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Wayne Doubletree Resident (138.26.199.131) on 12/12/2018 - 2:16 p.m. says: ( 354 views , 5 likes )

"Had enough winning yet? The lack of Treason-trade reaps what it sows . . . "

https://reason.com/blog/2018/12/12/us-steel-stock-has-dropped-50-percent-si

President Donald Trump's steel tariffs were intended to prop up domestic steelmakers by raising the price of imported steel. American steelmakers were strong advocates for the tariffs and exercised significant influence over their implementation.

How's all that working out?

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Charlie Bilello ✔@charliebilello

US Steel closed at a 17-month low, down 57% since the Tariff announcement back on March 1st. $X

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As Charlie Bilello, director of research for New York-based Pension Partners, pointed out on Twitter this week, U.S. Steel's stock price has collapsed by more than 50 percent since early March, when Trump announced plans to place new taxes on imported steel. Since the tariffs were officially implemented on June 1, U.S. Steel has seen its stock price fall from $37 to less than $21 at noon on Wednesday. The current price represents a 17-month low.

(snip)

U.S. Steel is hardly alone in seeing its stock price slide despite help from the federal government. Here's the stock pricesof five major American steel producers since March 8 of this year.

Source: Nasdaq.com stock comparison

"Of the 13 stocks in the S&P 1500 steel sub index, all but one are down year to date by an average of nearly 25 percent," Barron's notes this week, adding that the real problem facing all these companies is that "steel is very much a global market. The U.S. is 'short' steel. Even with domestic mills running at about 80% of capacity the U.S. needs to import about 30 million tons of steel."

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"The authority of government, even such as I am willing to submit to — for I will cheerfully obey those who know and can do better than I, and in many things even those who neither know nor can do so well — is still an impure one: to be strictly just, it must have the sanction and consent of the governed. It can have no pure right over my person and property but what I concede to it. The progress from an absolute to a limited monarchy, from a limited monarchy to a democracy, is a progress toward a true respect for the individual. Even the Chinese philosopher was wise enough to regard the individual as the basis of the empire. Is a democracy, such as we know it, the last improvement possible in government? Is it not possible to take a step further towards recognizing and organizing the rights of man? There will never be a really free and enlightened State until the State comes to recognize the individual as a higher and independent power, from which all its own power and authority are derived, and treats him accordingly. I please myself with imagining a State at least which can afford to be just to all men, and to treat the individual with respect as a neighbor; which even would not think it inconsistent with its own repose if a few were to live aloof from it, not meddling with it, nor embraced by it, who fulfilled all the duties of neighbors and fellow-men. A State which bore this kind of fruit, and suffered it to drop off as fast as it ripened, would prepare the way for a still more perfect and glorious State, which also I have imagined, but not yet anywhere seen."

Had enough winning yet? The lack of Treason-trade reaps what it sows . . . Wayne 12/12/2018 - 2:16 p.m.


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