Video shows dozens of oil tankers off L.A. coast with nowhere to go

[Jan van Eck + 7,558]

2 minutes ago, Douglas Buckland said:

Correct!!!!! Thanks Jan. All that I am trying to ascertain is if the US government ever actually nationalized an Ameri

Well, President Harry Truman did with the US steel industry.  I vaguely recall that it was during the Korean War.  The US military effort needed heavy steel for tanks and ships, that sort of thing, and no way was Harry going to put up with any delays in deliveries.  When problems arose, he simply seized the mills, a classic nationalization, or forced taking under duress.  The attempt was rebuffed by the US Supreme Court. 

Simply taking an industry from the owners without their participation, which you have in a bankruptcy with D-I-P financing, or without their consent, as in the case of the steel industry outlined above, is frowned on in the USA, not quite the way things are done as in say Cuba, where Fidel Castro simply nationalized the entire US oil industry  (apparently some refineries) without a penny in compensation.  That did not sit well with the Americans, and the last 7 or 8 presidents have held to this embargo, interspersed with the occasion invasion, of Cuba in response. I think Harry intended to pay for the steel mills to the owners, but he had not started on that project when the mills were returned, compliments of the Courts. 

The only way you could take a factory or mill or port or whatever by nationalization would be under some form of War Emergency Act, other than that, it never happens.  Those other examples, e.g. Conrail and GM, remember that managers and shareholders were in favor of the US Government injecting funds and taking over management, at least in part.  It was either that, or the creditors' sheriff!

[Eyes Wide Open + 3,555]

It is quite apparent most really cant grasp what has happened in this country little is being said about it. I sometimes get the impression most think of the US like a kool-aid stand open one day and gone to a new location the next. 

Look at that picture closely, it is a log jam of a logistics nightmare with no end in sight. RIght now every market segment is the US is pretty much in the same condition...Watch the govenors of the states try to contain unemployment they will be the first to experience a melt down and it will take only a month or two...Home mortgages..car loans....retail rental space...malls..The odd thing about this is there will be no check in the mail...it simply is not there.

In my lifetime i have never seen a situation where the customer is gone..just gone. To that point i can see Trump cutting off oil imports and far more than that. Actually if ones pays any attention to local current event even our food chain is now being shut down. Most of the meat packing/slaughter house are now being shut down..This event is not going well...One big LOG jam at every turn...Except Netflix..they have been a blessing in disguise...

Edited April 26, 2020 by Eyes Wide Open

[Jay McKinsey + 1,490]

4 minutes ago, Jan van Eck said:

The only way you could take a factory or mill or port or whatever by nationalization would be under some form of War Emergency Act, other than that, it never happens.  Those other examples, e.g. Conrail and GM, remember that managers and shareholders were in favor of the US Government injecting funds and taking over management, at least in part.  It was either that, or the creditors' sheriff!

Emminent Domain is the forced taking of private property and it happens with some regularity. 

Post office was a forced taking of an industry without compensation. Railroads and phone system in WW1 were taken control of by force. More recently the Savings and Loans and the airport security industry were taken by force.