Showing posts with label bailouts. Show all posts
Showing posts with label bailouts. Show all posts

Friday, August 20, 2010


HUMOUR:
"FREE" ENTERPRISE:

Thursday, May 06, 2010



INTERNATIONAL POLITICS- GREECE:

ANARCHIST STATEMENT ON THE EVENTS IN GREECE:

The following item comes from the Anarkismo site and is the collective statement of 5 platformist organizations from various countries on the events in Greece. Special thanks to the Porkupine Blog where I first saw this item. It has since been reprinted widely. More on the events in Greece later.

The Greek crisis continues to make news every single day, particularly because it raises the spectre of 'sovereign default' on the part of other European countries such as Portugal, Spain, Italy , Ireland and even Great Britain. Such an event would be beyond the capacity of the EC (or the world for that matter) to patch up, and could easily lead to the end of the EU with all the unknown consequences of same, let alone its effect outside of Europe. While other events such as the Icelandic volcano and the Gulf of Mexico oil spill have contributed to nervousness in world markets there is little doubt that the events in Greece are the major influence on recent market volatility.

Is there a reason to be nervous ? Certainly if one simply takes the potential for sovereign default as 'Financial Crisis Version 2.1' there is indeed. A domino cascade of sovereign defaults would be basically unstoppable and would provoke a far greater crisis than the one we are gradually emerging from. Is there reason for the ruling class to be nervous and their opponents to be hopeful about an effective opposition emerging from the present crisis ? Personally I doubt it. On our sister blog Molly's Polls I gave (sneakily) several reasons about why a revolution in Greece is improbable. I stand by these items no matter how dramatic present events may seem.

It may be hard for some amongst the crazier fringes of anarchism in the USA to understand the difference between revolution and mindless rebellion, but most other people in the world ( including pretty well all responsible anarchists outside of the primitivist, post leftist cult)understand it very well. In revolution you don't firebomb banks and run like hell. You take over the building, destroy the records of debts and turn the building to good use whatever that may be. Perhaps the bank workers try and devise new accounting systems for a new society. can you begin to comprehend how far away from such an eventuality Greece is ?

Events in Greece have hardly progressed beyond what I personally envisioned as the "maximum extent of rebellion". That is "rebellion" not revolution or even a prelude to the latter. Why do I say this ? Let's take some well accepted "necessities" that define a pre-revolutionary state.

1)The ruling class can no longer operate in its usual fashion. This condition at least is fulfilled in Greece. Bankruptcy is bankruptcy. This does not, however, mean that the plan (read conspiracy) of the EU and the IMF cannot at least salvage something for the local Greek ruling class and, more importantly, international finance that holds Greek debt. It is entirely within the realm of possibility that the bailout plan can work albeit with all the victimization of ordinary people that the following statement points out.

2)The ruling class is divided. You have to search pretty thoroughly to find evidence of this. Yes, the main conservative opposition party in Greece voted against the austerity measures, but this is an obvious rhetorical devise on their part, and I have a hard time believing that anyone takes their "opposition" seriously. They, after all, laid the basis for the present crisis by their fraudulent national accounting, and I'm pretty sure that the average Greek is more than sufficiently aware of this just as the rest of the world is. When the vote came up in the Greek Parliament only three socialist PASOK deputies voted with their conscience against the austerity measures. Try to understand that in most modern societies the "left" is very much just another aspect of the ruling class (most obviously in the USA ). If there will be a division amongst the Greek ruling class it will appear first amongst the so-called 'socialists". There is little evidence of such desertion to the "other side" at this time. Perhaps the vast, vast, vast majority of "socialist" bureaucrats are making very rational calculations about the general mood in Greece today. ot perhaps you'd like to believe ultraleft groupuscles instead.

