President Biden says in a statement to be released Thursday that the U.S. needs to “maintain strong American steel companies powered by American steel workers."
It’s only a free market when it benefits the white 1%. U.S. Steel has been mismanaged for literally a century. I have no doubt that the Japanese could do it better.
Japanese foreign investment has been depressingly geared towards American loot-and-scoot practices.
Sapporo Beer’s acquisition of Anchor Steam Brewing Company is a great example. They took over a local institution that had been in operation for over a century and quite profitable for decades, then ran it into the ground within a few years (with help from COVID, but still…)
Certain elements of rail shipping were nationalized under Conrail when the railroads were going under in the 70s. Basically they were losing money at that point and were net liabilities so the government bought them out and operated them until they were profitable, at which point they were privatized and sold off.
U.S will nationalize industries if it follows the golden rule of capitalism, socialize losses and privatize profits.
It’s only a free market when it benefits the white 1%. U.S. Steel has been mismanaged for literally a century. I have no doubt that the Japanese could do it better.
Japanese foreign investment has been depressingly geared towards American loot-and-scoot practices.
Sapporo Beer’s acquisition of Anchor Steam Brewing Company is a great example. They took over a local institution that had been in operation for over a century and quite profitable for decades, then ran it into the ground within a few years (with help from COVID, but still…)
See: “only free market when it benefits the white 1%”
You’re just describing capitalism, a system which everyone involved says they love and support.
Its the greatest and bestest system that’s ever been created, and anyone who says otherwise is just a stupid jealous loser.
Steel has always been a national security issue. We make tanks and ships from that stuff.
Then why isn’t it nationalized?
We have never nationalized US Industry. The only one I can think of is air traffic controllers. Thanks, Reagan.
Certain elements of rail shipping were nationalized under Conrail when the railroads were going under in the 70s. Basically they were losing money at that point and were net liabilities so the government bought them out and operated them until they were profitable, at which point they were privatized and sold off.
U.S will nationalize industries if it follows the golden rule of capitalism, socialize losses and privatize profits.
Damn sounds like the free market these neolibs will (literally) kill for is working as intended.