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Postre: Economics: G-20 Summit; UAW President Says No More Concessions (Bienvenido Macario, Philippines/US) (John Eipper, USA, 11/15/08 2:29 pm)
Bienvenido Macario writes:
So far the G-20 leaders have agreed to look for ways to prevent the next financial turmoil. They aren't even talking about how to get out of the present chaos. It seems no one has the solution for this crisis. So they'd rather talk about the next one.
Does this mean after the summit it's every country for itself? To me they all look
like a group of goldfish in an aquarium at feeding time, waiting for the chow to drop and so they are together. Once the food drops and starts its slow descent, the huddle breaks up and they start grabbing what they can; unity can take a hike.
Anyway, I think we should focus on the UAW leader's statements below. He has very
valid points worthy of WAIS discussion. One thing UAW Pres. Ron Gettelfinger said that caught my attention is how the Auto Industry was swept up by the sub-prime meltdown and the mortgage mess.
This is what I was trying to ascertain when I stumbled upon and submitted Tom Grey's post for Prof. Jon Kofas's assessment. Alan Greenspan in his most recent testimony and Gary Stern, president of the Minneapolis Fed on Thurs. 11-13-08, were rather surprised how rapidly the sub-prime/housing crisis spilled over the financial sector and the real economy. As Prof. Kofas wrote: "Mr. Grey's world of 2000
no longer exists." So what else out there that because of the overdynamism in the market and economy has been rendered irrelevant and outdated? Another case in point are the business plans of the Big Three, which less than a year ago was good and stable and now have become obsolete, leaving the companies and its workers in dire straits.
UAW leader says no more concessions from workers
By Mark Williams, Ap Business Writer
Saturday, November 15, 2008
JE comments: Posturing aside, I fear the UAW may have no choice but to make more concessions.
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John Eipper, Editor-in-Chief, Adrian College, MI 49221 USA