3)The population can no longer live in the present conditions. Actually in Greece the population is rebelling against a set of circumstances that has yet to be implemented. For the vast majority of the people who have come out into the streets the issue is not their present conditions but rather what they will be in the future if the government's policies are implemented. It's a basically conservative response (nothing wrong with that by the way), but the population is still very far from being driven against the wall by an unendurable situation. The people in other countries have been the unfortunate subjects of even more brutal readjustments and revolution has not been the results, even if, as in the case of Argentina great advances in terms of libertarian ways of organization have happened. The Greek people can love with what the ruling class is planning for them, however vicious it may be, and I think they are likely to realize this and not toss caution to the winds in the end.

4)The opposition is united, at least in terms of getting rid of the present regime. This is where the present Greek situation is most deficient in terms of the preconditions for revolution. As I mentioned before the general reasons for the present protests are not to remove a regime but rather to keep a certain system of benefits in place. No doubt the more clear sighted of the anarchists (excluding the insurrectionists who have no program beyond- more violence ) have a vague idea of a society that is different from our present one, but it has hardly been expressed at least in "mass terms" beyond vague generalities. No doubt the Coalition of the Radical Left also have vague proposals for an alternative society (with all the corrupting and futile statism that such a party can muster ). In such a vague cloud the conservative aspects of the movement come to the fore...as they actually have if one examines the numbers in the news from Greece dispassionately without revolutionary illusions. Here you will see a horrible and obvious fact. the various factions of the Greek left not only, in the majority, don't want an alternative society but they abhor each other with a deep passion. Various union centrals make great efforts to stay separate from others in their demonstrations. I am speaking here of the major players in the present Greek drama, not the separation of all of them from the anarchists. To say the least this is not the way to proceed.

5)Finally a "revolution" as opposed to a revolt presupposes a vision of society ie a goal that is sufficiently diffused amongst the general population such that they see it as both worthwhile and possible. Sometimes these goals can be pretty limited ie the end of communist rule in eastern Europe. When a clear alternative, however, is not present it is the responsibility of "revolutionaries" to present such alternatives over the course of how many decades they may take to seek into popular consciousness. The most common goal of the present Greek rebellion is not a new and different society, as I have mentioned above. It is merely a defensive action against an "adjustment" that will remove benefits from ordinary Greeks. Good luck to them, even if I think the effort is doomed.

In any case here is a perfectly rational statement from various international anarchist groups in support of Greek workers. I agree with its statements of fact and its call to action even if I am very much a pessimist as to the conclusion of this struggle.
Solidarity with the Greek workers' struggle!
Statement on the Greek crisis

Greece is a test case for the social dismantling that awaits us all. This policy is being enacted by all the institutional parties, by every government and by all of globalised capitalism's institutions. There is only one way to hold back this policy of barbaric capitalism: popular direct action, to widen the strike movement and increase the number of demonstrations all across Europe.
--------------------------------------------------------------------------------
SOLIDARITY WITH THE GREEK WORKERS' STRUGGLE!

The Greek working class is angry, and with good reason, with the attempt to load responsibility for the bankruptcy of the Greek State onto their shoulders. We maintain instead that it is the international financial institutions and the European Union who are responsible. The financial institutions have plunged the world, and Greece in particular, into an economic and social crisis of historical proportions, forcing countries into debt, and now these same institutions are complaining that certain States risk not being able to repay their debts. We denounce this hypocrisy and say that even if Greece - and all the other countries - can repay the debt, they should not do so: it is up to those responsible for the crisis - the financial institutions, not the - to pay for the damage caused by this crisis. The Greek workers are right to refuse to pay back their country's debt. We refuse to pay for their crisis!

Instead, let us shift the capitalists into the firing line: Greek capital generates some of the biggest profit margins in Europe due to its investments in the poorer Balkan countries, the absence of social protections, collective guarantees and a minimum wage for Greek workers, not to mention the country's gigantic black economy in labour and an even greater exploitation of immigrant work. Greek capital is also very lightly taxed, due to the weakness of the State (with regard to the rich) and major corruption which permits fraud and tax evasion on a massive scale. So it is equally up to Greek capitalists to pay for this crisis.

