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Andrew Carnegie

lines on the record: 35
first: 2019-05-26
most recent: 2019-05-26
sittings or episodes: 1
sources: podcast

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“Exist and they went bankrupt. And then from there, since there's a lot less people needing the very same materials Carnegie needed, he could then build his plant 25% less. And then we're going to get into one of I think this is one.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“For materials and labor caused by the economic downturn resulted in nearly 25% savings over the cost Carnegie had projected, meaning the cost it would cost. The best time to expand was when no one else dared to take the risks. And he was able to do this because he had a legendary level of frugality. And it's a good example too where at the time the book talks about everybody thought these 360 railway companies along, they're like, oh, we struck gold. We're the smartest people on earth. Like we're going to print money. This is right before the Panic of 1973. When I was reading this, I always think about that quote I've mentioned many times on the podcast. It comes from Steve Eisman, who's featured in Michael Lewis's great book, The Big Short. And when he was describing years after, like what caused one sentence synopsis for what happened to the financial crisis of 2007, 2008, and so on. And he says they mistook leverage for genius. And I think that's just one of my favorite quotes of all time. And in this case, the railway companies, they had high levels of debt. The demand...”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“But right when he decides this, there's one of the most famous financial catastrophes in history. It's called the Panic of 1873. You should read about it. It's really interesting because it just happens over and over again. And it happens while he's trying to build this massive steel plant. So let me just give you some lessons he learned from the panic of 1873 and how he responded, which actually worked to his evangelist later on. So the New York Stock Exchange would close its doors for the first time in history, remaining shuttered for 10 days. Of the more than 360 railroad companies, remember, these are the companies that he wants to sell to. In the United States, fully one-quarter declared bankruptcy. 20,000 businesses of all types failed and one sixth of the nation's workforce found itself out of work. However, the depression actually played into his hands. The decrease”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“To the punch, so that's the foundation of Carnegie's great work great wealth and what he works on for the rest of his life until he sells the company, he's around 65. Okay, so this is really actually important. Now we reached a part where Carnegie's hell bent, right? He has no plan B. He just said, I'm putting all my eggs in this basket and I'm damn sure going to watch that basket.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the quality goes up after best summer. Okay, here it is. Okay, so this is a result of Bessemer's invention. So the result of the process for transforming iron to steel that bore his name, a quantity of steel that might formerly have taken long as two weeks to produce could now be made in 15 minutes. So it could be made way faster and it's of higher quality. before he gets he's engaged full-fledged into the steel business Carnegie hears about what Bessmer's doing so he goes to see him and he says if we gain a favorable position let me skip I just read that part when his talks with Henry Besssemer convinced him that sources of impurity free iron ore had recently been discovered that would allow the British to begin production of high grade steel for export to the United States Carnegie made up his mind he returned to Pittsburgh intent upon building his own steel mill and beating the British”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“When his talks with him, this guy's really important. I've actually started looking for books for him, Henry Bessemer is the person that basically made it possible for Carnegie to exist. And so trying to make Steele was not a new process. But Bessemer, I think it's called the Bessemer Oven or Bessemer, I don't remember the exact... Exact name of it, but Henry Bessemer was, he lived in England, he was an inventor, and he figured out a way to improve upon somebody else's work. So there's a guy named William Kelly who did a lot of earlier experiments in steel. He actually received his first patent in steel in like the 1850s. The problem with the way Kelly's method and the one that Bessemer creates and winds up making him a fortune and creates the opportunity for people like Carnegie is I'm trying to look for the”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“He says, if one were to gain favorable position feeding the appetite for expansion of a good portion of this industry while assuming none of the accompanying risks, well then, why would one not think of placing steel eggs and steel baskets? So this whole idea of servicing the people that are going out and doing all this building as opposed to doing it themselves is very similar to that old axiom where it's like, listen to Gold Rush, we should be selling pickaxes and not hunting for gold yourself. Another way to put it is since I have Jeff Bezos in the brains that I just read every single one of his shareholder letters is instead of building a massive internet business by yourself, why don't you just create the infrastructure that those businesses actually need and that they're going to build upon? And that's basically the thinking of AWS. All right, so...”