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GED Social Studies 1.1 Civics and Government
What is bankruptcy? Deadbeats who can't pay their bills declare bankruptcy. Either they borrowed too much money, or the business fell apart. They t...
U.S. History 1877-Present 3: John D. Rockefeller 13980 Views
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Description:
John D. Rockefeller. Greasy robber baron, or philanthropic saint? Why not both? Boy, that's a weird combination...
Transcript
- 00:03
John d rockefeller you know he was important because spell [Person types John D. Rockefeller into computer]
- 00:07
check doesn't put a red squiggly under his name try of course he had a few
- 00:11
other achievements to brag about you know how politicians are always talking
- 00:15
about how they came from nothing to get to where they are how they were super [Politicians talking on stage]
- 00:18
poor and worked hard to make their dreams a reality well with Rockefeller
Full Transcript
- 00:23
that was actually true he started out as a teenager in the produce business [Rockefeller standing in produce section]
- 00:26
working as a junior bookkeeper making fifty cents a day but what Rockefeller
- 00:31
soon learned is that all a fella needs to get ahead in the land of opportunity [Land of opportunity book opens]
- 00:34
is courage ingenuity and let's say a moral flexibility at times it all
- 00:40
started in 1863 when Rockefeller got some partners and built an oil refinery
- 00:45
1863 wasn't something else going on at that time oh yeah the Civil War but [Man thinking about 1863]
- 00:50
while his brother Frank was off serving this country John Dee made heaps cash
- 00:54
selling black gold he bought out his partners in the last year of the war and [John standing by oil pumps]
- 00:57
built the business into the Colossus known as standard oil yep this was the
- 01:02
birth of big oil people and it was a greasy baby to say the least the father [Doctor and nurse trying to handle big oil]
- 01:06
of big oil Rockefeller was the archetypical robber baron this is the
- 01:10
word people used for guys like j-roc who made millions or billions with cutthroat
- 01:15
business practices Rockefellers robber baron resume looked a lot like many of
- 01:19
his robber baron frenemies there was starving and endangering his workers
- 01:23
dominating all stages of production in his industry ruthlessly taking over
- 01:28
small companies creating a monopoly in which he completely controlled the
- 01:32
industry and so was able to set whatever prices he wanted all that sounds like
- 01:36
cheating that's because well it is no doubt j-roc was crafty he turned what [Rockefeller standing outside Arts & Crafts door]
- 01:42
other oil producers considered waste products into new products he demanded
- 01:46
cheaper rates from the railroads that hauled is good and if a railroad didn't [Rockefeller standing by train]
- 01:49
feel like giving one of the richest guys in America a discount Rockefeller just
- 01:54
bought himself a life-size train set to play with here's another sneaky j-rok
- 01:57
tactic 19th century America many state governments wouldn't do business with a
- 02:01
company incorporated in another state for instance Standard Oil is
- 02:06
incorporated in pennsylvania so it couldn't do business in ohio rockefeller
- 02:11
got around this by taking over oil company [Rockefeller meeting government inspector]
- 02:13
in Ohio and continuing to run them under their old names this way the state
- 02:17
government had no idea was dealing with standard oil it was kind of like a
- 02:20
corporate sneak attack these supposedly separate corporations were really just
- 02:24
standard oil in disguise well standard became a trust the parent corporation of
- 02:29
a number of smaller corporations whose assets standard held in trust Trust
- 02:33
Rockefeller to make sure those assets went into his mink-lined pocket well of [Rockefeller wearing woolly jacket]
- 02:38
course plenty of money came out of those pockets too Rockefeller gave millions to
- 02:42
charity in fact he gave almost half of his billions away before he died in 1937 [Rockefeller in bed and woman stood by bed]
- 02:47
he funded churches libraries hospitals museums and a whole lot more he used to
- 02:51
say God gave me money and like a God Himself rockefeller-controlled people [Rockefeller controlling puppets]
- 02:56
lives in America's businesses doling out both destruction and amazing gifts rocky
- 03:01
giveth and rocky taketh away
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