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We’re rollin’ in the dough this week with a double dip of interesting business talk.
First up are Thomas Gryta and Ted Mann of The Wall Street Journal who look at the rise and fall of one of America’s iconic companies. In Lights Out: Pride, Delusion, and the Fall of General Electric, Gryta and Mann lay out the consequences that came from believing in the mythology GE created for itself.
Then we move from Wall Street to Main Street where Carol Roth (she of The Roth Effect found right here on Ricochet) talks about the biggest transfer of wealth in history in her new book, The War on Small Business: How the Government Used the Pandemic to Crush the Backbone of America (available on June 29th).
And congratulations to @PrestonStorm for taking home the coveted Lilek’s Post of the Week for his post “I Wish Libertarians Would Pick Better Battles and Heroes”
Music from this week’s episode: Taking Care of Business by Bachman Turner Overdrive.
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Great show this week. I highly recommend.
Great talk. What do you think, happens next for GE? Does it get broken up or does it lumber along soaking up government funding while shipping all industries to China?
Doesn’t GE still make (among) the best locomotive engines? Definitely worth having GE just for that, even if nothing else.
And congrats @prestonstorm although I think you should have won first for the power plant story.
I remember watching Wall Street Week with Louis Rukeyser in early 2000. A question was what major company in 1900 had done the best in the next 100 years. The answer was GE.
Conglomerates R us!
Now I can explain to my wife why her customer experiences with GE these past two years have absolutely sucked.
At least they’re still one of the few home appliance makers that isn’t just another front for Whirlpool. Gag.
Wait a minute, so free trade is central planning now? Has Carol Roth got on the protectionism train?
If Republicans had any brains, they would get lessons in how to think like Carol Roth and talk like her. She’s exactly right.
For many Americans, the GE brand instantly brings thoughts of light bulbs, washing machines, and kitchen appliances. They are likely unaware that most of the US Navy’s nonnuclear warships are powered by GE LM2500 gas turbine engines. These are a derivative of the GE CF6 aircraft engine. Generally speaking, a USN Aegis Cruiser/Destroyer and a Boeing 747 are propelled by a similar set of four GE turbine engines. So the future of GE is not just about coffee makers and other consumer goods.
The Reagan promise was “free trade among free peoples.” If you want to try to make the argument that the Chinese people are free have at it. I could use the laugh.
#SteveBannonIsRightAboutEverything
That’s fair. I am worried that protectionists are slipping in through legitimate concerns about China though. Maybe that’s just me.
I only remember her saying central planning in a pejorative sense.
Indeed.
Well what we’re being sold as ‘free trade’ is actually managed trade. Like the 1965 US-Canada Auto Pact which was instrumental in guaranteeing the survival of the Canadian auto industry – even if it was as branch plants for the big 3 auto makers. Eventually the Auto Pact would allow Canadian companies like Magma International to form. (founded in 1967 and became a multi-billion dollar conglomerate in its own right, supplying auto parts.)