Relevant and even prescient commentary on news, politics and the economy.

Employment by community size

Brookings Institute points us to:

Big, techy metros like San Francisco, Boston, and New York with populations over 1 million have flourished, accounting for 72 percent of the nation’s employment growth since the financial crisis. By contrast, many of the nation’s smaller cities, small towns, and rural areas have languished. Smaller metropolitan areas (those with populations between 50,000 and 250,000) have contributed less than 6 percent of the nation’s employment growth since 2010 while employment remains below pre-recession levels in many ‘micro’ towns and rural communities (those with populations less than 50,000).

Two graphs demonstrate part of the geography of markets and growth. Of course even the 1 per cent metros have divergent economic trends within them. The graphs make useful visualizations for discussion. Market forces are unlikely to change this on its own even if it is considered a problem generally:

Employment growth by size

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Michigan’s Lame Duck Republican Legislature

Michigan Electablog “Lame Duck Republican Majority at work in Michigan.”

Accrued Sick Time: This was one of the proposals not allowed to go to the ballot. Why? Because if it passed and it would have, Repubs would have needed 2/3rds vote to overturn it. Instead they passed it before November 6th and now they are altering it by taking coverage responsibility from over 93% of Michigan’s firms. The threshold for exemption from the law was raised from 5 in the proposal to 50 in proposed legislation.

Out of 173,309 businesses in Michigan, 162,003 firms have fewer than 50 employees.

The amount of required leave will be cut in half from 72 to 36 hours. It will also take hundreds of hours of work to accrue a few days of leave as employees must work 40 hours to earn an hour of leave instead of the 30 established in the citizens-backed initiative.

One Fair Wage: Michigan Senate Republicans voted to gut the minimum wage increase.

An amendment to the minimum wage increase passed earlier this year to deny voters a chance to vote on the citizens-backed initiative as a Proposal. Instead Senate Bill 1171 will add eight years to the deadline for increasing the minimum wage to $12, from 2022 to 2030. Tipped workers will be hurt the most with their pay capped at $4 an hour.

Unions: In an effort to stop union leaders from being able to take paid leave to do their jobs as union stewards, etc. Republican Senator Marty Knollenberg introduced Senate Bill 796. Democratic Senator Vincent Gregory had this to say about the bill:

“Bills like this only serve one purpose, they are just another step in the systematic destruction of unions and workers’ rights. Union leave time arrangements are an efficient, cost-effective way to quickly resolve employee disputes, disciplinary issues and other matters, and they help not just workers but also management.”

Puppy Mills: State legislators are working to protect puppy mills by ensuring they can continue to sell puppies to Michigan pet stores. House Bills 5916 and 5917 narrowly passed the Michigan House of Representatives last Thursday. It now goes to the Senate.

Ohio based Petland is the backer of these bills. Over 280 localities across the country have passed laws to prohibit the sale of puppies in pet stores, in order to protect animals and consumers. Petland has gone state-to-state lobbying lawmakers to shield the corporation from local regulation. In the past two years, they have failed in Florida, Georgia, Tennessee, and Illinois.

Recycling aluminum and PET. District 17 House Representative Joseph Bellino:The bill removes aluminum and PET plastic away from community-based recycling systems. Rerouting these materials into local recycling programs would provide the boost recyclers need to sustain their programs and expand access to even more communities.”

What he fails to say is that ALL of the returned containers are now recycled. If the 1976 “Bottle Bill” is repealed, many of those returned containers would end up in landfills.

Wetlands: Michigan State Republican Senator – Escanaba Tom Casperson proposed Senate Bill 1211 redefining which wetlands require state Department of Environmental Quality permission to modify or fill and doubling the size threshold at which regulation is required, from 5 acres to 10 acres.

Senate Bill 1211 would remove 70,000 wetlands statewide from protection totaling about a half-million acres. In most Michigan counties, it would include about half of their remaining wetlands. These wetlands, lakes and streams can be filled, dredged, and constructed on without a permit according to Tom Zimnicki, agriculture policy director for the Michigan Environmental Council.

Mackinaw Tunnel: Lame Duck Republican Gov. Rick Snyder struck a tunnel agreement in October with the Canadian oil transport giant. The company would pay to build a $350-million tunnel beneath the straits that would encase a replacement pipeline to prevent a spill and allow the existing line to be decommissioned. The state is also expected to kick in $4.5 million in infrastructure costs for the tunnel.

