pThe United Auto Workers issued this statement today reacting to the approval of emergency federal auto industry loans./p
pUAW applauds auto loans, but says workers must not be singled out forbr /
unfair conditions/p
pDETROIT – “We’re pleased that the Bush administration has acted today tobr /
provide urgently needed emergency bridge loans to America’s autobr /
companies and to pursue a process for restructuring outside ofbr /
bankruptcy,” said UAW President Ron Gettelfinger. “This will keep thebr /
doors of America’s factories open, keep Americans working and preventbr /
the devastating economic consequences for millions of Americans and/p
Religious leaders and union members held a candlelight vigil Thursday in Detroit to call on the government to support autoworkers and prevent the collapse of the auto industry.
After letting the auto industry hang for weeks following the refusal by Republican senators to approve a loan to help automakers get through the end of the year—and [...]
As economic uncertainty continues, the incoming administration and Congress will be tasked not only with restoring the economy in the short term, but also with making it sustainable in the long term. That means making sure working families around the nantion have the benefits, wages and lasting economic security that comes with the freedom to form [...]
pBy Doug Cunningham/p
p[Bush]: “In the midst of a financial cisis and a recession, allowing the U.S. auto industry to collapse is not a responsible action.”/p
pPresident Bush, announcing Friday morning that the U.S. auto companies will get government loans of $13.4 billion, with four billion more available in February if they need it. The money comes with big strings attached – workers have to accept cutting labor costs to the level of foreign auto transplants operating in the U.S., no stock dividends can be paid and the auto companies must repay the money after demonstrating they can restructure into viable companies. The restructuring plan must be done within three months. The money comes from the TARP funds designed to rescue the financial industry. Bush said under normal circumstances he would refuse to assist the auto companies, but these aren’t normal times. He says bankruptcy won’t work for the auto companies – at least not now./p
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