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In the News

THOUSANDS OF AUTO WORKERS OUT OF WORK!!

Although the white collar workers will continue to get paid, the union workers will have to do with unemployment insurance benefits and some money from the company. This is on top of GM shutting down some plants for most of January. There will be a big layoff of auto-related workers shortly, I believe before the end of the year as those companies prepare for the loss of business. After all, if there is no market for their product due to the shutdown, there is no need to produce it. This will definitely have a further ripple effect on the economy as others lose their jobs because these auto and auto-related workers will not be spending money they don‘t have.

I blame most of this on those greedy CEO’s in the financial sector who got FREE money with little fanfare in the original BAILOUT! None of them had to go before congress to plead/beg for some help. Money was just handed to them to jumpstart the economy and allow them to provide more credit, which they have not done. In fact, it seems as though they have gone out of their way to use this money for their own benefit rather than for the purpose for which it was intended. Sure, maybe some of the auto industry’s problems were caused by their lack of leadership, and possibly greed, but the current situation can only be caused by the lack of credit lending. There are people out there who want to buy cars but cannot get the loans necessary. And to further line their greedy pockets, the credit card holding companies have increased the interest rates and lowered credit limits even on individuals who have good credit histories. Nor are they lowering the interest rates when the prime rate, which they are based on, goes down. Congress needs to wake up.

Chicago Sit-in

THEY WON!!!

The sit-in got results!!  The employees of Republic Windows and Doors get their accrued vacation pay plus 8 weeks severance, according to federal law.  I believe they are also getting 8 more weeks of health benefits.  Some had appointments coming up and were left without any means of paying because the health benefits were dropped immediately.  May they be a rallying cry for other workers who find themselves in the same circumstances.

 We can have empathy with the more than 250 employees of Chicago's Republic Windows and Doors company. It seems that Bank of America, which just recently received billions of taxpayer dollars in the bailout, pulled the company's credit. The company then decided it had to close immediately and without proper warning. Federal law requires a 60-day notice of a closing or a ‘Warn' payment to each employee to cover the period without notice. Apparently, the laid-off workers aren't receiving any accrued vacation pay in addition to the Warn payments. All this because Bank of America, bailed out by taxpayers to open up credit lending, refuses to do what the legislators intended when they passed the law. This could now become a rallying point for all other workers to be laid off under the same circumstances. Let's give them our support in whatever way we can. The governor of Illinois has already done so, instructing all state agencies to cut all ties to Bank of America. Although we don't know the company's financial situation and who is ultimately responsible for this loss, we can make this Main Street's turn for a bailout. It's too bad this small company cannot align itself with Detroit's Big Three and get some of the money doled out to them. It makes a difference when you have clout. But the little company) just goes down the drain. Maybe, if this sit-in stays on top of the news, there will be no effort to force the workers off the premises. These banks and financial institutions need to understand that the bailout money was not meant to just keep them from going under but to help the economy grow; and that's done by continued lending.

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