'We supply the labor. And the tax breaks. Sometimes we supply the raw materials. The jobs we 'create' here, though have a limit to how high they go. Stock options and bonuses are mostly for people who live in other states, if not other countries.'
At the turn of the 20th Century, the Tennessee Coal and Iron company was a threat to the largest steel barons in the world, but a deal made in New York turned Birmingham's home-grown giant into a satellite for out-of-state corporations. Alabama has been repeating the same mistake ever since.
Unlike the Met or MoMA , the Frick Collection doesn’t take all day to see. The mansion-turned-museum is a two-hour tour.Henry Clay Frick had been one of the early executives with U.S. Steel. His business ventures with Andrew Carnegie and Andrew Mellon had made him one of the richest men in America.A New York bank had gotten stuck in a bind, having lent too much money with nothing for collateral but some stock in an upstart Southern steel company.
That mansion, that collection – we did that. But today we benefit from none of it, and I haven’t been able to stop thinking about it since we talked.Look at most major economic projects in this state in my lifetime — Mercedes, Hyundai, Honda, Mazda-Toyota. Manufacturing jobs are better than no jobs at all, but at some point, there’s a limit.
The college Coleman leads, Birmingham-Southern, might not survive. As I said before, it’s my school, too, so I’m pulling for it to succeed. But regardless of whether it does, Coleman’s point still stands.
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