DagwoodIII@piefed.social 1 day ago
Blame Reagan.
A big part of deregulating banks back in the 1980s was shifting away from expensive manufacturing to cheap financial services. Instead of investing in bringing US factories back, Reagan’s polices sent the actual work overseas and left management here.
You get that when deregulating one area at the expense of even further strangling others with regulations (a regulation keeping an oligopoly or a protectionist one is still regulation).
BTW, the most common visible problem of libertarian models. They get the absolutes right, but ignore the relative. This means that those following them ignore transient processes, and the model breaks halfway.
And MAGAs will say Trump will fix this with the tariffs.
Because Regan was the President of China when capitalism was enshrined.🙄
goferking0@lemmy.sdf.org 1 day ago
And dodge brothers vs Ford forcing corps to only be for shareholders value
en.wikipedia.org/wiki/Dodge_v._Ford_Motor_Co