How soon? As soon as Elon Musk joins my group and provides details. More seriously, let’s discuss the misguided legislation.
Steven Mnuchin’s Consortium
Former Treasury Secretary Steven Mnuchin said he is putting together a consortium to buy TikTok after the House passed a bill that would ban TikTok in the U.S., or force its sale to a non-Chinese owner.
In other news, China is putting together a consortium to buy Boeing and pledges to solve all of Boeing’s many problems.
I just made up that last sentence, but is there any doubt China would do so if the US would allow the sale?
In this case, here’s the important question: Would China allow the sale of TikTok to the US when the US won’t allows the sale of nearly anything to foreigners?
So, what’s the point of consortiums, if there is no chance the aim can ever happen. Nonetheless, if Musk calls, I will answer the phone. It would likely be a fun call.
Let’s step back from all these what if’s, to discuss where we are.
House Passes Bill to Ban TikTok or Force Sale of the Chinese Video App
The Wall Street Journal reports House Passes Bill to Ban TikTok or Force Sale of the Chinese Video App
The House voted overwhelmingly to approve a bill on Wednesday that would ban TikTok from operating in the U.S. or force a sale, setting the stage for a final showdown in the Senate, where lawmakers signaled a more cautious approach on the legislation.
The measure passed 352 to 65, with one member voting present, showing broad bipartisan support for cracking down on the app. The vote moved Congress closer to an unprecedented ban of one of the most popular apps in the U.S., with lawmakers balancing national-security worries with concerns about freedom of speech, the impact on TikTok users and creators, and misgivings about interfering with a company’s business operations.
“TikTok cannot continue to operate in the United States under its current ownership structure,” said Rep. Mike Gallagher (R., Wis.) who wrote the bill with the White House and Rep. Raja Krishnamoorthi (D., Ill.).
Opponents of the bill—who ranged from the left’s Rep. Alexandria Ocasio-Cortez (D., N.Y.) to the right’s Marjorie Taylor Greene (R., Ga.)—aired concerns that the legislation was rushed and voiced reservations about bills limiting what information Americans could see. TikTok said it views the legislation as an effective ban because separating the U.S. portion of its app through a sale or divestment wouldn’t be practical. Some lawmakers were sympathetic to that view.
“Creatives, artists, content creators and businesses in my district will get caught in the crossfire of this bill and deserve better than federal overreach as a substitute for a thoughtful solution to a complicated national-security challenge,” said Rep. Sydney Kamlager-Dove (D., Calif.).
Et Tu, Scott Adams?
Wow. I wouldn’t have guessed that.
Poorly Thought Out
The TikTok ban is about as well thought out as would be a Chinese proposal to buy Boeing, Nvidia, or Apple.
Sen. Rand Paul (R., Ky.), who opposes the legislation, said the House bill “dictated an unrealistic and narrow path for divestment, effectively banning TikTok and ignoring its substantial investments in data security.”
I side with the extremely odd group of AOC, Marjorie Taylor Greene, Rand Paul, and Elon Musk.
What’s This Really About?
The US claims it’s a security measure aimed at China specifically. Why then all the other garbage in the bill?
What’s Else Is in the Bill?
If you don’t think Biden or Trump would use such powers to do whatever they want by executive order, then you are not thinking.
Good Synopsis
Where’s the Bill Going?
The House passed the bill overwhelmingly, but the path is more than a bit uncertain.
Senate Majority leader Chuck Schumer has not said if he will bring this up for a vote. He can kill it easily by referring the bill to a committee to study it to death.
Q: Why would Schumer send the bill to committee?
A: To kill the bill without taking responsibility for killing the bill.
Q: Why would he want to kill the bill?
A: It’s the votes, stupid.
If the bill makes it through Congress, Biden says he would sign it.
There are 170+- million mostly zoomers and millennials who use the app. Some of them make their livelihood on TikTok. All of them would be upset. And tens of thousands of them would take it out on Biden in November.
Schumer, is not interested in doing what’s right, but he is very interested in not doing things that could cost the election. A TiKTok ban could easily cost Biden the election.
Imagine Four More Years
I dislike Trump, but I detest Biden. Elon Musk sums up the situation nicely.
We cannot take four more years of insane energy policy, woke madness, regulatory madness, and massively inflationary Bidenomics.
Biden Wants to Hike Taxes by $7 Trillion Dollars
Please note that Biden Wants to Hike Taxes by $7 Trillion Dollars
If Democrats win the trifecta with a clean sweep of the Senate, House, and White House in November, taxes would rise by $7 trillion over 10 years.
Gen Z, the Most Pessimistic Generation in History
In case use missed it, please see Gen Z, the Most Pessimistic Generation in History, May Decide the Election
Young adults are more skeptical of government and pessimistic about the future than any living generation before them. This is with reason, and it’s likely to decide the election.
Meanwhile, I anxiously await that call from Elon Musk. I am sure he wants to join my consortium to buy TikTok.
https://mishtalk.com/economics/im-putting-together-a-group-to-buy-tiktok-details-coming/
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