I'm John Batchel, and John Cochran of the Hoover Institution, an economist is here with me to review his

thoughts on the president's op-ed in the Wall Street Journal on January 30th of 2026, claiming a victory,

victory for his liberation day. In addition, there is the component of foreign investment

that is a big part of the president's announcements

every time he deals with individual countries. South Korea, for example, or the European Union,

anywhere in the world, when there's a deal, it's always beautiful. All right, I accept that.

But the money coming here, John, I've been taught by you and others that money goes where it's treated best.

Is that what's happening because there's an element of protection racket here?

Yeah.

Now, I am delighted to see foreigners investing in the U.S.

That's a good thing.

And foreigners investing in the U.S. private sector is a

great thing, as opposed to just buying government bonds that we use to go on a consumption binge.

This doesn't necessarily, that it's government directed, you know, a government promises to give

the U.S. government funds that the U.S. government directs where it goes, is generally goes off

into inefficient places. We directs where it goes, is generally goes off into inefficient

places. We want investment into things that are productive, not things that are not productive.

And so I'm a little, as I sense you are, uncomfortable that it's the form of government-to-government

deals, the government taking equity stakes in companies. You know, the definition of socialism is government deals, the government taking equity stakes in companies.

You know, the definition of socialism is government ownership of the means of production.

Well, the government owns a lot of intel right now.

That's industrial policy, which I thought was a taboo in America until it was revived.

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