Andrew Ross Sorkin

There was no competition.

And so because this sort of

Period was taking place.

You could charge an extraordinary amount of money.

You could afford, if you will, to pay labor what I think we all hope that labor deserves.

But it was partially because we didn't – there was not –

a competitor.

In 1980, when you start to see how wages stagnated in America starting in late 70s, early 80s, and you go and you look, all of a sudden, Germany's back.

Japan's back.

Everybody's now competing against America.

And by the way,

That competition is forcing the cost of labor down.

It's forcing the cost of everything to go down.

And that's what to some degree I would argue breaks the unions or at least makes it much harder from – this goes back to capitalism and socialism.

But from a capitalistic perspective to compete –

when you're effectively competing against competitors that have much lower costs.

And by the way, we're seeing this now in terms of why the president wants to implement tariffs, because he's looking and saying to himself, look, BYD in China, if we let BYD in China sell cars into America today, we would have no car industry.

We just wouldn't, because the cars are better made and cost less.

This is like total deadpan.

And for a moment, he had me.