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“And so now we're going to get into, remember, I touched on a little earlier, it's like, why is, like, how is the richest person in the world? Why was steel the vehicle at which to accumulate such a vast wealth at this time? And so we talked a little bit about the railroads and how they needed it, but he also understood, this is actually a really smart for him to pick up on. He says, Carnegie understood the industry's vast potential appetite for an improved form of iron. Remember, most of the railways and most of the construction was done in iron. So not only did everything in the business move on iron rails, but the cars and the engines were built of iron, as was the machinery that loaded and service to them, as were the new bridges that span the rivers and chasms for the American West, and this is a huge, hugely important realization he had. If there was a cheaper and more durable substance than iron, it would lead to a revolution in the business, not to mention a fortune for those who got in on the ground floor.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“So then that leads to this kind of thinking. He says, if what was good for Andrew Carnegie led inevitably to the betterment of the world around him, then perhaps it made more sense to end the scattershot approach to accumulating wealth and, direct quote from him, put all good eggs in one basket and then watch that basket. The question was which eggs and which basket?”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“His workers that he should have cumulating hundreds of millions of dollars. He should have spread that out and actually paid workers more. He very much, him and Frick very much look at labor costs with something that to be grounded down to its lowest amount possible, which again, controlling cost is not like a negative thing. The way they did it, I completely understand the criticism that they both get. And we'll get more to that in a little bit. All right, so he says he was bullshit by the notion that his rise in business arena would pay dividends for society as a whole and conditioned by years of operating a full throttle, Carnegie began to rethink his earlier determination to quit the field of battle at such an early age.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“He's got one of my favorite. He's got a bunch of good quotes, but one of my favorite quotes we're going to get to right now. And so I'm skipping over a bunch of, I'll cover more when I have it just a dedicated founders episode just with Andrew Carnegie. But he did his hands in all kinds of different businesses, all kinds of different investment. And he realized that's not the best way to accumulate them, in his opinion, to accumulate the most amount of money in the shortest amount of time. So now he's got to figure out what, well, let me just read this. Which eggs and which basket Bolstered by the notion that his rise in the business arena would pay dividends for society as a whole. That's another thing I should say. It's kind of like almost he wasn't a religious person even though he was influenced by religious philosophy and he felt that the best way to serve humanity is to get really, really rich and then give your money away. The only problem is that his critics will rightly point out that he made a lot of money at the expense of”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Most of my thought wholly upon the way to make more money in the shortest time must degrade me beyond hope. That's what I meant about his internal conflict. I will resign business at thirty five. No, he will not. It was a noble pleasure.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Now, if you recall at the very beginning, the author was talking about sometimes you have a hard time reconciling the two pillars of thinking, which is capitalism and the Protestant ethic. Carnegie definitely had this. He had a sense of internal conflict. I'm going to give you a short summary of that here, and I'll cover more of that when I read his autobiography. But this Carnegie's upbringing had predisposed him towards honesty and a high regard for the opinion of others. But those attributes sometimes collided with his overwhelming ambition. And I would say, now reading his story, the overwhelming ambition went out. He had penned himself a letter in which he stated, this late 20s, he's writing himself this letter. And he says, man must have an idol. The amassing of wealth is one of the worst species of idolatry. No idol more debasing than the worship of money. To continue, he's talking to himself. Remember that. To continue much longer overwhelmed by business cares.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“At the tender age of 33, he listed personal assets of some $400,000, at a time when the average wage earner might bring home about three hundred dollars. Carnegie enjoyed an annual income of more than fifty thousand dollars. So the author says that the equivalent, 33 he was making about in today's dollars or in $2,005 when this book was written. It's about $10 million a year. The Cannie Scotsman was no longer a working man, but a bona fide capitalist who had borrowed less than $1,000 to end up with everything he had.