And that isn't going to last, take advantage of it while you can, America.

You can build domestic industry and jobs without this dumb shit. It's just going to reduce the purchasing power.

https://x.com/H0MOSUPERIOR/status/1841491682233061839

  • Hexboare [they/them]
    ·
    1 month ago

    Foreign competition was kept out by a high tariff conveniently set by Congress, and by 1880 Carnegie was producing 10,000 tons of steel a month, making $1 1/2 million a year in profit. By 1900 he was making $40 million a year, and that year, at a dinner party, he agreed to sell his steel company to J. P. Morgan. He scribbled the price on a note: $492,000,000.

    Morgan then formed the U.S. Steel Corporation, combining Carnegie's corporation with others. He sold stocks and bonds for $1,300,000,000 (about 400 million more than the combined worth of the companies) and took a fee of 150 million for arranging the consolidation. How could dividends be paid to all those stockholders and bondholders? By making sure Congress passed tariffs keeping out foreign steel; by closing off competition and maintaining the price at $28 a ton; and by working 200,000 men twelve hours a day for wages that barely kept their families alive.

    And so it went, in industry after industry-shrewd, efficient businessmen building empires, choking out competition, maintaining high prices, keeping wages low, using government subsidies

    Industrial capitalist porky-happy

    (Before they realise the US still has no real industrial capacity)