We also denounce the attitude of the European Union. The EU was presented to us as a supposed guarantee of peace and solidarity between the peoples, but now it is showing its true face - that of acting as an unconditional prop for neoliberalism, in a complete denial of the notion of democracy. As soon as an economy becomes mired in difficulties, all pretence of solidarity evaporates. So we see Greece being scolded and accused of laxity, with insulting language bordering on racism. The "Europe which protects us" that liberals and social-democrats extolled at the time of the scandalous forced adoption of the Lisbon Treaty (particularly in France and Ireland) now seems a long way away.

As far as actual protection goes, the EU and the financial institutions have combined their efforts to frog-march Greece towards the forced dismantling of public services, through austerity plans that recall the "Structural Adjustment Plans" of the IMF: the non-replacement of staff, wage freezes, privatisations and VAT increases. Today the EU is demanding that the retirement age be moved back to 67, not only in Greece but also in other countries, and is also threatening to dismantle the social welfare system. In this way they are opening new markets for investors, while guaranteeing the assets of rich investors, to the detriment of the basic interests of the working class. It is a Europe of the ruling class, and one which we must all work together to oppose.

This is why we call for participation throughout Europe in solidarity initiatives with the Greek working class and with future victims of the onslaught of the banks.

Against the values of greed and rapacity that the European Union is based on, let us respond with class solidarity! Greece is a test case for the social dismantling that awaits us all. This policy is being enacted by all the institutional parties, from out-and-out bourgeois to liberals and social democrats, by every government and by all of globalised capitalism's institutions. There is only one way to hold back this policy of barbaric capitalism: popular direct action, to widen the strike movement and increase the number of demonstrations all across Europe.
Solidarity with the Greek workers' struggle!


Alternative Libertaire (France)
Workers Solidarity Movement (Ireland)
Federazione dei Comunisti Anarchici (Italy)
Organisation Socialiste Libertaire (Switzerland)
Zabalaza Anarchist Communist Front (South Africa)

Sunday, November 08, 2009


CANADIAN POLITICS/ECONOMICS:
BANK BAILOUTS BY STEALTH:
The following was inspired by a comment on a previous post on this blog concerning the 'OCAP March on the financial district in Toronto'. It actually provoked an intelligent comment whose essence was "when have Canadian banks ever been bailed out ?". I don't have words to express my gratitude when I get a sensible comment from "the other side". Not that all comments from other anarchists are foolish. Platformists and other mutualists like myself have often corrected me in my mistakes, and I am grateful for those corrections. I have even had intelligent commentary from Trotskyists.
Molly is fairly good at 'tracking' (do I have a paranoid attitude ?), and the comment asking about "when" Canadian banks were ever bailed out came from a Royal Bank of Canada employee. I give this guy full marks as a worthy opponent. His comment was brief and to the point and it had validity "on the surface". The Royal Bank, by the way, tracks this blog routinely.
In any case, as I mentioned in my reply to the comment "corporate welfare" is a long established tradition in Canada, and, if you eliminate the subsidies to murder of the US military-industrial complex it is probably a greater factor here than in the USA. As I mentioned in my previous reply the long standing support of "corporate welfare bums" has been an issue that spans decades here in Canada. From left to right I have given the proper references ie The Canadian Centre for Policy Alternatives, the Frontier Centre for Public Policy and the Fraser Institute. It is not a question of fact. Corporations in Canada do live off government welfare, and commentators from left to right find this both offensive and counterproductive. In other words it's not a matter of opinion. Corporate welfare exists as a real fact, and all sorts of commentators oppose it for various reasons.
Ah, but the "banks" and any "bailouts" you may ask, as the employee of the RBC asked ? Here is an article from the Global Research site way back last January about how Canadian banks were "bailed out by stealth". One may "like" the idea that the Canadian government was proactive in stabilizing our banks, but one cannot deny that this was a "bailout" that was done before a crisis appeared. Intelligent bailouts are still bailouts.How Canadian of us, to do the same thing as the Yankees with less fuss and bother. Read on....
C@C@C@C@C@
Canada's 75 Billion Dollar Bank Bailout
The $64 Billion Federal Budget Deficit is intended to Finance Canada's Chartered Banks
by Michel Chossudovsky
The Conservative government has leaked the details of Tuesday's budget. They have announced a $64 billion deficit.

