What bothers you the most about the sit-in at the Republic Windows & Doors factory?

[ColbertWatcher]

Poll question: What bothers you the most about the sit-in at the Republic Windows & Doors factory?

Poll result (74 votes)
that the workers have to do this to get their money	(44 votes, 59%)	Vote
that BoA denied the company the loan just last week	(2 votes, 3%)	Vote
that the company was so bad off that they couldn't pay their workers	(1 votes, 1%)	Vote
that there is not enough information available; there are too many questions unanswered	(4 votes, 5%)	Vote
that this is just the tip of the proverbial iceberg	(18 votes, 24%)	Vote
A combination of the above, plus any others I add in reply	(2 votes, 3%)	Vote
Nothing bothers me about this situation	(2 votes, 3%)	Vote
Other, please see what bothers me in my reply	(1 votes, 1%)	Vote

[harun]

1. Other: That the Corpo media won't do a real story on it (n/t)

[ColbertWatcher]

2. Good point. They had the weekend to do some research.

Now, they have to talk about it all week long.

I doubt they will.

[Deja Q]

11. I read it this morning; was it money.cnn.com or msn?

Off my google news page, but the corpo media has gotten there.

[Donnachaidh]

3. I'll bet other companies have gone under due to Bank shenanigans

Many of the companies being construction components places, like the Window factory.

These folks were helped in having a union in play, that was able to advise them as to their rights, and what could be done. But there are a lot more unemployed construction people out there, that we will never hear of, because they weren't in a union or were in one of the 'right to work' states.

[ColbertWatcher]

5. Good point, and where is the GOP-controlled media's coverage? n/t

[Donnachaidh]

8. oh please!

The locally-owned member of the top 5 places to work in Atlanta was having problems, and the local Fox affiliate did a 3 minute piece on it when half the company dissolved overnight. Again, it was a construction supply company.

When it finally went belly-up? Not a freaking word. Thirty stores closed - hundreds of people who had worked a decade or more out of work. You *think* that might merit a 5 minute piece on local news?

Nope. Crickets were really noisy that day.

[ColbertWatcher]

9. That's only one of the problems I have with this whole GOP-created economic mess. n/t

[sarcasmo]

15. We had two companies in West Michigan go under to banks calling in their credit line.

You go into work and the doors are closed, no notice no nothing. Things are going to get ugly and maybe that's what this country needs to wake the fuck up.

[katanalori]

4. what bothers me is

that the banks took the bail money and, instead of making loans to keep the economy going and retain jobs, just hoarded the money or used it to buy smaller banks. That said, I really wonder about the business of Republic Windows and Doors factory, i.e. their payment history and their sales figures. If they are a viable company, then no excuse for B of A. If not a viable company, their fall may be inevitable.
Has anyone heard about their sales figures, balance sheet (i.e. debt on their books) and credit worthiness?
I fear that Republic's products may be related to housing industry, and we know how bad the outlook is on that.

[ColbertWatcher]

6. Welcome to DU!

"Republic's products may be related to housing industry"

I fear you're correct in this.

And that there are other companies ready to fall as well.

Also, the news seems to be focused on the sit-in and not on where the bailout money was supposed to go, or where it actually went.

[Donnachaidh]

7. if the factory had contractors that walked away from bills owed

{And a LOT of those businesses would take orders for custom jobs for homes) - they could have gotten in trouble there. But that is the nature of the beast. This is a bad time for construction, and there are some disreputable contractors out there. However, if the company has had a good borrowing record the bank should NOT have just shut down on them.

It's probably pretty complex. A company knows when they are really heading towards the bottom. The fact that they DIDN'T give the 60 day notice (especially with union workers) makes me think that they were blindsided by the bank. They figured they could cover problems with the existing line of credit. They never intended to close, but the bank forced their hand.

I'll bet dollars to donuts that Republic has some outstanding payments due from some disreputable contractors. Perhaps they were honest with the bank about that, and B of A decided to use that as an excuse NOT to re-new the line of credit.

[eilen]

10. I heard on the radio

that this company was trying to open another window factory in Iowa. Has anyone else heard this?

[ColbertWatcher]

12. Sorry, I have not heard this. n/t

[ColbertWatcher]

19. UPDATE Republic Window's owner is connected to plant purchase in Iowa! (DU link inside)

http://www.democraticunderground.com/discuss/duboard.ph...

[TexasObserver]

13. there's nothing irrational about a bank not loaning money to a vendor

Especially a vendor for a product that people stop buying in downturns. Doors and Windows?! Who is going to be buying doors and windows in large quantities the next year? There is simply no demand. Whether you're talking about the lack of new homes, lack of new commerical construction, or the lack of demand for used homes, they all spell NO DEMAND FOR NEW DOORS AND WINDOWS.

I don't blame lenders who cut off lines of credit to companies which sell things that will not sell in a downturn.

[sarcasmo]

16. The problem is these Pigs took 25 Billion in bailout money that they were told to lend to consumers.

Instead they buy smaller banks and close credit lines and you don't blame Bank of America?

[TexasObserver]

18. My opinion has nothing to do with BOA or the bailout.

I didn't favor the bailout, and I certainly don't favor the way Treasury has handed out money to big banks, but none of that is relevant to the issue of whether any bank should loan money to a business that cannot be expected to repay it.

The problem is the lack of demand for homes, not the lending world. The notion that lenders simply need more money is erroneous. They need fewer bad loans, and a loan that doesn't get repaid is a bad loan.

I don't want any bank loaning money to any business, unless that business can reasonably repay the debt. There are businesses that have thrived in the real estate boom, and most of them will now fail. It's from lack of demand and ability to pay for such loans, not lack of money to lend, which stops lenders from loaning to bad credit risks.

[Radical Activist]

21. They're called new energy efficient windows.

We'll need plenty.
Its irrational when the banks were given billions for the exact purpose of making more credit available to stop job losses.

[Catherine Vincent]

14. Other...

Don't know anything about BOA and the Chicago sit in.

[ColbertWatcher]

17. WHAT!?

http://www.democraticunderground.com/discuss/duboard.ph...

[Radical Activist]

20. That the AFL-CIO and Change to Win have nothing to do with it.

It took an old radical lefty union to get it done while the big guys in the AFL-CIO are sitting with their thumbs up their asses trying to figure out whether they'll push Obama to repeal Taft-Hartley.