Research Pit

[Jagman]

Waitedg, we are continuing to lose our manufacturing base. I began work out of college for Bethlehem Steel in 1968 and luckily moved on in 4 years. At that time the union guys were making twice as much as me and getting 13 weeks paid vaction a year. Also, after WWII, we poured money into Germany and Japan and built them state-of-the-art steel mills which ended up destroying our own steel industry. Now our auto companies (and others) can't compete with foreign companies that have the benefit of national healthcare and cheap labor. Our company CEO's were/are forced(?) to be short-sighted on earnings to keep the shareholders happy....Bethlehem Steel's home office plant had rolling mills that were built in 1919!!!! Capital expenditures didn't sit well with shareholders!!! Managers in Japan have 10 year or longer business/capital expenditure plans....

I don't know what the answers are for the USA in the new world economy....we are falling behind, IMO......