The Harper government, which has consistently committed itself to a "balanced budget", now claims that deficit spending is required to boost the economy at the height of a major economic recession.

Does this constitute a turnaround in federal government economic policy?

Is the government really committed to running a budget deficit with a view to stimulating demand and reversing the tide of economic decline.

Or is there a hidden agenda? A modest $500 million farm modernization program, a $1 billion fund "to send workers from hard-hit industries back to school", the reduction in the Goods and Services Tax (GST)... The figures do not seem to add up to a staggering $64 billion.
Where is the bulk of the money going? These budget allocations do not explain the dramatic increase in the budget deficit.

Bear in mind that barely a month ago, Finance Minister Jim Flaherty had projected "a $2.3-billion surplus for the current fiscal year" (Edmonton Sun, December 24, 2008) Canada's Bank Bailout

The 64 billion dollar budget deficit should come as no surprise.

It is directly related to a 75 billion dollar bank bailout program for Canada's chartered banks, announced, virtually unnoticed, four days before the October Federal election.

The bank bailout received close to no media coverage; its budgetary implications were not analyzed.

In a statement by Prime Minister Harper on October 10, the bank bailout was casually presented as a commitment by the Federal government to purchase an initial $25 billion in "secure" bank mortgages from the Canadian chartered banks. The transaction would be implemented through Canada Mortgage and Housing Corp:

"Canada Mortgage and Housing Corporation (CMHC) will purchase up to $25 billion in insured mortgage pools as part of the Government of Canada’s plan, announced today, to maintain the availability of longer-term credit in Canada." (Canada Mortgage and Housing Corporation Supports Canadian Credit Markets, CHMC Press Release, 10 October 2009)

The decision implies a money transfer into the coffers of Canada's financial institutions. The money is "fungible" and can be used by the banks as they see fit:

"The federal government's [initial] $25-billion takeover of bank-held mortgages to ease a growing credit crunch faced by the country's financial institutions is not a bailout similar to recent moves made in the United States and other Western countries, Conservative Leader Stephen Harper said Friday."This is not a bailout; this is a market transaction that will cost the government nothing," he told reporters at a campaign rally in Brantford, Ont., ahead of Tuesday's federal election."We are not going in and buying bad assets. What we're doing is simply exchanging assets that we already hold the insurance on and the reason we're doing this is to get out in front. The issue here is not protecting the banks." (CBC News October 10, 2008, emphasis added)

The 25 billion dollar allocation was announced four days prior to the elections. Two days following the federal elections, the first mortgage purchase took place leading to an initial cash injection of 5 billion into the coffers of the chartered banks.

Barely a month following the federal election, on November 12 2008, another $50 billion allocation was announced.

It received no news coverage. Moreover, opposition party leaders did not analyze the official statement of the Ministry of Finance. The likely consequences of the Canada bank bailout on the federal fiscal structure were not the object of discussion or political debate.
The text of the official statement reads as follows:
"The Honourable Jim Flaherty, Minister of Finance, today announced the Government will purchase up to an additional $50 billion of insured mortgage pools by the end of the fiscal year as part of its ongoing efforts to maintain the availability of longer-term credit in Canada.This action will increase to $75 billion the maximum value of securities purchased through Canada Mortgage and Housing Corporation (CMHC) under this program."At a time of considerable uncertainty in global financial markets, this action will provide Canada's financial institutions with significant and stable access to longer-term funding," said Minister Flaherty.(The Main Wire, November 12, 2008, emphasis added).

At the height of the election campaign, Prime Minister Harper stated emphatically that: "this is not a bailout... it will cost the government nothing." (CBC News, October 10, 2008).

According to Finance Minister Jim Flaherty: "This program is an efficient, cost-effective and safe way to support lending in Canada that comes at no fiscal cost to taxpayers."(Ibid)
Yet Finance Minister Flaherty contradicts his own statement when he acknowledges that the project will drive up the public debt:

Under the proposal, Ottawa plans to sell a combination of government bonds and other public debt instruments to raise the $25 billion. Then CMHC will ask the banks and other financial institutions to ascertain how much debt they would like to sell to the agency, using a process known as a reverse auction. ...

