Tuesday, October 17, 2006

Take that, China

I say Wal-Mart is great for America:

Wal-Mart Stores Inc. is bidding about $1 billion for a chain of 100 hypermarkets in China in a deal that could vault it ahead of competitors to become the country’s biggest food and department store network, reports said Tuesday.

Wal-Mart plans to buy the hypermarkets from Trust-Mart, a Taiwanese company, The Wall Street Journal said, citing people familiar with the transaction.

The Financial Times, citing people close to the negotiations, said Wal-Mart had emerged as the leading bidder for the chain but said no agreement had been reached. The New York Times reported that Wal-Mart expects to close the purchase by the end of the year, but still needs government approval.

The Chinese aren't going to take us over; Wal-Mart is.

4 comments:

Matt said...

Walmart already has taken us over... a loooonnnggg time ago. They've destroyed the look of small towns, put small businesses everywhere out of business and have contributed in destroying regular jobs (particularly manufacturing) for middle class americans. Yea they're great! I'd sell my soul for 20 pairs of tubesocks for 3 bucks anyday!

k2aggie07 said...

Don't jump on the Democrat anti-Wal-Mart bandwagon. Their attempts to smear that company are so transparently pro-Union oriented its pathetic.

Thats capitalism for you. If you don't like it, don't shop there. Bottom line is, people like their low prices.

For more on why anti-WalMart idiocy is anti-American, see my earlier post here.

Matt said...

I'm sorry, that's just the nature of my political stance on things. I'm extremely pro-union, you are 100%, no questions asked supportive of free-market capitalism. You believe in gunning for the bottom line in everything, you believe in efficiency and competition. I think that's all great, but I wouldn't sell my soul for it. That's what I think is happening today, I think we're selling our American soul for amazingly cheap tubesocks. The look of our towns are going down the toilet, we're trading our small businesses for some plastic, big huge white store that sells cheap crap thats made everywhere but here in the U.S. They pay their employees immorally low wages, while destroying high paying manufacturing jobs and jobs in small businesses within 20 miles of wherever they set up shop. It's not illegal, it's just wrong and unfortunate.

k2aggie07 said...

They pay their employees immorally low wages, while destroying high paying manufacturing jobs and jobs in small businesses within 20 miles of wherever they set up shop.

In a free market economy there is no such thing as immorally low wages. Wal-Mart cannot force people to work there. If anything, Wal-Mart must, but the very nature of the beast, pay competitive or better wages than the surrounding stores to get employees -- why else would anyone work there? Use your head, not your heart.

Wal-Mart is not destroying those businesses, either. They're destroying themselves by not being competitive. Wal-Mart is helping the American consumer by buying from the lowest bidder. If the manufacturers of goods can't keep up, how is that Wal-Mart's fault?

Flip the circumstances -- would you take a pay cut to help your neighbor stay in business? When you've got a family to feed? Why should Wal-Mart, or anyone who works for them?

I don't have a particular problem with unions, incidentally. I think there needs to be a balance, though. The workers need power, but so do the businesses. Otherwise the system breaks down -- see GM right now. Too much power in the unions, and the company goes plop. In GM's case, perhaps the employees are the biggest losers, no?