Book your ticket to happiness with Sun Express Airlines. This is CBS, Isle of the World, I'm John Bachelor. U.S. Steel, part of the romantic

legacy of the United States of America. However, in the 21st century it is part of a

worldwide steel industry that continues to consolidate

depending upon the country and the WTO.

We come now to U.S. Steel and the fact that Nippon Steel of Japan, the fourth largest steel

maker in the world, has offered 14.1 billion dollars to acquire. Steel. What do the stockholders and the managers of U.S. Steel say? Yes! I welcome Professor Richard Epstein of the Hoover Institution, writing at defining ideas he teaches law at

NYU and the University of Chicago because after that yes came the part that I

don't follow yes said US Steel, said Nippon Steel. Yes, said everyone working for U.S. Steel, including

the unions, I think. However, the Biden administration said, wait a minute, hold on. First, national security and second,

a rumor that Nippon Steel was spending 14.1 billion dollars to shut down U.S. Steel.

A very good evening to you.

A yes by private property to a yes offer by private property.

How is this the business of the White House? Good evening to you.

Well in this country there's no such thing as private property so long as you have

the enforces of the antitrust law being able to run the show as they start to see fit.

And in this particular case, it may well be that the union workers at U.S. Steel think that this is a good idea,

but the unions generally think it's a poor idea

because Nippon is not somebody whom they control.

So they would rather the sale be made

to an American company, which is more decrepit than they're on sale and which they think

that they could preserve those jobs.

And this of course is exactly what Biden is always said.

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