which values a new ventilator at around $10000 each rather than the $3000 of the Newport deal?

GM/Ventec ventilator plan that Trump administration have costs $1bn for 80,000 ventilators, which is about $12,500 per ventilator. The deal has since been altered, and we don't have the latest cost numbers.

The plan with Newport in OP's article, which cleverness didn't read & is busy talking out of his ass (as usual), cost around $3,000 per ventilator. We will end up paying much more money here during a time of desperate need.

[kabar]

South Korea has been very successful at incorporating capitalistic mechanisms mainly due to their experience with MERS and SARs outbreak. Their experience taught them they needed adequate testing early so private companies filled the demand. $140 if you're asymptomatic, refunded if you test positive, free if you're symptomatic.

[Stephonit]

Oh sorry, hundreds of millions over 15+ years? You can delete your post now or continue to debate minutia.

Read the quote above again and maybe its meaning will sink in.

[Cleverness]

Read the quote above again and maybe its meaning will sink in.

Since you completely missed (ignored) the point, I'll rephrase it and dumb it down for you.

1. You are incorrect about federal gov't failures being "capitalism at work."

2. The article you posted tells us how the federal gov't wasted tax dollars to make zero ventilators. This is not capitalism at work.

3. The article you posted tells us that federal gov't (FDA) took a long ass time to approve ventilators for use. This is not capitalism at work.

4. I was being sarcastic, but the article points out that in Trump's America "the government has since sped up maintenance to increase the number available."

You're welcome.

[Phong]

GM/Ventec ventilator plan that Trump administration have costs $1bn for 80,000 ventilators, which is about $12,500 per ventilator. The deal has since been altered, and we don't have the latest cost numbers.

The plan with Newport in OP's article, which cleverness didn't read & is busy talking out of his ass (as usual), cost around $3,000 per ventilator. We will end up paying much more money here during a time of desperate need.

Newport's owners pocketed millions from the government, only produced 3 prototypes in the span of 2 years and then sold the company for $100 millions. Seems like their "$3,000 ventilator" was nothing but a vaporware to get a government contract and get bought by a bigger company.

At least with GM/Ventec, you'll get a real ventilator and manufacturing capacity to produce it in high volume.

[Stephonit]

Since you completely missed (ignored) the point, I'll rephrase it and dumb it down for you.
1. You are incorrect about federal gov't failures being "capitalism at work."
2. The article you posted tells us how the federal gov't wasted tax dollars to make zero ventilators. This is not capitalism at work.

If two private companies weren't involved you might have a point but since they were central actors in the story you don't.

If the government didn't get its money back and wasn't indemnified by the private company then you'd be right and it would be an example of how the government bends over backwards to please private interests and how capitalism as practiced between the state and the private sector is broken. If the government was indemnified you have no point.