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“So, Carney starts his own company. He gets actually a contract with the Pennsylvania Railroad to run lines along the company tracks from Pittsburgh to Philadelphia. That's the same railroad he just resigned from. So another benefit of kind of having relationships inside the industry already. And before he could even approach Western Union, The Pacific and Atlantic Telegraph Company came courting. In the resulting merger and stock swap, Carnegie tripled the value of his telegraph holdings without having strong a single mile of wire. And then from here, he uses his position as a major stockholder in the new company. And he actually winds up selling that company in turn to Western Union. So he benefits twice. And so now this is going to bring us, this is a description of Carnegie's financial situation at the age of 33 years old.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Dangers of being gobbled up. Carnegie hoped to join the ranks of a number of lesser players. With no real intention of doing significant long-term business of their own. The idea was to organize sufficiently to present one's firm as an up and comer, a potential competitor, and then accept a handsome buyout.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Of my physical time, only making $2,400 a year if I quit and dedicate myself full time to business, then I can achieve my goal. And his goal was to build lasting wealth. And says, Determine to make a fortune and certain that he could never do so as a salaried man, he tendered his resignation to the Pennsylvania railroad and turned his energies to iron. All right, so now we're going to see examples of some of the first kind of deals that a young Andrew Carnegie would do. And this is not a new tactic. We saw this especially from Cornelius Vanderbilt who would start companies for the sole purpose of having them acquired by a competitor as a way to kind of lever up the amount of money he has, then move that money into something else. So Carnegie is going to do something very similar. He says the Telegraph business was dominating the 1860s by Western Union. There's a guy, his name's William Orton. He's running Western Union said, Orton's determination to dominate the Telegraph business led to the demise of many a lesser competitor, but also to create responses from those in”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“His official title was So, all right, well, I'm making, I'm having to bust my ass. I'm making $2,400 for my own labor. Meanwhile, I've seen a stubble on some good luck. I'm making $45,000. What is that, 20x, something like that, from investing? So he always had a design that he wanted to work for himself, but he's not there yet. So I'm just going to share an insight into his mind at the time. He says, yet he understood that it was the context he made and the information he derived from his association with the railroad that made everything else possible. So, of course, insider trading laws didn't exist at this time. So he's benefiting greatly from that. However, he doesn't hold that thought in his mind for very long. And he realizes, hey, I'm spending way too much of my actual physical time.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Rail lines had greatly increased with the advent of the Civil War, with wooden treasures and bridges being particularly vulnerable to arson. So the South was coming up and you're not going to be able to supply your troops if we burn your rail lines. That's pretty straightforward, right? So he's like, well, Scott gives him the idea. It's like, well, why aren't we building? Like we can build bridges that don't burn. Like that would be hugely valuable to the north, right? So they start this thing called the Keystone Bridge Company. The Keystone Bridge Company was formed in early 1862 and to Carnegie. It was the investment that turned out to be the parent of all other works. By 1863, Carnegie was earning more than $45,000 a year from this and all his other investments, compared with a mere two thousand four hundred dollars from his railroad salary. He's still working while he's doing all this. Remember, he's a super, what is a superintendent of the railroad, whatever the...”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“So that is happening in 1861. Two years later, by 1863, he was receiving nearly 18,000 dollars in yearly dividends from what they're calling black gold. The new company also recapitalized in shares for Rich Carnegie had originally paid $10 were suddenly worth $50. And here's the main point. It was a lesson that Carnegie would not forget. When another such venture presented itself in 1862, he did not hesitate. The incidence, oh, so this is really interesting. We always talk about how a lot of, it's interesting. A lot of the biographies that I've read so far, I would say, I don't know, maybe 10 or 15 of them deal with companies that made their fortunes as a result indirectly or directly from war. And Carnegie's history is not that different. So at this time, this is right around the beginning of the Civil War. So it says the incidence of sabotage on the North”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“How funny is that? I mean, the world we live in runs on oil, right? And they're like, oh, we have this new stuff named oil. If you listen to my podcast, I did a long time ago on Rocket John D. Rockefeller, this area of Pittsburgh, of Pennsylvania rather, is where he got his start as well. Carnegie took one look at the mad scene in Pennsylvania's new oil country and made his decision. He was able to raise the necessary cash and join a group of investors to found the Columbia Oil Company.