Sen. Rand Paul calls Trump stake in Intel ‘a step towards socialism’

Senator Rand Paul (R-Ky.) Criticizing the decision of Trump administration’s decision to take 10% stake in Embatted Chipmaker on Wednesday IntelIt is called “a step towards socialism” to investment.

Intel announced last month that the US government has invested an investment of $ 8.9 billion in Intel stocks and purchased 433.3 million shares per share and provided 10% stake in the company. Intel, the government’s price paid by the current market price, he said.

Rand said the government’s ownership was a “bad idea.”

Paul said on Wednesday that CNBC’s “Squawk Box”, “always a mistake, ‘Well, we have this bad policy, okay, we’ll endure a little socialism, but we don’t want it anymore,” Paul CNBC said to CNBC’s “Squawk Box”. “I think it’s a bad idea.”

President Donald Trump said last month about Social, the government’s shareholder was “too big for the United States and too much for Intel”.

Trump has increasingly handled a heavier hand in the private sector and caused concern among the conservative deputies who have long been opposed to the great government, such as Paul. In August, the Trump administration said that the government will receive 15% of the chip sales of some NVIDIA and advanced micro devices to China. The Pentagon acquired a share of $ 400 million from rare land mining MP MP materials. In addition, Nippon received a “gold sharing” at US Steel as part of an agreement to allow Nippon Steel to buy the US industrial giant.

Among the most vocal supporters of Trump’s Intel Congress, Vermont, Vermont, was the democratic socialist senator Bernie Sanders. For a long time and vocal Trump critic Sanders, news organizations Last month, “Taxpayers should not provide billions of dollars corporate prosperity without taking anything to large, profitable companies like Intel.”

However, Rand said it was not smart to include the government on the free market.

“I’m worried that the movement, which is a major part of the Republican party, has decreased over time.” He said.

WRISTWATCH: Senator Rand Paul’s share of the US government in Intel: A step towards socialism