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Sears, at the top of its game, built a tower. It isn't called Sears Tower any more. In a moment of decline sears sold it. Because it was a liability, not to t
by zer00eyz 3y ago
Sears, at the top of its game, built a tower.
It isn't called Sears Tower any more.
In a moment of decline sears sold it. Because it was a liability, not to the company but to the stock price. Sears Tower was going to be bought at the bargain basement price of sears stock.
Hell all of the robber barons of the 80's (the gordon gekos) were doing the same thing. We're still doing it now with private equity. Only now there's nothing to sell so we're stacking debt on the companies.
You could have an anti capitalism rant here. It would not be productive. Stronger regulation, and different corporate structures are needed (See Mondragon). The latter is on everyone, myself included, CoOps aren't new in America. (See everything between the coast's that involves farming intersecting with CoOps.) We just need more of them in urban areas.
- AlbertCory 3y agoActually, the test of a true Chicagoan is, "Do you still call it 'Sears Tower' even though that's not its official name?" I don't live there anymore and even I know that.
- cpursley 3y agoI had a finance professor who once did a study that correlated the construction of new fancy new office building with a major decline in stock price. Hubris before the fall.
- cpursley 3y agoCounterpoint: Apple
- Supermancho 3y agoThat's not a counterpoint. It's a data point in a statistical correlation.
- worik 3y ago> You could have an anti capitalism rant here. Yes It is so obvious to anybody who looks at the diversity of human societies that mixed economies do much better than pure anything The proportion of the best mix is a cultural question
- sparky_z 3y agoI'm not sure exactly what point I'm making here, but I can't help but point out that Sears didn't build the tower themselves. They outsourced it.