Flaherty said the action would "make loans and mortgages more available and more affordable for ordinary Canadians and businesses."(Ibid, emphasis added)

The official Ministry of Finance statement confirms that the operation will be financed by the Treasury. Prime Minister Harper claims that "it will cost the government nothing" because the net public debt from an accounting point of view remains the same. While the operation is casually described as a transfer of assets from the banks to the CMHC, what we dealing with is a cash injection equivalent to 4.6% of Canada's Gross Domestic Product (GDP), which is financed through a massive public debt operation. The necessary funds (requiring the issuing of government debt in the form of T-Bills and government bonds) are transferred to the CHMC, which in turn upon completion of the mortgage purchases, channels the funds to the chartered banks:

"The first tranche of the program, for purchases up to $25 billion, was announced on October 10. These purchases will be completed by November 21. Under the initiative announced today, Canadian financial institutions will have access to up to an additional $50 billion of longer-term funding, bringing the total for the IMPP to $75 billion. The extension of the IMPP will be financed through increased issuance of Treasury bills and bonds. The Government will be consulting with market participants about the operational plan in the coming weeks." Ministry of Finance, Government of Canada Announces Additional Support for Canadian Credit Markets 2008-090 (November 12, 2008)
First Tranche: October 10: $25 billion. Already disbursed.
Second Tranche: November 12: $50 billion.

The total is a staggering $75 billion ( which, by the way is very much equivalent on per capita basis to the bailout in tghe USA- Molly )handout to the chartered banks.The initial $25 billion tranche has already been disbursed and nobody in Canada seems to be concerned.
The Government is Financing Its Own Indebtedness
The recipients of the bank bailout are also the creditors of the federal government. The chartered banks are the brokers of the federal public debt. They sell treasury bills and government bonds on behalf of the government. They also hold a portion of the public debt..
In a bitter irony, the banks lend money to the federal government to finance the bailout, and with the money raised through the sale of government bonds and T-Bills, the government finances, via the CHMC, the bank bailout. It is a circular process. The banks are the recipients of the bailout as well as the creditors of the State. The federal government is in a sense financing its own indebtedness.

While the Canadian bailout procedures differ from those of the US Treasury under the Troubled Assets Relief Program (TARP), they essentially serve the same purpose. Both programs contribute to bank centralization and the concentration of financial wealth.

Under TARP, some 700 billion dollars bailout money was allocated to major Wall Street banks. Canada's population is slightly less than 11 percent of that of the US. The numbers are consistent. The 75 billion dollar Canadian bailout is slightly less (numerically US dollar for Can dollar) than 11 percent of the US 700 billion bailout under TARP.
No Parliamentary Debate
The $700 billion US bank bailout under the Troubled Assets Relief Program, was the object of debate and legislation in the US Congress.

In contrast, in Canada, the granting of 75 billion dollars to Canada's chartered banks was implemented at the height of an election campaign, without duly informing the Canadian public.
Canada's media and financial press bears a responsibility in this regard. The matter was barely mentioned. It passed virtually unnoticed a few days before a federal election.

Media coverage was minimal. There was no parliamentary debate. No discussion, no debate as one would have expected from the opposition parties at the height of an election campaign as well as in its aftermath.

Nobody seemed to have noticed. Most Canadians do not know that there was a 75 billion dollar bailout of Canada's financial institutions.

The decision was casually presented as an effort "to ease the credit crunch" and encourage Canadian banks "to loosen their purse strings and extend more lending to businesses and consumers."

The impact, however, is likely to result in exactly the opposite: the centralization and concentration of financial wealth to the detriment of the real economy..
Mergers and Acquisitions
We are not dealing with a Keynesian style deficit, which stimulates investment and consumer demand, leading to an expansion of production and employment.

While, the bank bailout is a component of government expenditure, it does not constitute a positive spending injection into the real economy.