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“With an annual salary of $1,500. This is making a little bit over $100 a month. Remember, he went from, so now he's making almost 20x in less than 10 years. So now we're going to continue and follow Carnegie's early life. This is where he learns more about investing, and then he finally becomes an entrepreneur. This is in the fall of 1861. Carnegie was approached by a group of businessmen. Remember, he's an executive now, so he's fraternizing or associating himself.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“These dividends provided the first income, and then there's a quote from Carnegie that I had not worked for with my sweat of my brow as Carnegie later wrote in his autobiography. And then he realizes this is really important to how he sets up basically his entire life from here on Eureka, I cried. Here's the goose that lays the golden egg. And I think this is important because it's happening only a few years removed where you'd have to, you know, work six days a week, 12 hours a day. And in the entire month, he's going to get paid $5 for that labor. Meanwhile, the investment that just one, it doesn't say if it's quarter, yearly, dividend or whatever case, but one dividend check to actually double that and you didn't have to do anything besides supply the money. All right, so he's going to continue his association with Scott here. He says, by 1859, Scott had become vice president of the Pennsylvania Railroad and promoted Carnegie to the post of superintendent. Carnegie then just 24 had officially become an executive.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Month and I'm going to show you how fast he starts making more and more money. He says the real benefit to Carnegie was the practical business education that he received from his association with Scott, who also introduced him to the concept of investment when in 1856 Scott took him aside to deliver an insider's tip on this company. It's called Adams Express, a delivery company about to sign a favorable contract with railroad with the railroad Carnegie made a fateful decision. While he lacked the $500 he needed to invest, and Carnegie writes later in his autobiography that at this time 500 cents was nearer my capital, the young telegrapher persuaded Scott to advance in the money. One day not long after he bought the stock, he arrived at work to find an envelope on his desk. Inside was a cheque for ten dollars from the cashier of the Adams Express Company. These dividends provided the first income”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“And he continues. Before long, Carnegie had picked up telegrapher skills, including the ability to translate the clicks and clacks of Morse code directly into text or speech. His skill and self-confidence attracted the notice of a number of influential customers, including Thomas Scott, who was then an assistant superintendent for the Western Division of the Pennsylvania Railroad. Scott proves to be very important to life of Andrew Carnegie. Scott had recently made a decision to string his own telegraph lines for the railroad and had it in the back of his mind to hire an assistant who could serve as his personal telegraph operator. In 1853, Andrew Carnegie, not yet eighteen, accepted Scott's offer of the job for $35 a month, this was the first step along the path to greatness. So he goes, let's see, three to four years earlier. He's making a dollar. That would be five bucks a month. Now he's making $35 a month.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“His first employment was as a bobbin boy in a weaving mill. He worked six days a week, twelve hours per day, and he was paid a dollar twenty a week. However, Carnegie was diligent and hardworking. He found a clerk's position in another mill and then happened into a position as a delivery board for a telegraph company in downtown Pittsburgh for what must have seemed the princely sum of two dollars fifty cents a week.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, let me finish reading the sentence. In the wake of Ireland's great potato famine, the family sold everything and came to America. So I think this is important, especially for the times we live in. Carnegie's father, his life was essentially ruined by technology. Carnegie's the son, Andrew Carnegie's life was vastly improved by technology. So I think that's important to us because obviously we're going through this huge technological shift and the people that will benefit are the people that are able to use technology in their work as opposed to the ones that fail to adapt. Unfortunately, that was the case of Carnegie's father. So now he's describing why they came to America. He says it offered unfettered opportunity for those willing to endure the harsh conditions of factory work. Further schooling beyond the few years he had received in a rudimentary Scottish classroom was out of the question for young Andrew, whose mission now was to help his family survive.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Was a substance that could provide the fuel necessary for the economical production of steel in significant quantities. So it's one of the raw materials that Carnegie and other business people like him needed to produce steel. So it's extremely important. All right, so we're going to get back to that later because first I'm going to talk about Andrew Carnegie's life and then I'll tell you where his life starts to intersect with Frick and then we'll go into a little bit of detail about Frick too. So this is a description of a really quick description of Andrew Carnegie's early life and then the progress he made relatively fast transitioning from an employee taking whatever opportunity he could have into an entrepreneur. So he says he arrived as a penniless Scottish immigrant of 12. Carnegie's father had been a master weaver. This is in some city in Scotland that there's no way I'm going to pronounce. I think it's like Dune from Maline or something like that. His prospect steadily diminished by the advance of mechanization. So it's really interesting to me.