"Sure, President Bush can say that the U.S. government won't fund stem cell research, but believe me, Japan is applauding. Because they will just do it first and get all the patents"

This quote is describing the decision made by President Bush in 2001 to limit federal funding for stem cell research study. The speaker is implying that the U.S. federal government's decision to not fund stem cell research study will have a negative effect on the country, as other nations, such as Japan, will be able to make the most of the chance to fund and carry out research study in this field. This will give them a competitive edge, as they will be able to obtain patents for their discoveries prior to the U.S. can. The speaker is suggesting that the U.S. government's choice to not fund stem cell research will be destructive to the nation in the long run, as other countries will be able to reap the benefits of the research study initially.