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South Korea’s K-shaped economy where chip giants give out $1 million bonuses to staff

Xebec said:
The US Congress is the perfect example of the antithesis of meritocracy...
Click to expand...
Well, it's not supposed to be, at least in a perfect world (which obviously we don't live in). In theory, voters cast a ballot for the best candidate for the job. Reality is depressing.

A lot of people don't know this, but until 1913, US senators were elected by each state's legislators, not by popular votes. The 17th Amendment to the Constitution (in 1913) changed elections for senators to "direct election". In the Senate's own words:

U.S. Senate: Landmark Legislation: The Seventeenth Amendment to the Constitution

Landmark Legislation: Seventeenth Amendment
www.senate.gov www.senate.gov

I'm not sure which method of choosing senators is better...
 
blueone said:
Well, it's not supposed to be, at least in a perfect world (which obviously we don't live in). In theory, voters cast a ballot for the best candidate for the job. Reality is depressing.

A lot of people don't know this, but until 1913, US senators were elected by each state's legislators, not by popular votes. The 17th Amendment to the Constitution (in 1913) changed elections for senators to "direct election". In the Senate's own words:

U.S. Senate: Landmark Legislation: The Seventeenth Amendment to the Constitution

Landmark Legislation: Seventeenth Amendment
www.senate.gov www.senate.gov

I'm not sure which method of choosing senators is better...
Click to expand...
TIL
 
blueone said:
I agree on both points. In fact on the immigration point, I have never understood why the US can't figure out and implement a reasonable immigration policy. We need a guest worker program, and we need to make it easier for people who will add real value to achieve citizenship. It seems our policy has only two states: anything goes, and close the border. Both of these options are dumb.
Click to expand...
I worked with an excellent engineer from Korea. As an only child he felt an obligation to care for his parents, who were older and starting to have health problems. After two years of trying to get them entry into the US he gave up and went back home to work for Samsung. No one has ever been able to convince me that was in our country's best interest. :(
 
Artificer60 said:
I worked with an excellent engineer from Korea. As an only child he felt an obligation to care for his parents, who were older and starting to have health problems. After two years of trying to get them entry into the US he gave up and went back home to work for Samsung. No one has ever been able to convince me that was in our country's best interest. :(
Click to expand...

The artifact of the contemporary immigration laws is that they only encourage, and reward attempts to game the system, while penalising the most eligible.

People who will lie on visa applications to make their application completely bulletproof have an advantage over genuine applicants, whose resumes will never be as polished.
 
Last edited:
Xebec said:
www.tomshardware.com

Samsung chip workers reject $340,000 one-time bonus, demand annual payouts like SK hynix's $900,000 — workers want share of AI windfall, impending 18-day strike could cost Samsung up to $11.7 billion

Samsung semiconductor workers want a bigger slice of the AI pie.
www.tomshardware.com www.tomshardware.com
Click to expand...
The comments in Tom’s Hardware article are interesting as well - three general theses:

1. US Congress should act — excess profits = price gouging
Chip profits are so enormous that consumers are being gouged. The US should build domestic capacity and cap these windfalls. We shouldn't be funding high salaries overseas.

2. Greed is the new normal — for everyone
Both corporations and workers are chasing the AI windfall. Greed has become the accepted standard on all sides.

3. Economics 101 — supply, demand, market cycles
Chips are scarce, demand is sky-high, so prices and wages spike. It won't last — when the AI boom cools, the bonuses disappear with it.

This hits the same day as Samsung hits $1T in market valuation for the first time— maybe they offer stock compensation instead ?

Also hits the same day as Samsung says they are pulling out of the Chinese consumer electronics market to focus more on AI.

www.reuters.com

Samsung says to discontinue China sales of some consumer electronics products

Samsung Electronics , a maker of TVs and home appliances, said on Wednesday that it has decided to discontinue sales of some consumer electronics products in mainland China ‌amid intensifying competition in the local market.
www.reuters.com www.reuters.com
 
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