Quite the opposite. The bailout is a handout to the banks. It contributes to financing the restructuring of the banking system leading to a massive concentration of wealth and centralization of banking power.

The bailout money will be used by Canada's chartered banks to consolidate their position as well as finance the acquisition of several "troubled" financial institutions in the US. (See text box below)
The Destabilization of the Federal Fiscal Structure
This is the most serious public debt crisis in Canadian history.The bank bailout potentially destabilizes the federal fiscal structure. It leads to a spiraling budget deficit, which must be financed at tax payers expense. The entire structure of public spending is affected including federal-provincial transfers. The (federal) public debt is slated to increase by 14 % over a two year period. The provincial debts are also likely to increase dramatically.

The 75 billion dollar bailout is to be partially financed by increasing the public debt.

The Minister of Finance has intimated that further measures are envisaged "to bolster the availability of credit" with the government "injecting capital into banks if necessary." (Bloomberg, January 23, 2009) It is worth noting that in addition to the $75 billion, the government has pledged "to backstop more than $200 billion in interbank lending so banks can boost their lending capacity." (Toronto Star, December 13, 2009). The implications of this decision remain to be carefully analysed. What we can expect is a combination of budgetary compressions coupled with an increase of the public debt. Most categories of federal expenditure (excluding defense) are likely to be affected.

The federal fiscal structure is in jeopardy. The budget deficit finances the bank bailout.
What is likely to occur are more government "handouts" to banks and corporations coupled with a massive austerity program and a spiraling public debt.

The size of the public debt is also affected by the economic crisis. Company layoffs and bankruptcies seriously affect the revenues of the State. Unemployed people and bankrupt companies do not pay taxes. The increase in unemployment and the contraction in salaried earnings will backlash on tax revenues, which in turn contributes to exacerbating the fiscal crisis both at the federal and provincial levels.

Thursday, September 24, 2009


AMERICAN LABOUR/AMERICAN POLITICS:
BANK ROBBERY:
While ordinary people suffer from the economic crisis the banks who have been the happy recipients of government largess continue on their merry way- with little consideration for their debtors and customers. Here's an appeal from the Jobs With Justice coalition asking you to protest this state of affairs.
ALAPALAPALAPALAP

Tell Wells Fargo: Stop the Evictions & Wage Theft!:‏
Belva Davis is facing eviction from her Detroit area home,despite her attempts to pay her mortgage. Deb Johann lost her job and had months of her vacation pay stolen from her, when Quad City Die Casting abruptly shuttered its Moline, IL plant. She and her co-workers are also owed thousands of dollars in health care. They are only two among tens of thousands of victims of corporate crime. The culprit? Wells Fargo.
Take Action Now:
Wells Fargo and its Wachovia subsidiary received $25 Billion in 'TARP' bailout money, not to mention far more subsidy from the Federal Reserve, supposedly to extend credit and keep our economy going during this economic crisis.
Instead, Wells Fargo and the rest of the big "Bailout Bandits" (Bank of America, Citigroup, JP Morgan Chase - you can read more about there corporate crimes here http://www.unionvoice.org/ct/6d_xDw71QBqf/) reduced their lending, increased foreclosures and are paying huge executive bonuses while:
*foreclosing and evicting tens of thousands of people
*pushing people out of jobs when companies close for lack of credit
*charging obscene overdraft fees
*spending millions lobbying against reforms of the financial system and a recovery for the rest of us (health care, employee free choice act, a jobs plan and more)
Wells Fargo is even refusing to negotiate with Belva and refusing to pay Quad City workers what they earned n vacation pay or health care benefits. You can take action on this alert via the web at:http://www.unionvoice.org/campaign/stopwellsfargo/wukd7sdrv7extbm7?
We encourage you to take action by October 24, 2009
Tell Wells Fargo: Stop the Evictions & Wage Theft!
ALAPALAPALAPALAP
THE LETTER
Go to the link above to send the following letter to Wells Fargo management.
ALAPALAPALAPALAP
Your letter will be addressed and sent to:
John Stumpf
----THIS LETTER WILL BE SENT IN YOUR NAME----
Dear [decision maker name automatically inserted here],
Stop the evictions and stop pushing people out of jobs. You were bailed out by we the people. Your failure to address these concerns borders on criminal conduct. In particular:
1) Stop evicting Belva Davis - and all the other Belvas that need you to renegotiate mortgages
2) Pay the Quad City Die Cast workers what they are owed.
----END OF LETTER TO BE SENT----

