Posted on 02/01/2024 8:26:02 AM PST by ChicagoConservative27
Former President Trump vowed to block the sale of U.S. Steel to the Japanese Nippon Steel Corporation if he secures a second term in the White House.
“I would block it, I think it’s a horrible thing. When Japan buys U.S. Steel, I would block it instantaneously. Absolutely,” he told reporters Wednesday after meeting with the Teamsters union in Washington.
Trump did not say how he planned to block the deal between U.S. Steel and Nippon Steel.
“We saved the steel industry. Now, U.S. Steel is being bought by Japan. So terrible. But yeah, we want to bring jobs back to the country. And sometimes tariffs can do that. But we will bring back millions of jobs to our country,” Trump said.
(Excerpt) Read more at thehill.com ...
We’re bigger than Nippon Steel!
I would much rather have Nippon Steel than Zhongguo Steel making the purchase; I don’t think we would have to worry about Japan ruining our steel industry, or using it for nefarious purposes.
Nippon would be much better than China or US Steel collapsing.
Our CEOs are no longer subject to the laws of economics. When they get a job they get all sorts of perks regardless of the performance of the company and they get golden parachutes if everything goes tits up.
They also often get to be both Chairman of the Board and CEO so they determine their own compensation package.
The free market may decide which employees get to keep their jobs or lose them due to competition. But it no longer seems to work with regard to American CEOs.
I don't mind CEOs making gobs of money if their companies succeed, but there needs to be some downside if they crater a company or are involved in mergers or splits that are just about generating temporary income for the people completing the merger or split.
It's common knowledge that the merger of K-Mart and Sears was to collect all the real estate that those two companies owned. It seems as if both companies were purposely run into the ground in order to justify clearing out the real estate for future sale. Unfortunately for the greedy bastards that bought K-Mart and Sears, the real estate bubble burst before they were able to unload all the property. If they had unloaded the property in a timely manner, then only they would have profited leaving their employees and customers in the lurch.
That's not the free market that is touted by all the libertarians.
Let’s hear from the Bush loving neoCON scum who think corporate raiders like Romney should be able to sell off American manufacturing and other assets to the highest bidder, no matter the cost to national security or main street American workers “because muh free markets” and “muh free trade”.
Open borders, globalism, death of american manufacturing, low wages, dangerous products/fetanyl, misery, and destruction all go hand in hand with the neoCON free traitor schemes to make a quick buck at any cost.
I suspect it is better to have Japanese management and US jobs than neither.
“It’s common knowledge that the merger of K-Mart and Sears was to collect all the real estate that those two companies owned. It seems as if both companies were purposely run into the ground in order to justify clearing out the real estate for future sale.”
K-Mart long had stocking problems. I never bought much from Sears - a few tools - some of which failed.
“K-Mart and Sears...real estate” was clearly poorly used.
Here in Sarasota County, Florida we have Benderson who is able to get the most out of medium-sized shopping areas.
“tariffs”
The country of India uses a blocked currency.
“I don’t mind CEOs making gobs of money if their companies succeed, but there needs to be some downside if they crater a company or are involved in mergers or splits that are just about generating temporary income for the people completing the merger or split.”
Ford required one to own large blocks of stock he purchased on his own at market prices.
Perhaps executive incentive packages could be limited according to the amount of stock an executive personally paid for at market cost.
There are certain products that must be made locally, if not in whole you cant give away the entire industry to globalization. On a strictly economic view this will increase the cost of steal but you have to consider what having no steel manufacturing capabilities in the country means. Indont know how much competition within the country exists for steel manufacturing but if this sale meant no American owned steel manufacturers preventing the sale would be good. I dont know if this specific move would be good but Trump does understand beyond the others that diminishing the manufacturing capabilities could be disastrous for the country as a whole.
You can pay now or you can pay later.
The people involved in the financial transaction make out like bandits. The company now has a worse problem: they are still unsuccessful, but now they have a huge amount of debt to pay off so they don't have the funds for a real turnaround.
The company goes bankrupt, but just later than it probably should.
If people stopped shopping at K-Mart and Sears because they were no longer cool or because they attracted the "wrong type of shopper", and that was a curse they would never be able to overcome, then they probably should have just gone out of business.
Instead vultures were able to feed off the dying corpse with no consequences.
Might get a better quality steel if Japan runs it.
With Biden as president everything is for sale if off shore companies don’t buy them the fear of a depression lingers.
Reducing the size, scope, power, and cost of the Regulatory State helps a lot more to bring industry back to America.
Meanwhile the US Manufacturing Activity Falls For 14th Month in a row.
Bidenomics at work.
Indeed and going to get worse by election time.
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