Tag Archive | "Detroit"

Tragedy In Detroit

This is simply a tale of having a gun put to your head: vote “yes” or we screw you even harder.

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Ho, Hum, Just Another Example of Detroit Workers v. Attempted CEO Robbery

Today’s lesson is another chapter in why Detroit workers — regular people — don’t get treated like CEOs. Meaning, when someone else screws up, workers get the shaft. But, when the CEO screws up, no problem — he gets to keep a truckload of money. Though one trustee, thankfully, is not buying it.

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The “Free Market” Takes Its Pound Of Flesh, But Never From The Failed CEO

I can’t let Detroit go partly because there is so much to learn from the robbery that took place in the past and is continuing to this day. Today, let’s consider for a moment the price regular workers pay when something goes bad versus the price CEOs never pay when something goes askew. It’s a telling story about the deep corruption of the system.

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White House to Detroit: Drop Dead II — But Republican Rides to Rescue?

Really? The White House is saying to Detroit basically “take a hike” when it comes to a bailout — but, don’t worry, pension holders in Detroit, you have a defender…the Republican Michigan attorney general. This is bizarre and troubling.

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Obama To Detroit: Drop Dead!

Every day, if you pay attention, we can get a teachable moment. Today’s teachable moment gives us this: if you are a CEO of a bank, a CEO who makes millions of dollars, and you are in financial trouble — trouble of your own making — you can ring up the White House and, presto, the coffers of the Federal Reserve open up to extend you loans in the billions of dollars. On the other hand, if you are a worker making a modest income, or you are now retired, and you live in a city ravaged by the so-called “free market”, a city that files for bankruptcy, and you ask the White House for help, you are told, “sorry, buddy, you are on your own.”

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Detroit to Wall Street: We Are All Jamie Dimon’s Children

I mean this in a couple of ways. If people in Detroit were all named “Jamie Dimon,” a bailout would be on its way, free and clear, low-interest, no questions asked, the same kind of bailout JP Morgan Chase’s Dimon and his gang of thieves on Wall Street were able to pocket after they cratered the economy. But, barring Dimon being an actual whore, not simply a financial one, the familial connection ain’t happening for the people of Detroit — not that they’d really want it. That said, there is a real argument to made: Wall Street should pay for Detroit’s fiscal situation. And I’d propose a surtax on profits called “The Jamie Dimon Surtax.”

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Detroit

Detroit. The filing for bankruptcy is a sad, but, in a way, predictable event — if one is willing to see what this really means. It’s a deep metaphor for the failure of the so-called “free market”.

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Detroit’s Barbarians At The Gate Moment

Detroit is about to be savaged — not by the industrial woes that have plagued the city for too many years. Nope, now riding into the city with an axe is an “emergency manager.” And let’s be clear: workers are the target.

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Detroit Workers Take Another Hit

   It’s hard to read about what has happened to Detroit. Now, this via The Wall Street Journal: A new state law has emboldened the Detroit mayor and schools chief to take a more aggressive stance toward public unions as the city leaders try to mop up hundreds of millions of dollars in red ink. […]

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Ta-Ta To The Middle Class

   It is endlessly fascinating and grotesque at the same time (I have these combined feelings a lot these days–maybe I need professional help) to read media reports about the cuts that the UAW is agreeing to. Here’s another example in The New York Times from today: Ford Motor said Wednesday that its new agreement […]

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Auto Bankruptcy Closer?

   This is news that is both somewhat expected and also worrisome, from The Wall Street Journal this morning: Outside advisers to the U.S. Treasury have started lining up the largest bankruptcy loan ever, talking with banks and other lenders about at least $40 billion in financing for General Motors Corp. and Chrysler LLC, in […]

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Concessions–And now What?

   Not a happy day for auto workers–and, frankly, for workers everywhere. The UAW, as most of you know by now, has agreed to new concessions to try to save the auto companies. From The Wall Street Journal: Two weeks after insisting his union had already done enough to help the car makers, UAW President […]

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Concessions–And now What?

   Not a happy day for auto workers–and, frankly, for workers everywhere. The UAW, as most of you know by now, has agreed to new concessions to try to save the auto companies. From The Wall Street Journal: Two weeks after insisting his union had already done enough to help the car makers, UAW President […]

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Auto Workers In The Cross Hairs

   Even though I’ve suggested that auto workers should not pay for the mistakes made by the industry’s executives, the drumbeat has been pretty persistent that the workers will take another hit. And it picks up in today’s New York Times: While the union has not agreed to reopen contracts at General Motors, Ford and […]

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Big Media: Screw The Auto Workers

Memo to the traditional media: you want to see the auto industry go down? Fine. But, at least try to give the facts about what workers have undergone in the industry–an assignment that most of the traditional media could not live up in its coverage of yesterday’s hearings on the proposed bailout.   The facts […]

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Unions Made Detroit and America–They Shouldn’t Pay For Execs Mistakes

    Yesterday, I posted a dairy about the right way to bailout the auto industry. I have no issue with those people who disagree with the basic premise that we should bailout the companies. But, in other places where I posted this and generally out there in the ether, there was a shocking level of […]

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