Bob King: I'm From The UAW And I'm Here To Help
June 2nd, 2011 6:50 PM
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UAW Boss Bob King spoke to Detroit Regional Chamber’s Mackinac Policy Conference about what he calls “The 21st Century Union,” arguing that “the union has changed and we challenge business to change with us.” But while King talks cooperation and mutual benefit, his union is preparing for what promises to be a tough fight with the automakers to create a new contract that deals with the shop floor poison of the two-tier system, securing union representation on automaker boards, and rolling back union concessions without sending automakers back towards bankruptcy. Kings words are worth listening to and considering, but the upcoming contract negotiations will be the ultimate measure of the UAW’s professed changes.
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interest rates are going to have to be raised at some point, inevitably
The auto bailouts are some of the biggest frauds ever perpetrated. Most Americans still don't understand BUT they will by the time the election picks up. The seizure of GM and Chrysler, transferring bondholder wealth to unions—otherwise known as seizure of private property; as noted by Todd Zywicki, “Of the two proceedings, Chrysler's was clearly the more egregious. In the years leading up to the economic crisis, Chrysler had been unable to acquire routine financing and so had been forced to turn to so-called secured debt in order to fund its operations. Secured debt takes first priority in payment; it is also typically preserved during bankruptcy under what is referred to as the "absolute priority" rule — since the lender of secured debt offers a loan to a troubled borrower only because he is guaranteed first repayment when the loan is up. In the Chrysler case, however, creditors who held the company's secured bonds were steamrolled into accepting 29 cents on the dollar for their loans. Meanwhile, the underfunded pension plans of the United Auto Workers — unsecured creditors, but possessed of better political connections — received more than 40 cents on the dollar.” (for more go to: http://www.sfexaminer.com/blogs/beltway-confidential/2011/05/truth-behind-chrysler-s-fake-auto-bailout-pay-back http://www.thetruthaboutcars.com/2011/04/the-chrysler-coincidence-bailout-loan-shuffle-to-help-fund-fiat-takeover/ Heck even the UAW will be furious when THEY understand!!!
South Carolina and the other Southern car-producing states hopes the UAW keeps up the good work elsewhere.
The UAW (the automotive side, not the public employee and nurses side) has been on a glide path to auguring in for 40 yrs. The Obama regime has given them a bit of altitude boost, but not for long.