Wednesday, July 29, 2009


AMERICAN LABOUR:
STOP RESTRUCTURING LAYOFFS:
The following appeal for online solidarity comes from the Jobs With Justice coalition in the USA. It seems that even the Toyota company which is far from being bankrupt wants to use the opportunity to shed workers.
ALALALALALALAL

No "Jobless Recovery" -- put workers first in auto retooling:
Once again, a major corporation -- this time Toyota -- is threatening to cut thousands of jobs in the name of 'competitiveness.'

Don't let banks and corporations get away with a "jobless recovery" that restores profits and bonuses, but leaves workers behind. A real recovery puts workers and communities first, providing good jobs, affordable housing, retirement security and health care for all.

As part of the complicated auto industry bankruptcy process, Toyota is considering shutting down its only unionized workforce, the highly efficient partnership with GM called "New United Motor Manufacturing Inc." (NUMMI) in Fremont California. Shutting down the plant would cost 4,500 good autoworker jobs, not to mention tens of thousands at dependent companies.

The "Motors Liquidation Corporation" (the new name for the pre-bankruptcy GM), Toyota and the bankruptcy court, influenced by the US government's auto restructuring task force, will be deciding the fate of this plant and these workers.

Take action to save jobs at NUMMI and to put Congress on notice that we need a new economy with new rules embodying worker and community interests and economic fairness.
ALALALALALALAL
THE LETTER:
Please go to THIS LINK to send a nessage to the US Congress about this situation.
ALALALALALALAL
The possible loss of 4,500 good jobs at the NUMMI plant in California will have another negative ripple effect, adding to the economic crisis. The government's auto restructuring task force should ensure that workers and the economy come first as the auto industry is retooled for sustainability.

I urge you to do what you can to encourage fair negotiations with NUMMI, Toyota, the former GM and the bankruptcy court.

Beyond saving these thousands of jobs, I ask you to take bold measures that will transform our economy for the long haul in a more just and sustainable way. It's time for Congress to break the grip of the big banks, create millions of good new jobs (with the right to organize without intimidation), stop evictions and ensure retirement security and health care for all.

Tuesday, May 12, 2009


AMERICAN LABOUR:
HELP SAVE HARTMARX JOBS:
The following appeal from the Service Employees International Union (SEIU) definitely has potential. It seems that Wells Fargo, one of the beneficiaries of the recent free money (bailouts) from the US Treasury has been nowhere near as forgiving with its own debtors. Par for the course I guess. What makes the matter interesting, however, is the following. One is that the company, Hartmarx (yes ! that is the name) is one that makes President Obama's suits. The other is that the workers involved have threatened to stage a factory occupation if their jobs are not saved. They have been no doubt inspired by the recently victorious factory occupation at Republic Windows and Doors in their city.One wonders about the conniptions this may be creating in Washington as they weigh their various options. Here is the article asking you for online solidarity with these workers.
WWWWWWWWWW
Bailed out bank wants to bail on union workers:‏
The public gave Wells Fargo $25 billion in bailout funds, but rather than investing that money in American jobs by keeping credit flowing, Wells Fargo is considering cutting the cord.
1,000 workers at Hartmarx, the Chicago-based apparel company that makes President Obama's suits, may lose their jobs if Wells Fargo forces the company to liquidate. Two of the bidders on the manufacturer have said that they see the value in continuing the production of top quality suits and will keep the plant open and a third bidder wants to liquidate.
These Hartmarx workers are members of Workers United, SEIU's newest affiliate.
Please take a moment to sign a letter to Wells Fargo Executive Vice President John Stumpf asking him to choose a bidder who will save these jobs. We'll make sure the letter is delivered with your signature and keep you updated on the situation.
Yesterday, workers at Hartmarx voted in favor of a "sit in," which means that if Wells Fargo or a buyer tries to close the factory, the workers will remain at their job site.
These workers are taking a stand not just for their own jobs for all workers jeopardized by shortsighted banks.
The predecessor unions of Workers United like the ILGWU (remember "look for the union label") have represented Hartmarx employees for almost a hundred years. I'm proud to ask you to join me in standing with them today.
In Solidarity,
Andy Stern
WWWWWWWWWW
THE PETITION:
Please go to THIS LINK to sign the following online petition.
WWWWWWWWWW
Dear Mr. Stumpf,
The American people gave Wells Fargo 25 billion in TARP Funds. Now we are asking you to do the least you can do in return -- keep the Hart, Schaffner and Marx apparel company open by accepting one of the two bidders on the company that plans to keep the factory open.
Forcing the liquidation of American jobs is the last thing our economy needs right now. Wells Fargo has an obligation to shareholders, investors and public to take a longer term view of the economics, that means keeping jobs and supporting this profitable business. I urge you to do the right thing.
[your signature will go here]