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Less than half a century, the United States had been transformed from a largely agrarian and undeveloped federation of competing interests to a relatively cohesive economic juggernaut promoting a jackpot mentality in anyone willing to work hard and take the occasional chance. The age of the founding fathers was over, the age of the Titans had begun. So the book also talks in some detail not only the building railroad tracks, but buildings. Basically, they just started using everything they were using iron before. They were using steel for now. So Carnegie's timing was perfect. Okay, so I have to read this one sentence to you so you understand because Henry Clay Frick is known, his nickname was the King of Coke. And I was like, that can't mean cocaine. So what is Coke exactly? So it says Coke are baked by bituminous coal.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Says to build a vast network of tracks and bridges, no supporting industry was more important than iron and steel. Okay, so you have this huge explosion in the production and the creation of the Robotra tracks, but then it lists once they've figured out that steel has a much better material to use for construction than iron, everybody starts using it. Most of those early 30,000 miles of railway had been made of iron. An industry initially banned in the British colonies, but accounting for 835,000 tons of product by 1860. The technological advancements that allowed for the mass production of steel and the vast expansion of the rail system proceeded hand in hand to the end of the 19th century. And then by this point, Carnegie, I think, controlled like something like 25 to 30 percent of the market.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“Cross being worth over recapitalized at a billion dollars. And the sale of the company, which happened somewhere around, I think $480 million was the number, made Carnegie the richest man in the world. And so I want, like before we get into the story, you need to understand why was steel so important at this time. And it says, as the American Civil War began, there were fewer than 30,000 miles of railroad track in all of the United States. And much of that was in varying gauges and states of repair. The 1890s, so now we're talking about 25, 30 years in the future, where most of the story of this book takes place.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“At a rapid pace, technologically and otherwise, though they could not have understood just how pivotable the era in which they lived would be judged by future historians. And the reason I highlighted that and I want to share that with you is because I 100% sincerely believe that the era that we all living through will be viewed the same way by people in the future. And I think also where a lot of people may have been unlucky to live in a time of rapid change, let's say in the late 1800s, I think it's the opposite for us. I think we're unbelievably lucky if we take advantage of that. Most of the story settles on, I don't know if you know this, but when Andrew Carnegie winds up selling his steel company, I think he's like 65 at the time by the time he sells. It's the first ever company took.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“They wind up on opposite sides, Carnegie being more for it and Frick being against it. So Carnegie wants to meet with Frick. He wants to put everything in the past. And so he sends somebody over to Frick's house with a letter saying, hey, let's bury the hatchet and let's actually talk and let's meet. And I just want to read to you Frick's response. And he says, yes, you can tell Carnegie I'll meet him. Frick said. Tell him I'll see him in hell where we are both going.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“comes at monumental cost. Their story offers a vivid illustration of a young nation's steadfast belief in progress and in man's ability to affect his own destiny. As the ancients observed, such thinking may be fine for the gods, but when mortals attempt to operate on the same plane, even mortals of heroic proportions, tragedy ensues”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source
“One thing is clear Carnegie and Frick represent the American ethos of limitless possibility. Both men were born to poverty and both became wealthy and powerful beyond imagining. The impact of their steel making enterprise on the economy at the end of the nineteenth century was as profound as the impact of the American Revolution had been on this country's politics and philosophy a century before. And the rupture of their once perfect partnership illuminates the contradictions embodied in those two hallowed pillars of our thinking capitalism and the Protestant ethic. Carnegie and Frick were not the first to wrestle with those contradictions and they were most assertedly not the last.”
2019-05-26 · Founders · #73 Andrew Carnegie and Henry Clay Frick: The Bitter Partnership That Changed America · IDENTIFIED FROM THE TRANSCRIPT · source