To bypass environmental approvals and accelerate required land condemnation, Snyder wants the tunnel overseen and owned by the Mackinac Bridge Authority.

• Finally, Staff Allocations: Newly elected Democratic Senator Jeff Erwin revealed; Democratic members of the state Senate are given $129,700 plus two staff benefit packages (for two staff members.) Republican senators, in sharp contrast, are given $212,700 plus four staff benefit packages (for FOUR staff members). Democratic Senators get HALF of the staff and 61% of the financial resources of Republican Senators to run their offices.

These allocations are hold overs from the budgets created by outgoing Senate Majority Leader Arlan Meekhof. According to Irwin, legislative staff salaries range from $25,000-$75,000 with some exceptions. “As a minority member, I have learned, we can buy benefit packages from the Senate business office and squeeze a third staff member into that budget as long as the salaries are less than the total,” he told me.

I guess we will have to pound them into the ground again.

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North Carolina and Wisconsin

Persuasive Case of Voter Fraud and Republicans Do Not Care North Carolina: The first public indication things were not right in Bladen County occurred weeks ago. The North Carolina State Board of Elections did not certify the results of the closely watched 9th Congressional District race. Republican Mark Harris appeared to defeat Democrat Dan McCready by just 905 votes.

Atlantic Staff Writer: David A. Graham “A congressional race in North Carolina suggests that the likeliest threats to the integrity of elections are not the ones GOP lawmakers are addressing.”

Documents released by the NCSBE on Tuesday revealed a political-consulting firm contractor for the Harris campaign had requested almost 600 absentee ballots in Bladen County. According to reporters and in sworn affidavits, Dowless had a team of workers going around collecting absentee ballots from voters, a violation of state law. The affidavits also allege, the Harris campaign workers helped to complete ballots for voters, another violation of the law.

Both Bladen and Robeson Counties had an unusually high number of unreturned absentee ballots indicating they were collected by someone and never turned in. It is unclear to the extent whether these workers were aware they were breaking the law. Harris’s campaign says he was unaware of any illegal activity. The Harris campaign and Red Dome consulting firm, Red Dome received NCSBE subpoenas.

Dowless was hired to get the vote out, and he got results. More absentee votes came in by mail from Bladen County than any other county in the 9th district. Bladen was also the only county in the district where Harris beat McCready in mail-in votes. even though the district’s party registration leans Democratic.

Republicans Stymie Democrats in After the Election Wisconsin: In the early-morning hours Wednesday, Republicans in majority control of the Wisconsin legislature carried out their plan to neuter the Democrats who were elected to office in November.

In party-line votes, Republicans passed legislation to limit the ability of the incoming governor (Tony Evers) and the new attorney general, (Josh Kaul), to deliver on their campaign promises of protecting the ACA, expanding infrastructure spending, and overhauling the state’s economic-development agency. The Republican legislature scaled back early voting in Wisconsin. They shifted power from the state’s executive branch to be administered by Democrats in January back to the Republican legislature.

In Lame Duck session, Republicans did all this over the protests of demonstrators who swarmed Madison and those of Democrats. Republicans did little to dispute what Democrats called a power grab.

In both North Carolina and Wisconsin, let alone Georgia and Florida; the battle over voting and aftermath election practices is still going on today. More on Michigan.

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Is the “Green New Deal” a Marxist Plot?

At the CEPR blog, Beat the Press, Dean Baker and Jason Hickel are debating degrowth. Dean makes the excellent point that “claims about growth” from oil companies and politicians who oppose policies to restrict greenhouse gas emissions, “are just window dressing.” I also agree, however, with the first comment in response to Dean’s post that his point about window dressing could be taken much further.

I would add that economic growth is window dressing for what used to be referred to much more aggressively as “man’s triumph over nature” or the “control of nature.” Climate change deniers are more forthright about this connection between aggression and so-called growth: “Is “Strive on — the control of nature is won, not given” a controversial statement? What does it mean for science if it is?” asks Linnea Lueken at the Heartland Institute website.

Scattered throughout his writings, Donald Winnicott made fleeting but intense criticisms of “sentimentality.” “Sentimentality is useless for parents,” he remarked in a 1949 article on the analysis of psychotic patients, “as it contains a denial of hate, and sentimentality in a mother is no good at all from the infant’s point of view.” The inference he drew from this observation was that “a psychotic patient in analysis cannot be expected to tolerate his hate of the analyst unless the analyst can hate him.”
In a 1946 article on the treatment of juvenile delinquents, he warned against “one of the biggest threats” to the use of psychological methods in the management of young offenders was “the adoption of a sentimental attitude towards crime:

If advances seem to come but are based on sentimentality, they are valueless; reaction must surely set in, and the advances had better never have been made. In sentimentality there is repressed or unconscious hate, and this repression is unhealthy. Sooner or later the hate turns up.

