U.S. Liquidating its Best Companies
A country that produces nothing produces no wealth. The companies within a country are that country’s wealth producers. We allow our companies to be snatched up by foreign competitors on the open stock market. Over 16,000 of our best wealth producing companies have been auctioned off, and the U.S. has no authoritative government agency prohibiting the Great American Sell-off.
Of course there is the Committee on Foreign Investment in the United States (CFIUS), but it merely serves as a rubber stamp with no actual authority. CFIUS was created as an interagency committee to oversee national security implications of foreign investments into the U.S. economy, but it has only stopped one acquisition since its creation.
We are selling out and no longer own or control our own country. We are forced now to live on imports while incurring massive debts that can only be repaid through the sale of our wealth producing companies and assets. Very soon we will not even be able to protect or support ourselves.
Virtually all of our industries are available for sale to the highest bidder, even if that bidder resides in a country like China with a long history of cheating us in commercial competition. We have made almost no effort to restrain other countries from purchasing or bankrupting our industries.
RCA is now a French company, Zenith is a Korean company. Frigidaire is a Swedish company. IBM’s Personal Computer Division—with its 500 patents—is now a Chinese company. Westinghouse Nuclear Energy’s major shareholder is Toshiba—a Japanese Company. Lucent Technologies, a former research division of AT&T, along with all the patents acquired from the beginning of the phone system, is now a French company. In 2008, Brazilian-Belgian brewing company InBev purchased the iconic American brewer Anheuser-Busch, makers of Budweiser. With the sale of these manufacturing companies, the future profit and technologies all belong to foreign entities.
As we have become unable to produce enough for ourselves in America, we have outsourced our manufacturing to China, Japan and others. This is resignation; the realization that we are no longer competitive in the world and can no longer be a productive manufacturing nation. To add another nail to our manufacturing coffin, we send our political leaders to foreign countries to beg foreign manufacturers to produce in America (insource) so we can have labor jobs while they supply us with their technical expertise in their new factories that we help them build with subsides, tax abatements and other incentives—all at the expense of domestic manufacturers.
America must wake up to the facts: we are losing our nation, our wealth and our jobs to foreign competition. If these trends are not reversed, our way of life may be lost forever.
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We still have plenty of wealth to reverse the trend. Think about the money in Wall Street and Pension Funds. But those greedy people will let the country get divided and lose their money than do something about it. While Chinese prepare for seven generations, our plan is focused a quarter ahead.
The announcement that GM is now SELLING more cars in China than in the US should be alarming people, but it barely passed notice in the business pages. They are only paying attention because GM is about to issue an IPO and savvy investors could make a killing. Chinese production of GM cars is expected to increase, and some of those cars will be exported to the US for sale. For investors, this is a great deal. Not so much for the American workers who will continue to lose jobs to the much lower-wage Chinese.
Do not forget, the Chinese pension funds could buy up GM shares since they will be building most of the cars in China making GM as an American Company in the name only supported by the American People. Interesting…
Going..going..gone. Well it’s either they are sold or they will fold up themselves. I say it’s better to be sold.
Realist: I guess China is buying GM crap. I was a GM buyer for almost 40 yrs…no more. China will indirectly pay off their debt by buying their cars. Every time I see a GM or Chrysler product on the road, I know there is a dumb butt driving it.
This is definitely a worrying trend. America certainly has lost its edge to some of its closest competitors but that is just the way how free market forces work. If America were to protect its own companies, it will fall into the trap of becoming protectionist, and this is unbecoming of a capitalist democratic state.
Jane – Online Accounting Services
“Over 16,000 of our best wealth producing companies have been auctioned off, and the U.S. has no authoritative government agency prohibiting the Great American Sell-off.”
Well, you voted for Reagan. You bought in to the lie and said you didn’t want TEH GUM BINT! telling you how to do business. With the entirely predicatble result that you don’t have “stifling” regulations preventing top corporations being brought up by your competitors but you do have regs preventing small business from competing with those big bad boys… when will humans ever learn?