Dr Rodger’s testimony against subsidies

I came across this testimony delivered by Dr Rodgers, CEO of Cypress Semiconductor via this essay by Paul Graham. 

Rodgers begins his testimony with

In my right hand I have a data-communications chip made by Cypress Semiconductor. We call it HotLink. It is capable of transporting information over a wire, or through an optical fiber, at the rate of 330 million bits per second. In my left hand I have a 4,196-bit static random-access memory (SRAM) chip made by Cypress. It is capable of storing and retrieving data in three nanoseconds–about the time it takes light to travel one yard. It is the fastest SRAM of its type available from any company in the world. Our HotLink chip would undoubtedly be part of any data communications network created in the United States–and in high volumes. Our super-fast SRAM is currently being used in conventional supercomputers.

Another excerpt:

So please allow me to reintroduce myself: I am an excess of the 1980s. Based on my ownership stake in Cypress, I am one of the people who, in the President’s words, “profited most from the uneven prosperity of the last decade.” I became a paper millionaire in the 1980s–eight times over, in fact.

How did I profit? I started a company in Silicon Valley. I obtained stock in that company when it had one employee (me) and one used computer. I worked with that company for a decade–sixteen hours a day, six days a week–to help get it where it is today.

And where is it? Over its ten-year history, Cypress has generated over $1 billion in cumulative revenue, made over $160 billion in profits on which we paid $60 million in taxes, created 1,500 jobs which paid cumulative salaries of nearly $500 million, on which our employees paid further taxes of $150 million. We have shipped cumulative exports worth $300 million. We have generated a market value of $500 million for our shareholders and employees–all of whom own stock in the company.

Vow! That reads like Henry Rearden’s courtroom “defense” in Atlas Shrugged. It is great to know that there are people like this in the real world.¬†From some of the other public statements by Rodgers (links can be found on the wikipedia page on Rodgers), it is clear that Rodgers has read Rand. This is what great works of art can do.

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