As we look at a market getting closer and closer to the flat line, now down just 40 points on the Dow, the S&P 500 and Nasdaq trading higher, I want to go back to why investors are so overly worried about this.
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I will tell you why they shouldn't be concerned, because it is very clear, China is taking advantage of us. China has been taking advantage of us for decades. You look at the growth in their economy and compare it to the growth in our economy, and it's not what it should be.
The Chinese economy is growing at a more massive rate than our economy. We are their biggest economy. We have given them that growth, and how have they responded?
They have taken our technology. They have taken our intellectual property. They force us it enter joint ventures with their companies so they can reap profits off of our work and gain access to our incredible technology.
China is out there stealing our tech secrets and costing our companies more than $500 billion a year in lost profits. What do we do? Nothing. We continue to give it to them. We have allowed this. Every administration has allowed this. Why do they allow it?
I’ll tell you one thing: Corporations want access to those Chinese markets. You're talking about a billion people. People keep saying this is the consumer base that we want to access to, so in the interests of their stockholders, they are active in overseas markets. And what do they do? Corporations don't care about national security; they care about profits.
Presidents, most of them anyway, along with Congress are beholden to those corporations because those corporations are the ones that actually give them the money to go out and win their campaigns, which is the problem. No one is standing up for us, the people.
The corporations have their lobbyists. China's standing up for their own interests, and in the meantime sure, quarterly earnings look good. But what happens 10 or 20 years from now?