The most thorough discussion by Winnicott of his aversion to sentimentality is probably his 1939 article, “Aggression and its roots.” As it is only three paragraphs, I quote it in its entirety:

Finally, all aggression that is not denied, and for which personal responsibility can be accepted, is available to give strength to the work of reparation and restitution. At the back of all play, work, and art, is unconscious remorse about harm done in unconscious fantasy, and an unconscious desire to start putting things right.

Sentimentality contains an unconscious denial of the destructiveness underlying construction. It is withering to the developing child, and eventually it can make him need to show in direct form destructiveness which, in a less sentimental milieu, he could have conveyed indirectly by showing a desire to construct.

It is partly false to state that we ‘should provide opportunity for creative expression if we are to counter children’s destructive urges’. What is needed is an unsentimental attitude towards all productions, which means the appreciation not so much of talent as of the struggle behind all achievement, however small. For, apart from sensual love, no human manifestation of love is felt to be valuable that does not imply aggression acknowledged and harnessed.

He might well have added, “And I’m not so sure about sensual love.”
This all may sound somewhat arbitrary and speculative but actually it is a very compressed and jargon-free application of Melanie Klein’s developmental theory of the self. What Klein referred to as the depressive position involves an infant’s feeling of “guilt” — or in Winnicott’s less extravagant terminology, “concern” — about its aggressive fantasies toward its mother. In Klein’s rather lurid account of the infant’s aggressive fantasy:

The phantasied attacks on the mother follow two main lines: one is the predominantly oral impulse to suck dry, bite up, scoop out, and rob the mother’s body of its good contents.… The other line of attack derives from the anal and urethral impulses and implies expelling dangerous substances (excrements) out of the self and into the mother.… These excrements and bad parts of the self are meant not only to injure the object but also to control it and take possession of it.

Whether or not the infant has such unconscious aggressive fantasies about the mother’s body, Rex Tillerson, when he was CEO of Exxon, expressed similar, fully-conscious ones, “My philosophy is to make money. If I can drill and make money, then that’s what I want to do…” Robert White-Stevens, the corporate-designated nemesis of Rachel Carson following the publication of Silent Spring, exemplified the “control of nature” faction of science:

Miss Carson maintains that the balance of nature is a major force in the survival of man, whereas the modern chemist, the modern biologist and scientist, believes that man is steadily controlling nature.

White-Stevens’s vision of a “feeble creature” penetrating “every corner of the planet,”  and “contest[ing] the very laws and powers of Nature, herself,” could have been written as a Kleinian parody of the of the infantile arrogance of scientistic triumphalism:

Within the past 100 years, man has emerged from a feeble creature, virtually at the mercy of Nature and his environment, to become the only being which can penetrate every corner of the planet, communicate instantly to anywhere on earth, produce all the food, fiber, and shelter he needs, wherever he may need it, change the topography of his lands, the sea and the universe and prepare his voyage through the very arch of heaven into space itself.

This is the stuff that science is made of, and man has learned to use it. He cannot now go back; he has crossed his Rubicon and must advance into the future armed with the reason and the tools of his sciences, and in so doing will doubtless have to contest the very laws and powers of Nature herself. He has done this already by expanding his numbers far beyond her tolerance and by interrupting her laws of inheritance and survival. Now, he must go all the way, for he cannot but partially contest Nature. He has chosen to lead the way; he must take the responsibility upon himself.

But I digress. What does all this have to do with economic growth? Again, as Winnicott explained, “aggression that is not denied, and for which personal responsibility can be accepted, is available to give strength to the work of reparation and restitution.” However, “[i]n sentimentality there is repressed or unconscious hate, and this repression is unhealthy. Sooner or later the hate turns up.” Indeed, the hate does turn up at the Heartland Institute, where the “Green New Deal” is exposed as the “Old Socialist Despotism.”If it fails to acknowledge the primitive aggression of “man’s triumph over nature” that lies beneath the reparation of adopting environmentally-friendly policies, the debate between degrowth and green growth risks descending into sentimental bickering about the window dressing in the hotel on the edge of the abyss.

