Saikat Chakrabarti

But he had come up as an engineer, you know, through the factory floor. He understood how that whole economy worked. And that was why we were able to organize all the other CEOs and the entire economy to do war production. You know, FDR almost hired like a banker who did the World War I mobilization, which wasn't as good. And that guy said, no, you got to get someone who actually knows this stuff.

But he had come up as an engineer, you know, through the factory floor. He understood how that whole economy worked. And that was why we were able to organize all the other CEOs and the entire economy to do war production. You know, FDR almost hired like a banker who did the World War I mobilization, which wasn't as good. And that guy said, no, you got to get someone who actually knows this stuff.

And we need to have people like that now. And unfortunately, Elon Musk is now going and just destroying government, but we need a Bill Knudsen today.

And we need to have people like that now. And unfortunately, Elon Musk is now going and just destroying government, but we need a Bill Knudsen today.

The thing that we've sort of lost is a little bigger than just public financing. It's sort of public institutions that proactively go out and make stuff happen. We have a little bit of this now. We have it with DARPA, you know, on sort of research and development projects. And that's kind of public financing as well of those kinds of projects.

The thing that we've sort of lost is a little bigger than just public financing. It's sort of public institutions that proactively go out and make stuff happen. We have a little bit of this now. We have it with DARPA, you know, on sort of research and development projects. And that's kind of public financing as well of those kinds of projects.

But we've lost it for the entire sector of creating industries and creating infrastructure projects. And there was a loan program at the DOE that the IRA funded for clean energy projects that Jigar Shah ran. It's a great program, but it's a wait and see approach. So people apply for loans for projects they want to do. But there's all kinds of projects that just aren't happening.

But we've lost it for the entire sector of creating industries and creating infrastructure projects. And there was a loan program at the DOE that the IRA funded for clean energy projects that Jigar Shah ran. It's a great program, but it's a wait and see approach. So people apply for loans for projects they want to do. But there's all kinds of projects that just aren't happening.

Like right now, a big bottleneck to expanding electric grids is a transformer shortage because we only have a few companies that make transformers. And we only have one company that makes electric steel that we need for transformers. And no one's popping up to make new electric steel companies.

Like right now, a big bottleneck to expanding electric grids is a transformer shortage because we only have a few companies that make transformers. And we only have one company that makes electric steel that we need for transformers. And no one's popping up to make new electric steel companies.

So what I'm imagining is something like the RFC today, Reconstruction Finance Corporation would push them to expand production. If they don't do it, fund startups. And if they don't do it, put up state-owned corporations, right? And this is what China does. This is exactly what China does. China got these ideas from us. You know, this was what we used to do.

So what I'm imagining is something like the RFC today, Reconstruction Finance Corporation would push them to expand production. If they don't do it, fund startups. And if they don't do it, put up state-owned corporations, right? And this is what China does. This is exactly what China does. China got these ideas from us. You know, this was what we used to do.

And, you know, other countries in Europe have versions of this. And it's key to note that it's not just, you know, it's not just like this one institution. If we put it in, it's going to fix everything. You know, Germany has all kinds of financing mechanisms. They have agricultural co-op banks. They have...

And, you know, other countries in Europe have versions of this. And it's key to note that it's not just, you know, it's not just like this one institution. If we put it in, it's going to fix everything. You know, Germany has all kinds of financing mechanisms. They have agricultural co-op banks. They have...

have this whole range of financing for small and medium manufacturing in the country, and that's held up a lot of their economy. And in China, similar. They have these big industrial banks that fund all kinds of projects. But it's really just this proactive nature of finding projects that are getting in the way of progress and then making sure those things get built.

have this whole range of financing for small and medium manufacturing in the country, and that's held up a lot of their economy. And in China, similar. They have these big industrial banks that fund all kinds of projects. But it's really just this proactive nature of finding projects that are getting in the way of progress and then making sure those things get built.

I think that is the big part of the story. The major part of the story is after the New Deal, and there's a great book called Invisible Hands by Kim Phillips Fine, which really details the push of that ideology over 40 years, a long-term plan.

I think that is the big part of the story. The major part of the story is after the New Deal, and there's a great book called Invisible Hands by Kim Phillips Fine, which really details the push of that ideology over 40 years, a long-term plan.

And I think that's why even when presidents came in wanting to do a little bit more Obama, I forget which book, but there's some book where Obama actually said after recession, shouldn't we do our moonshot project now? But he was surrounded by people who was like, no, no, no, obviously we shouldn't be doing that. You know, when they're talking about

And I think that's why even when presidents came in wanting to do a little bit more Obama, I forget which book, but there's some book where Obama actually said after recession, shouldn't we do our moonshot project now? But he was surrounded by people who was like, no, no, no, obviously we shouldn't be doing that. You know, when they're talking about