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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:43 PM
Original message
Looking for a link ...
Edited on Mon Dec-08-08 01:49 PM by ColbertWatcher
The banks and investor class got theirs. The auto makers are begging Congress for loans.

Bank of America is denying a Chicago factory loans to pay their workers.

The GOP-controlled media has now turned the page and is discussing the need for government funds to pay for infrastructure projects as if these issues are unrelated.

Has anyone heard/read any major news outlet that has made the connection between all the economic failures?

(No fair posting from The Nation, Mother Jones or alternet)

If you have, please post a link as I have not seen such a thing.

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Taverner Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:44 PM
Response to Original message
1. The TV Networks are next
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:47 PM
Response to Reply #1
2. Gee, what perfect timing--just before SAG goes on strike. Bastards. n/t
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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:57 PM
Response to Reply #2
9. SAG or the networks?
Whhy would SAG go on strike again this year? Wasn't thier new contract a multi-year deal?
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:36 PM
Response to Reply #9
17. SAG was going to time their strike with the writers, but did not strike.
There are rumors they will be striking soon, but who knows?

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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:40 PM
Response to Reply #17
19. but
they negotiated a ne contract last year. What grounds are they goign to strike on? That they don't like the contract that they agreed to anymore?

It is nice to know that they are going to do more to hurt the California economy.
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:43 PM
Response to Reply #19
22. Unions don't hurt the economy. Rephrase your question. n/t
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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:49 PM
Response to Reply #22
25. striking in a recession would hurt the economy. NT
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:53 PM
Response to Reply #25
26. Sorry, I disagree. n/t
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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:56 PM
Response to Reply #26
27. how does halting production
in a recession help the economy?

And if someone isnt being paid because they are on strike, how does that help them, or thier industry?
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:02 PM
Response to Reply #27
28. So, you agree that the studios should pay people what they're worth. n/t
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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:05 PM
Response to Reply #28
29. what the people are worth?
Edited on Mon Dec-08-08 03:06 PM by hendo
sure, but they just negotiated a fat new contract last year, and the terms of the contract were longer than 1 year.

edit: but please answer my question about how striking during a recession helps anyone.
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:13 PM
Response to Reply #29
30. STOP BLAMING UNIONS!
You keep inserting nasty little comments into your questions. That makes it hard to have a conversation.

A. there are only rumors that SAG might go on strike

B. there was no fat new contract

C. the unions are not to blame either for the recession or the studio's refusal to pay people what they're worth

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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:30 PM
Response to Reply #30
31. I AM OT BLAMING UNIONS
1) There was a new contract that was negotiated last year.

2) What would the potential benefits of a SAG strike be?

3) What effects would a potential SAG strike have upon the California economy?

4) Where did I blame unions for the recession?
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Taverner Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 05:03 PM
Response to Reply #17
32. That's just cold
Edited on Mon Dec-08-08 05:04 PM by Taverner
Feign financial troubles just before your folks go on strike... :grr:
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dmallind Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:48 PM
Response to Original message
3. Wait a minute
making bad loans is what got banks INTO this mess. Since when is a company that is shutting down and can't pay its own workers a good risk?

There is a villain in this piece but it surely ain't BoA. They owe the company and/or its workers absolutely nothing. They owe the taxpayers the restraint to make only good loans likely to be repaid. If Republic cannot pay what they owe than it is a matter for the bankruptcy court. If they can and will not, then it's a matter for the civil courts.

The bank is entirely innocent and making a sane and responsible business decision not to loan money to a failing company.

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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:52 PM
Response to Reply #3
4. The company make a commitment to their workers.
I can sympathize a tiny bit for BoA, but ...

I've heard that BoA is denying this company a loan they would normally make anyway.

What gives?

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ben_meyers Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:56 PM
Response to Reply #4
6. Where did you hear that? Could you please link to that
I've been wondering why their credit was cut off. It seems that Republic should be making money hand over fist in the current housing market, don't they make windows and doors? Must be poor management.
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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:59 PM
Response to Reply #6
11. they are required to pay the workers
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ben_meyers Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:07 PM
Response to Reply #11
15. I understand that, but pay them with what?
Their line of credit has been pulled so they should just write bad checks.
I really don't think we know the full story here.
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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:16 PM
Response to Reply #15
16. Yup
they can't be expected to pay if they have no money to pay with, and no way to get money to pay them.

Perhaps the argument could be made that they could sell all of the company assets to raise the money. But the question then is, who would buy what was being sold?
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:41 PM
Response to Reply #16
20. The company obviously beleives they deserve a loan.
Why do they think this?

Where did they get that idea?

Why has BoA suddenly cut off their credit? Has this company had credit problems in the past? Why now?

I'd really like to know if a major news outlet that connects the mortgage crisis to the bank bailout and can explain why Detroit doesn't deserve a bailout too.

The sit in is interesting, but only a part of this bailout thing.

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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:38 PM
Response to Reply #6
18. "should be making money hand over fist in the current housing market"
Edited on Mon Dec-08-08 02:46 PM by ColbertWatcher
You're joking, right?

I've been wondering why their credit was cut off.


I don't know. However, if companies are being denied loans, but CEOs get their bonuses, something is very, very wrong with that bailout.

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ben_meyers Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:44 PM
Response to Reply #18
23. Of course I'm kidding,
But so far the only thing you have got right is "I don't know", because you don't and everything else at this point is mindless speculation.
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:47 PM
Response to Reply #23
24. Which is why I posted this request originally ...
... I'm looking for a link connecting the mortgage crisis with the banking bailout and the denial of a bridge loan to Detroit.

Hey, if it includes the Republic factory, that's great too!

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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:56 PM
Response to Reply #4
7. it is bad business
to make a loan that you know someone is going to default on. That is why the mortgage crisis happened.
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:00 PM
Response to Reply #7
12. True, but, this "someone" is a business.
Businesses were given a sweet bankruptcy deal.

The bank would probably get all their money back from the government.

Something fishy is going on with this story.

There seems to be a lot of info missing; there are just too many unanswered questions.

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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:55 PM
Response to Original message
5. a loan?
you mean this loan? http://www.fightbacknews.org/2008/12/support-grows-for-...

It is kind of hard to pay back a loan when you don't even have enough cash to keep your factory open.

I have a question though about their tactics, how exactly does a sit in have any relevance for a factory that is shutting down?
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:56 PM
Response to Reply #5
8. Good questions. There seems to be more about this situation hiding away somewhere. n/t
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hendo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:58 PM
Response to Reply #8
10. perhaps
Edited on Mon Dec-08-08 01:59 PM by hendo
I cant find any indication on what company this is. Do you have more info?

edit: der, I feel stupid.. Found it.
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:04 PM
Response to Reply #5
14. The Republic sit in may be a way for the workers to prevent the owners from ...
... moving equipment overseas.

Maybe the workers heard rumors that the company was going to set up shop somewhere else?

I don't know.

Nonetheless, I'm looking for a link from a major news outlet that connects the mortgage crisis to the bank bailout and can explain why Detroit doesn't deserve a bailout too.

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malaise Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:02 PM
Response to Original message
13. The networks aren't even discussing PE Obama's support for
the workers. We'll have to wait for Tweety, KO and Rachel.

GEM$NBC had a fair report on the workers sit in but they haven't tied up the connections.
http://www.msnbc.msn.com/id/28102581
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ColbertWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:43 PM
Response to Reply #13
21. I'm trying to find out if any major news outlet has reported any links ...
... between the mortgage crisis, the banking bailout and denying Detroit's bridge loans?

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