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A Letter to Michigan Governor Rick Snyder

Governor Rick Snyder:

I would ask you to block any legislation from the Michigan Lame Duck Legislature which would overturn the will of the constituents as determined through the November 6th vote or endorsed by petition and thereby blocked from being placed on the ballot due to deliberate legislative action passing it in the Michigan House and Senate pre-November 6th. As you already know proposals passed through elections require a two-thirds legislative vote to overturn them or alter.

It bothers me to have to write to you and urge you to block something which will subvert the will of your constituents in favor of a political party and which should also be very apparent to our State Senators and Representatives. I should not have to pen this email to you as they should know by now which is the more important of the two choices . . . we the constituents who they “should represent” in the Michigan State House/Senate or a gaggle of special interests such as big business, PACs funded by the Koch Brothers etc., or the 1% of the Household Taxpayers making greater than $500,000 annually in income. It was far greater than 51% of those who voted favorably in this last election for the proposals. It was those who also signed petitions to place other proposals on the ballot which were deliberately blocked and passed by legislative action in the State Legislature so they could later be overturned or changed in Lame Duck session. Do not allow the Legislature to:

– Change the intent of the Michigan One Fair Wage initiative by delaying and diminishing an increase in the minimum wage, something which came about as a result of a constituent Initiative.

– Change the intent of the Michigan Time To Care initiative by delaying and decreasing the amount of a worker’s earned sick leave, something which came about as a result of a constituent Initiative.

– Weaken the authority of the Michigan State Attorney General to bring suit or interfere with the Michigan Courts.

– Weaken the authority of the Secretary of State in monitoring elections and associated practices within Michigan.

– Block the new, popularly elected, State of Michigan Governor by diminishing the authority of the position making it less than what it is today under yourself.

I am adding my voice to the tens of thousands in Michigan calling upon you to act responsibility in representing us the constituents of your state and veto any and all changes to the recent proposals passed through a vote and those deliberately passed through legislative action (to be overturned after the election) before the November 6th election and endorsed by petition.

Thank you for your time and consideration.

Regards,

run75441

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Mourning The Death Of The New World Order

Mourning The Death Of The New World Order

 I think this is behind the apparently bipartisan and intense outpouring of mourning over the death of 94 year old George H.W. Bush, indeed with some of this even being for the broader post-World War II era in which the US predominated over the world.  Bush was president when the long Cold War with the former Soviet Union came to its end with the victory of the US and the breaking up of the USSR, as well as being the last president to have been a veteran of WW II, and a highly decorated one at that, leaving only Bob Dole as a major political figure still alive who is a veteran of that increasingly distant war that ended with the US clearly on top of the world economically and politically.  While the Bush family has reportedly promised to avoid criticism of President Trump at later today’s funeral, who will attend if not deliver a eulogy, it is both the personal contrast between Bush and Trump that is propelling this high level of mourning, the general personal decency of Bush with the utter lack of any on the part of Trump, but Trump’s role in apparently pushing forward the dissolution, or at least serious weakening of that order that Bush supposedly oversaw the beginning of it at the end of the Cold War, a period when the US moved into a position of complete leadership with Francis Fukuyama even declaring that we had come to the “end of hisotry” as western-style liberal democracy seemed to sweep all before it.

For all of his personal decency and moderation, as well as his generally capable and cautious handling of foreign affaris, Bush can be criticized for many things, mostly regarding domestic matters.  He opposed the Civil Rights Act at the time it was being considered, although he later regretted that.  His campaign ran the infamously racist Willie Horton ad when he ran for president in 1988.  He ignored his own warnings about how Reagan’s claim that he could cut taxes, increase defense epending, while reducing the budget deficit amounted to “voodoo economics,” to join the Reagan admininistration as vice president and then promise “read my lips, no new taxes” while running in 1988.  Of course he damaged himself politically by violating that promise in a budget deal in 1990 that involed raising taxes, with this preceding an economic downturn that led to his defeat by Bill Clinton in 1992.

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Amazon Wins!!!

(Dan here….better a little late than not…)

by Kenneth Thomas  

Amazon Wins!!!

Well, what did you expect? With 238 entrants and 20 finalists, the Amazon HQ2 location tournament resulted in a resounding victory for Amazon: Billions of dollars in subsidies and binders full of detailed information on the contestants. Plus, we got a surprise twist at the end, when Amazon announced it would choose two “headquarters” instead of one. Of course, I never thought that having two headquarters made economic sense (“Doesn’t that defeat the idea of a headquarters as a central coordinating site?” I asked last year), and the same is even truer when you have three “headquarters.”

