Bipartisanship is largely dead. I was on a conference call regarding the CHIPS Act today and Intel, TSMC, and Samsung are fuming at Congress. Funny thing is they would just prefer tax credits for investment rather than the $52 billion Biden is so far unsuccessfully trying to give them. Those are immediate relief to fund the new fabs.
The supply chain disruptions are going to get worse.
"Germany girds for gas rationing. Europe on edge." Reuters 3-3022
The Germans have been driving the green bus off of a cliff for years. Now they are paying the price. Dependence on Russian NG was a vital national mistake by their leadership led by that Russian tool Gerhard Schroeder. Merkel fell in line and now Nordstream 2 is on hold and Putin has Olaf Scholz's goolies in his pocket. Same with most of the rest of the continent.
On January 21, 2021 the United States was energy independent and gasoline prices were 40% lower than today. Now Biden is begging OPEC to pump more.
The automotive sector is dependent upon supply chains dependent on China. China is in the midst of their biggest lockdown yet and yet the geniuses at Ford, GM and whatever Chrysler is called this week haven't insulated themselves from this disruption despite 2 years of havoc. Looked at new or used car prices lately?
No, until these folks stop trying to call boys girls or foment racial divisiveness and focus on the real job of productivity and reliable suppliers it's not going to change.
LYC Price at posting:
$10.79 Sentiment: Buy Disclosure: Held
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