Robber Barons

         Robber Barons was a term used for U.S. entrepreneurs and financiers in the late 1800’s who created monopolies and made obscene amounts of money.  Many of their business practices were questionable and they treated their employees badly. 

        The Robber Barons were good in the fact that they moved the country into the industrial age. Oil, railroads, steel and other industries came of age and a few men created monopolies to control these industries. 

        John D. Rockefeller formed Standard Oil.  Andrew Carnegie made his money in steel.  J.P. Morgan was a acquisitions, mergers, and financier who made money with railroads, US Steel, and General Electric.  Cornelius Vanderbilt made his money in shipping and railroads.

        Some Robber Barons never produced anything or contributed to the economy.  They made their money through stock manipulation.  Jay Gould and James Fisk are a good example.  These men would be like today’s hedge fund managers who make fortunes and contribute nothing.

        The Robber Barons were ruthless, but not all bad.  Their philanthropic efforts were good for the country and some continue today, like the Rockefeller Foundation.  Carnegie built libraries all over the country.  J.P. Morgan even loaned the federal government money to bail them out when they were in trouble.  Today we have to borrow from Communist China.  We were better off with the Robber Barons.

        Our founding fathers knew of the danger of monopolistic powers whether they be state controlled or private enterprise. Monopolies can’t form or survive with out some help from the government.  The Sherman Anti-Trust Act was passed in 1890.  President Teddy Roosevelt eventually took on the Robber Barons and broke up their monopolies.

        Rockefeller, Carnegie, and Morgan didn’t want William Jennings Bryan to be president as he was totally against big business.  They pumped huge amounts of money into the 1896 Presidential campaign to elect William McKinley.  Many people thought the Robber Barons had bought the election.  

        The robber barons bought ads, paid bribes, and engaged in voter intimidation, but they did not promote actual voter fraud or stop free speech like today’s Robber Barons.

        Big tech companies are today’s Robber Barons, and they are much more dangerous than the Robber Barons of the 19^th century.  These companies have been given help from the federal government in several ways, including tax breaks and immunity from prosecution.

        Big tech companies like Amazon, Goggle, Twitter, and Facebook are like Russian oligarchs who want to run the country.  They buy politicians, elections, control free speech, and want to control what we think. 

        The country is in real trouble with our current Big Tech Robber Barons.  We must break them up and stop their tyranny.

 

Business Fits by Terry Oliver Lee is available on Amazon as an e-book or a paperback.     http://BusinessFits.com.