Leaving aside how Amazon plans to coordinate three headquarters’ operations, the subsidies boggle the mind and insult our intelligence. Let’s lay out what we know about the subsidies so far, remembering that there are other subsidy elements that are likely to be discovered as things play out. That is what happened with Foxconn, for example: Its subsidies in Wisconsin were originally reported as $3 billion in state subsidies plus local tax increment financing (TIF). By June of this year, Good Jobs First was reporting that further subsidies plus a huge TIF award brought the total to $4.8 billion (Megadeals spreadsheet, June 2018 update; download here). Something is likely to up the total incentives Amazon will receive, above what we know today.

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Trump More Seriously Kowtows To MBS

Trump More Seriously Kowtows To MBS

 We have already seen the spectacle of Trump simply dismissing the reported CIA conclusion that Saudi Crown Prince Mohammed bin Salman (MbS) ordered the gruesome murder and dismemberment of journalist Jamal Khashoggi (“Maybe he did, maybe he didn’t”)  He has put forward silly excuses for this: low oil prices! (nonexistent) hundreds of billions of dollars of arms deals!  Key to the anti-Iranian coalition!  Oh, and also supposedly key to Israeli-Palestinian peace, this last especially ridiculous since Trump supported moving the US embassy to Jerusalem, wirh Saudi King Salman himself intervening to denounce that.  Of course most of us suspect that his willingness to spout off on all this stuff has a lot to do with money personally flowing to him and Jared Kushner, quite aside from the sword dance and orb and all that stuff they showered him with on his first foreign trip as president.  But now we are seeing a new and more disgusting level of kowtowing to MbS and the Saudis.

This has to do with the war in Yemen.  Juan Cole reports that the US is blocking a UN Security Council resolution proposed by Britain and supposedly supported by all the other nations in it for a ceasefire around the Yemeni port of Hodeida.  This is the port through which most supplies go to the Houthi-controlled areas in the northern part of Yemen, including the nominal capital, Sana’a.  The official government, now operating out of Aden to the south, the former capiral of the formerly separate South Yemen, a Sunni govenment backed by the Saudi and UAE, has been attacking Hodeida, apparently hoping to conquer it and cut off supplies to the Houthis with the intention to starve them into submission.  Even though many in the US DOD and Congress, including many GOP senators, have become increasingly unhappy with the Saudi bombing campaign against the Houthis, and the US has apparently ceased aiding the refueling of the Saudi bombers, although apparently they do not need the US assistance on this.  Reportedly we are still providing crucial intel in support of this bombing campaign, which has led to many civilian deaths, and the population is also reportedly on the verge of famine, as well as suffering from a cholera epidemic.

The UNSC proposal is for a ceasefire around Hodeida, but MbS reportedly “threw a fit” when he learned of this proposal, which apparently includes wording that is very supportive of the Saudi-backed government in Yemen and critical of the Houthis. But MbS wants no halt to the campaign to conquer Hodeida and starve the Houthis and those in their territories.  So, Trump has kowtowed to this “fit,” and is apparently blocking the proposal, despite it coming from the British and containing anti-Houthi language.  There have been reports that MbS has said that he has Jared Kushner “in his pocket,” but it is now screamingly clear that this nauseating murderer also has President Trump “in his pocket” as well.

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Aetna and CVS Merge

Nearly one year after agreeing to merge in a bid to reinvent healthcare for Americans, CVS Health and Aetna sealed the deal on Wednesday, bringing together one of the nation’s largest pharmacy chains and one of the largest health insurers.

CVS Health President and CEO Larry Merlo: “Today marks the start of a new day in health care and a transformative moment for our company and our industry. By delivering the combined capabilities of our two leading organizations, we will transform the consumer health experience and build healthier communities through a new innovative health care model that is local, easier to use, less expensive and puts consumers at the center of their care.”

Despite warnings from provider groups, patient advocates, economists, and antitrust experts of the combination harming competition and patients, the $69 billion merger scored approval from U.S. Justice Department antitrust enforcers and insurance regulators in 28 states. On Monday and surprisingly for me those regulators who always appear to be going after someone of some business, New York regulators became the last to sign off on the deal.