Friday, April 03, 2009


CANADIAN LABOUR/CANADIAN POLITICS:
PROTECT WORKERS' PENSIONS:
The following appeal is from the Communications, Energy and Paperworkers Union of Canada. With all the billions that are being thrown at business bailouts during this economic crisis little attention has been paid to workers' pensions. The CEP wants to correct this.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Subject: CEP campaign to protect workers' pensions:

Greetings,
The banks and big corporations have received billions of dollars in government aid, while workers are forced to the back of the line. Have your say now, while the federal government is holding consultations on changes to workplace pension legislation. Join CEP's online campaign to protect workers' pensions, by clicking here to send an e-mail, before April 17, to Ted Menzies, the Parliamentary Secretary of the Minister of Finance.

Thank you

Dave Coles
President
Communications, Energy and Paperworkers Union of Canada
_______________

Objet: la campagne du SCEP pour protéger les pensions des travailleurs et des travailleuses:

Salutations,

Les banques et les grandes compagnies ont reçu des milliards de dollars en aide gouvernementale tandis que les demandes des travailleurs et travailleuses sont constamment repoussées en bout de ligne. C’est tout à fait injuste. Dites-le maintenant au gouvernement fédéral qui tient présentement des consultations sur des changements à la loi sur les régimes de retraite en milieu de travail. Joignez-vous à la campagne en ligne du SCEP pour protéger les pensions des travailleurs et travailleuses en cliquant ici pour envoyer un courriel, avant le 17 avril, à Ted Menzies, Secrétaire parlementaire du ministre des Finances.


Merci,

Dave Coles
Président
Syndicat canadien des communications, de l’énergie et du papier
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THE LETTER:
Please click on the link above to send the following letter to Parliamentary Secretary Ted Menzies. Il y a aussi une version français. Cliquez le lien ci-dessus.
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Ted Menzies
Parliamentary Secretary to the Minister of Finance
Greetings:
Department of Finance consultations on private pension plans arrive at a very critical time. We are in an unprecedented financial crisis caused in great part by the greed and the incompetence of big business. However, they will not have to deal with the consequences. Companies are proceeding to major layoffs when they are not simply going bankrupt. Thousands of workers lose their jobs and too many of them will see a large part of their retirement income disappear. They have worked hard all their life to be told that now, they cannot get the retirement benefits they are entitled to.
The proposed reforms are not only insufficient to face the current economic crisis, but some of them will actually make the situation worse. It is urgent to protect workers’ pension plans. The Conservative government must:
1) implement a federal system of pension insurance
2) change the federal bankruptcy laws that put workers’ interests first
3) increase Canada Pension Plan benefits from 25% to 50% of the average industrial income and those of the Old Age Security to 15%.

The banks and big corporations have received billions of dollars in aid, but there is still nothing to protect the pension plans of workers. This is patently unfair. It is high time to act!
Respectfully,