Comments on: Wage Demands Sink Auto Bailout In Senate
Despite Coming Within "About 3 Words" Of A Deal, Republicans Block $14B Package Over UAW Refusal To Accept Pay Cuts
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- The main reason "Wall Street" is in trouble:
(1) The banking industry was FORCED by Democrats like Barney Frank and others to loan billions of dollars to people who could not afford to pay back the loans.
Posted by libsnemesis at 09:09 PM : Dec 12, 2008
Get your facts straight. The CRA was originally intended only for banks, which were required to follow certain regulations that were intended to PREVENT predator and subprime lending. It was nonbank mortgage companies, which did NOT fall under the CRA regulations, that started this nightmare.
Blame them. The legislation HAD regulations in place--unfortunately, they left unintended loopholes for the nonbank lenders.
''When Congress enacted the CRA in 1977, the vast majority of all mortgage loans were made by lenders regulated by the law. In 2006 only about 43 percent of home loans were made by companies subject to the CRA. Indeed, the main culprits in the subprime scandal--the nonbank mortgage companies, which successfully grabbed the bulk of the mortgage market away from the CRA-regulated banking industry--were not covered by the CRA.''
http://www.thenation.com/doc/20081110/dreier_atlas - Reply to this comment
- Are you publicly claiming that G.W. Bush is the champion of minority home ownership?
If so, you are truly too far gone for me to help you return to reality.
Posted by libsnemesis at 09:37 PM : Dec 12, 2008
Read it for yourself before you start criticizing others:
http://archives.cnn.com/2002/ALLPOLITICS/06/17/bush.minority.homes/index.html - Reply to this comment
- without capitalism..where would socialism leech from?
Posted by LordSunTzu at 09:35 PM : Dec 12, 2008
I guess they would get it from the same place you do, your daddy - Reply to this comment
- UAW Losing Pay Edge: Foreign Automakers'''' Bonuses Boost Wages in U.S. Plants as Detroit Car Companies Struggle
February 1, 2007
Posted by IOWEIGN at 10:01 PM : Dec 12, 2008
This was highlighted by the UAW in their TV Spot this morning. they said the GOP wanted them to cut wages to 10 too 14 dollars per hour in 2009 (next month) so thee UAW said no! then the GOP said "well starve then". The UAW had already made massive connsessions to the Big Three to keep them afloat, but the select Senators wanted to break the Union. (Look it up and tell me I am wrong) - Reply to this comment
- without capitalism..where would socialism leech from?
Posted by LordSunTzu at 09:35 PM : Dec 12, 2008
The same place capitalism leeches from - the weak and less fortunate... - Reply to this comment
- will a UAW union member tell me why he deserves to bailed out??
this conversation is covered with threats..typical..
Posted by LordSunTzu at 09:39 PM : Dec 12, 2008
It is not the UAW - it is the domestic automakers.
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UAW Losing Pay Edge: Foreign Automakers'' Bonuses Boost Wages in U.S. Plants as Detroit Car Companies Struggle
February 1, 2007 - Reply to this comment
- IOWEIGN,
Are you publicly claiming that G.W. Bush is the champion of minority home ownership?
If so, you are truly too far gone for me to help you return to reality.
Posted by libsnemesis at 09:37 PM : Dec 12, 2008
Why would he champion it and take credit for it in 2002 ?? - Reply to this comment
- Posted by IOWEIGN at 09:28 PM : Dec 12, 2008
They just don''''t get it, or they hate unions so much they do not want to get it. Thanks IOWEIGN very informative piece
Posted by starleo14672 at 09:50 PM : Dec 12, 2008
Thank you - did you happen to see the date of the article ?? - Reply to this comment
- UAW Losing Pay Edge: Foreign Automakers'''' Bonuses Boost Wages in U.S. Plants as Detroit Car Companies Struggle
February 1, 2007
From Detroit Free Press
The UAW is losing its edge in pay compared with non-unionized U.S. assembly plant workers for foreign companies, even as Detroit automakers aim for deeper benefit cuts to trim their losses.
In at least one case last year, workers for a foreign automaker for the first time averaged more in base pay and bonuses than UAW members working for domestic automakers, according to an economist for the Center for Automotive Research and figures supplied to the Free Press by auto companies.
In that instance, Toyota Motor Corp. gave workers at its largest U.S. plant bonuses of $6,000 to $8,000, boosting the average pay at the Georgetown, KY, plant to the equivalent of $30 an hour. That compares with a $27 hourly average for UAW workers, most of whom did not receive profit-sharing checks last year. Toyota would not provide a U.S. average, but said its 7,000-worker Georgetown plant is representative of its U.S. operations.
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Posted by IOWEIGN at 09:28 PM : Dec 12, 2008
They just don''t get it, or they hate unions so much they do not want to get it. Thanks IOWEIGN very informative piece - Reply to this comment
- starleo14672,
Check the facts: Fannie Mae and Freddie Mac have always been controlled by Democrats. Their whole purpose is to manufacture affordable loans for minorities, then split-package-and-sell them on Wall Street as "securitized mortgages" with less risk. - Reply to this comment
Ex-NBA ref Tim Donaghy 
