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| Re: Some facts about Mitt Romney (946838) | |||
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Re: Some facts about Mitt Romney |
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Posted by Train Dude on Mon Jun 4 18:53:47 2012, in response to Re: Some facts about Mitt Romney, posted by bingbong on Mon Jun 4 18:40:25 2012. Yes and I guess that Bain also went into Bethlehem and colosed that venerable institution as well. You, once again are portraying the extremist liberal version of Georgetown Steel to further your own political ends perhaps this might shed another light on the subject."Let's start with Georgetown Steel, Bain's South Carolina foray into the steel industry. The story of steel starts over a century ago. Steel production had been one of the great engines of American industrial growth in the late 19th and early 20th centuries. U.S. Steel, founded in 1901 as a consolidation of several mid-sized manufacturers, quickly became the largest producer of steel in the world, and was the first corporation in history with a market capitalization of more than $1 billion. In the aftermath of the New Deal, however, labor unions began to flex their muscles. In 1959, the United Steelworkers of America launched a devastating nationwide strike that shut down 85 percent of all U.S. steel production for four months. As a result of the effects that the strike was having on the national economy, and even on the nation's military capabilities, President Eisenhower invoked the Taft-Hartley Act, and forced the union to end the strike. While Eisenhower's move appeared to be a setback for union power, unions were able to extract significant concessions from the steel industry, such as automatic annual wage increases and new pension and health benefits. This outcome was to have long-term consequences for steel manufacturing in the United States. Beginning in 1959, American consumers of steel, such as the automakers, resolved to become less vulnerable to future disruptions in their supply of raw materials. For the first time, they began importing steel from abroad in significant quantities. They found that steel from emerging economies like Japan and South Korea was just as good as American steel, but much cheaper. " So there you have it - .............. |
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