"This Is WAY Worse Than I Thought…" | Richard Wolff

Intel’s multi-billion dollar bailout under the Biden administration is now being repackaged—not as a gift, but as an investment, with the U.S. government taking a 10% equity stake in the struggling chip giant. But is this really about national security, or is it just state capitalism disguised as industrial policy? Economist Richard Wolff unpacks the contradictions at the heart of this policy shift, exposing the long-standing American tradition of socializing corporate risk while privatizing profit.

This video offers a scathing critique of the mythology of “free markets,” showing how both historical and current examples—from the U.S. Postal Service to Amtrak, public education, and now high-tech bailouts—reveal the extent to which capitalism depends on government intervention. Wolff argues that what we’re witnessing is not a failure of the market, but the market doing exactly what it was designed to do: enrich the already powerful while leaving the public to foot the bill. As America clings to the illusion of market purity, countries like China are outpacing it by embracing a hybrid model of strategic public investment. The takeaway? The crisis isn’t just about Intel—it’s about a system addicted to profit at the expense of the public good.

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