The federal bailout of mortgage giants Fannie Mae and Freddie Mac—institutions pivotal to middle class home ownership—was clearly necessary. But the government needs to go further and provide a second economic stimulus package to spark the struggling economy, AFL-CIO President John Sweeney says.
The federal government announced Sunday that it is taking control of mortgage giants Fannie Mae and Freddie Mac. Treasury Secretary Henry Paulson said the companies will be placed into conservatorship under government control. The Treasury also will invest up to $100 billion to each company over time and lend them money as needed.
But part of the bailout grants executive severance packages totaling more than $21 million—and that portion of the bailout should be frozen pending a full review of their conduct, Sweeney said in a statement.
Our friend and fellow union blogger Richard Negri, founder of Union Review, had the opportunity to travel to his hometown of New York City for Gotham’s annual Labor Day parade.
He says “union pride was in full force” during the march down Fifth Avenue of 50,000 union members from 400 local and national unions. Spectators lining the streets shouted out their solidarity, too.
Says Negri:
Some spectators looked on as procession after procession marched with union colors, music and chanting. One unmistakable spectator kept applauding each union, screaming “Thank you!” as the workers walked on.
Work continues at a Mitsubishi plant in Normal, Illinois. The workers at the plant rejected the company’s most recent contract offer. The previous contract expired on Friday. More than 1000 workers are employed at the plant.
Work continues at a Mitsubishi plant in Normal, Illinois. The workers at the plant rejected the company’s most recent contract offer. The previous contract expired on Friday. More than 1000 workers are employed at the plant.
Lede: Despite the loss of the high auto industry wage standard forged by the UAW over decades of struggle, a rank and file Flint, Michigan autoworker sees reason to hope. Doug Cunningham reports.
By Doug Cunningham
Dean Braid hails from Flint – where workers took on the world’s biggest corporation and won union recognition the hard way – by occupying a factory. He’s not happy watching worker gains won through immense struggle and confrontation slip away for the next generation of autoworkers.
[Braid]: “Our UAW took the wrong direction over 25 years ago when it decided to get closer with management and start cooperating. With that we saw the demise of the UAW. The many things that our forefathers won with wages, benefits and working conditions have all deteriorated since then.”
Lede: Despite the loss of the high auto industry wage standard forged by the UAW over decades of struggle, a rank and file Flint, Michigan autoworker sees reason to hope. Doug Cunningham reports.
By Doug Cunningham
Dean Braid hails from Flint – where workers took on the world’s biggest corporation and won union recognition the hard way – by occupying a factory. He’s not happy watching worker gains won through immense struggle and confrontation slip away for the next generation of autoworkers.
[Braid]: “Our UAW took the wrong direction over 25 years ago when it decided to get closer with management and start cooperating. With that we saw the demise of the UAW. The many things that our forefathers won with wages, benefits and working conditions have all deteriorated since then.”
Day four of the Boeing strike begins today over job security, benefits, and pay. The International Association of Machinists represents the 27,000 striking workers. No talks have been scheduled as of this morning and no one is sure how long the strike could last. Previous contract strikes by the Boeing workers have ranged from 28 to 68 days. As a result of the strike, some Boeing parts suppliers have begun cutting back on production and hours. For example, Spirit AeroSystems has shortened the work week.
Day four of the Boeing strike begins today over job security, benefits, and pay. The International Association of Machinists represents the 27,000 striking workers. No talks have been scheduled as of this morning and no one is sure how long the strike could last. Previous contract strikes by the Boeing workers have ranged from 28 to 68 days. As a result of the strike some Boeing parts suppliers have begun cutting back on production and hours. For example, Spirit AeroSystems has shortened the work week.
As the Machinists’ strike at the Boeing Co. enters its third day, workers are prepared for a long strike if that’s what it takes to ensure that their jobs are not outsourced.
Some 27,000 airplane assembly workers in three states walked out Saturday after last-ditch efforts to reach a fair contract failed. A huge majority of workers—87 percent—voted to strike after their contract expired Sept. 3. At the request of federal mediators and Washington state Gov. Chris Gregoire (D), both sides agreed to extend the contract for 48 hours to see if they could reach an agreement.
Job security is the key issue, followed by wages and health care, union leaders say. Since the mid-1990s, Boeing has relied increasingly on contractors around the world to build larger and larger sections of its airplanes.
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