The guy in this article came up with a better battery that will go into hybrid/electric cars, giving them up to 100 mpg apparently. When he went to start a factory to produce them purposely in the US, to purposely build up the US manufacturing base and give Americans jobs, Wall Street turned him down because he would make more profit if the factory were overseas, like China.
Not because the company wouldn’t turn a profit, but because it wouldn’t turn as much profit as it could by producing overseas. At the same time, the major reasons for it being so much cheaper in China include little to no environmental laws and enforcement, very low labor costs with lower labor standards, and a much lower standard of living than an American in a similar job.
So the guy opened a facility in China just to get the business going. Meanwhile, the US government, trying to build a manufacturing base and get American jobs back, funds him for 250mil to build the factory in Detroit. So the US government, providing loans because “not enough profit” from private business, does the right thing.
Now the Wall Street companies that turned him down were following the capitalist mandate to maximize profits. So technically, they did their job. But why should the government have to step in? Private industry, especially in sectors like finance, pharmaceuticals, insurance, and oil (that I can think of), has become monstrous, and anathema to the things that make a country great and keep its people safe and happy. Maximizing profit at the expense of American jobs, at the expense of dumping entire industries overseas, at the expense of the environment (even if the direct effects are “over there”) - this need to be regulated, because the companies are not going to regulate themselves. Profits need to be regulated, or at least the quest to maximize them.
This is one reason why the way the stock market currently works is sometimes not good for the country, and why people shouldn’t always be so happy when “the stock market’s up today! woohooo”.
Of course, I could be wrong