this post was submitted on 07 Jun 2025
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When's the last time the US nationalised something?
Racism. 1776.
The automotive manufacturers General Motors and Chrysler were partially nationalized in the wake of the 2008 Financial Crisis as were several banks... these were less a full government takeover and more of a government guided restructuring, but the government owned large stakes in these companies. Before that, the only full nationalization of anything substantial was the bankruptcy of the Penn Central Railroad and subsequent establishment of Consolidated Rail (branded as ConRail) the US's only national freight rail company.
Conrail was later privatized into what is now the private companies CSX and Norfolk Southern. The collapse of Penn Central was the largest bankruptcy in history until Enron in the 1990's. Amtrak, our national passenger rail corporation, is also a nationalized entity created around the same time as ConRail, for similar reasons, and is still nationalized (although the Trump admin wants to privatize it).
Didn't know about Amtrak. Interesting. Thanks
I think during world war 2. But things were worse then 15% unemployment and people still had massive economic leverage. I don't think the US government is nationalizing anything anytime soon now. Neither party will participate in it because they are in the pockets of the oligarchs.
Tiktok?
LOL You can't nationalise foreign companies.
You can do so to the local subsidiary
Tencent would never allow it.
Besides it's software, that has no subsidiaries.
If it were cars like BYD or Geely then maybe.
In this case there is nothing to steal.
The US has a sale-or-ban order in force right now, it is not up to Tencent, but the Taco King right now.
You must mean assets. I'm talking about the legal entity, that's what subsidiary means, a local US sub-company owned by the Chinese parent company. US Tiktok operations are owned by the local US subsidiary Tiktok Inc, incorporated in California, owned by Bytedance. That ownership relation is entirely regulated by US law.
$10 billion in US revenue, the market share and the cultural, societal and political impact of the platform is there for the taking.
Conrail?