“I bought Stelco because I could not afford anymore having Stelco flooding the market here in the United States to the detriment of my own company,” he said.
Holy shit this right here. He admitted to buying it to remove competition. So his argument he had to close it to tariffs isn’t true. He always intended to fuck over canadians. Well, fuck this guy. Lets nationalize and then flood the US with competitive steel.
It used to be a crime. Still is. But neoliberal governments the world over have largely stopped enforcing anti trust. Which is unfortunate, as Joseph Stiglitz proved, corporations naturally manipulate information asymettry to the detriment of the market. Corporatism naturally kills the market and we need regulation to keep the competitive market working.
Those days are long gone meaning conservatives can no longer even pretend to be the ideological defenders of the market. They are blatant market manipulators.
He said he had to buy it as his steel was getting uncompetive. Selling at a loss exposes us to WTO and future partners will be hesitant. By simply producing steel ourselves at market rates it was already going to put him out of business.
I know the WTO should be a problem, but literally everything he’s done economically since gaining power has been illegal both with the WTO and with his own laws.
Not sure why this quote didn’t make the headline…
Holy shit this right here. He admitted to buying it to remove competition. So his argument he had to close it to tariffs isn’t true. He always intended to fuck over canadians. Well, fuck this guy. Lets nationalize and then flood the US with competitive steel.
Big companies have been doing that to competitors for my entire life.
The only new thing here is that he is admitting it publicly.
It used to be a crime. Still is. But neoliberal governments the world over have largely stopped enforcing anti trust. Which is unfortunate, as Joseph Stiglitz proved, corporations naturally manipulate information asymettry to the detriment of the market. Corporatism naturally kills the market and we need regulation to keep the competitive market working.
Those days are long gone meaning conservatives can no longer even pretend to be the ideological defenders of the market. They are blatant market manipulators.
The government doesn’t seem to be too happy about it now that he’s gone and admitted it: U.S. steel CEO’s ‘confessions’ for buying Stelco prompted government to call its lawyers: industry minister
Sure, till he “donates” a million to Trump or whatever. US law is dead and gone except to abuse the enemies of the right wing.
Fuck that sell it at a loss and ruin his company in the states.
They’d just keep adding tariffs though, which would prevent purchases.
He said he had to buy it as his steel was getting uncompetive. Selling at a loss exposes us to WTO and future partners will be hesitant. By simply producing steel ourselves at market rates it was already going to put him out of business.
I know the WTO should be a problem, but literally everything he’s done economically since gaining power has been illegal both with the WTO and with his own laws.
The game is over. The system no longer functions.
As we try to make deals with EU and ASEAN this is not true. The US is in a USSR style collapse. That does not mean the rest of the world is.