This is another example of the healthcare enterprise, big business, etc. getting ready for government sponsored single payer, Medicare-for-all, public option, etc. (whatever you wish to call it) having the power to negotiate pricing/costs of delivered healthcare if legislators actually decide to have such power. Otherwise, it becomes a simple cost shift to the government which will result in higher taxes and uncontrolled costs for healthcare which can be had for far less cost in our equivalent European neighbors countries. Other bloggers and many readers here and other places are used to calling out for these popular memes without definition.

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CSX Slowly being Disassembled by Mantle Ridge Hedge Fund

CSX connects most major U.S. cities east of the Mississippi River. Since 2017, the railroad has laid off 6,000 employees, cut back on capital spending, and slashed the number of trains it runs and discontinued hundreds of the routes it serves.

Together CSX and Union Pacific serve major U.S. cities west of the Mississippi River and together they discontinued service on 197 out of 301 cross-country routes that the two rail giants partnered on in September 2017.

The results of these actions leaves shippers who want to send goods across the country no “direct” means to send a container by rail from Houston to Baltimore. Instead, CSX will take the container as far as Chambersburg, Penn. And the rest of the way will be by a container trucker going the remaining 77 miles to Baltimore. The same exists if the shipper uses Norfolk Southern. Norfolk will take the container only as far as Harrisburg, Penn. And the container will be transferred to a container trucker for the balance of the 76 miles to Baltimore.

Why would CSX owners do this when the need still exists? The cost cutting brings short-term profits and a soaring stock price. Between the beginning of 2017 and the end of this year’s third quarter, CSX labor expenses declined by 18% and the value of its stock rose by 106 percent. Rather than increase the price on its route, CSX can maximize profits and minimize capital and maintenance costs by cutting service in the aggregate. The cut in Labor cost is just an add on when compared to the cuts in Overhead costs.

Side Note: So much for common carrier and public utility laws. “The term utilities can refer to the set of services provided by these organizations consumed by the public: Coal, electricity, natural gas, water, sewage, telephone, and transportation. Broadband internet services (both fixed-line and mobile) are increasingly being included within the definition” while a “common carrier offers its services to the general public under license or authority provided by a regulatory body. The regulatory body has usually been granted ‘ministerial authority’ by the legislation that created it. The regulatory body may create, interpret, and enforce its regulations upon the common carrier (subject to judicial review) with independence and finality, as long as it acts within the bounds of the enabling legislation.”

E. Hunter Harrison is the man who figured out how-to pump-up profits by cutting service. Over the course of his career at the Illinois Central, Canadian National, and Canadian Pacific Railways; Harrison implemented his trademark program: “precision scheduled railroading.” Besides cutting capital (engines, cars, etc.) Overhead (maintenance of equipment, facilities rail beds, costs associated with Labor, etc.) and Labor costs; precision scheduled railroading means less service, fewer and longer trains, fewer routes, and ignoring some major cities.

Side Note: This is the same type of cuts in service many politicians and competitors of the USPS are pushing for today. Railways like the postal service are utilities and are vital to the community. The purpose of both mail and railroads was to provide a service as a public utility. Railroads being granted exclusivity for certain routes and governed by common carrier law. Someone is purposely asleep at the switch and abating the destruction of infrastructure.

Why would CSX cut service drastically? Hedge fund Mantle Ridge and founder and CEO Paul Hilal. Mantle Ridge had and still has only one investment, an initial $1.2 billion stake in CSX stock purchased in late 2016. The $1.2 billion is now worth nearly $3 billion as of the last quarter. In January 2017 with Mantle Ridge’s investment, Hilal pushed CSX to hire his partner Harrison and implement precision schedule railroading (nothing to do with schedules and more to do with providing service).

CSX agreed to Hilal’s demands. Shareholders salivated at the thought of Harrison boosting CSX’s profits right into their pockets and showed large support for Harrison’s leadership at CSX. Harrison saying that “shareholders took a much more active role than I’ve ever seen before. They wanted change.”

Of course, they wanted change at CSX for short term profits or rent taking. They will leave CSX a shadow of its formal self. The loss of the necessary infrastructure promoting the transportation of goods in the US will be born by its citizens in increased costs and impinge upon national security.

On a similar note and action . . . October 15, 2018 Sears faced a deadline for payment of $134 million on its debt. It didn’t have the money, so it filed for protection from its creditors. Eddie Lampert — the largest shareholder in the company, with nearly half its shares — stepped down as CEO. Another corporate pirate who will strip the assets of the company and leave Sears a shell of its former self.

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