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Mister Marker

Published Letters: 339
Editor's Choice: 8

Saturday, December 6, 2008 05:57 PM

One More Thing...

Regarding the bailout of this past September. NO ONE with any expertise in economics or business was against the bailout per se. What most of them didn't like was the lack of transparency, oversight and thick, regulatory strings. But their was consensus on one thing: Without some kind of bailout there would have been a credit vacuum that would indeed have destroyed the economy at both the macro and micro levels, and the repercussions would have been immediate. How immediate? Allow me to explain.

In this "just-in-time" world of our's, banks make critical micro-loans to businesses of all sizes every single day, week-in and week-out. These loans are often "paid back" in a matter of a few hours, whereupon the business gets yet another loan. This is what is known as "liquidity." So when you see that word used in this context you'll know that what is being discussed is the constant influx and outflux of cash between businesses and banks. The most common uses for these loans is to cover payroll and pay suppliers.

With this in mind, you can imagine what would happen if banks suddenly stopped making these loans. Actually, you don't have to imagine. There have already numerous instances of this, the most recent being this incident (from the AP wire):

Dec 6th, 2008 | CHICAGO -- Workers who got three days' notice that their factory was shutting its doors have occupied the building and say they won't go home without assurances they'll get severance and vacation pay.

About 250 union workers occupied the Republic Windows and Doors plant in shifts Saturday while union leaders outside criticized a Wall Street bailout they say is leaving laborers behind.

Leah Fried, an organizer with the United Electrical Workers, said the Chicago-based vinyl window manufacturer failed to give 60 days' notice required by law before shutting down.

During the two-day peaceful takeover, workers have been shoveling snow and cleaning the building, Fried said.

"We're doing something we haven't done since the 1930s, so we're trying to make it work," she said, referring to a tactic most famously used in 1936-37 by General Motors factory workers in Flint, Mich., to help unionize the U.S. auto industry.

Fried said the company can't pay its 300 employees because its creditor, Charlotte, N.C.-based Bank of America, won't let them. Crain's Chicago Business reported that Republic Windows' monthly sales had fallen to $2.9 million from $4 million during the past month. In a memo to the union, obtained by the business journal, Republic CEO Rich Gillman said the company had "no choice but to shut our doors."

Bank of America received $25 billion from the government's financial bailout package. The company said in a statement Saturday that it isn't responsible for Republic's financial obligations to its employees.

"Across cultures, religions, union and nonunion, we all say this bailout was a shame," said Richard Berg, president of Teamsters Local 743. "If this bailout should go to anything, it should go to the workers of this country."

Outside the plant, protesters wore stickers and carried signs that said, "You got bailed out, we got sold out."

Larry Spivack, regional director for American Federation of State, County and Municipal Employees, Council 31, said the peaceful action will add to Chicago's rich history in the labor movement, which includes the 1886 Haymarket affair, when Chicago laborers and anarchists gathering in a square on the city's west side drew national attention after an unidentified person threw a bomb at police.

"The history of workers is built on issues like this here today," Spivack said.

Representatives of Republic Windows did not immediately respond Saturday to calls and e-mails seeking comment.

Police spokeswoman Laura Kubiak said authorities were aware of the situation and officers were patrolling the area.

Workers were angered when company officials didn't show up for a meeting Friday that had been arranged by U.S. Rep. Luis Gutierrez, a Chicago Democrat, Fried said. Union officials said another meeting with the company is scheduled for Monday afternoon.

"We're going to stay here until we win justice," said Blanca Funes, 55, of Chicago, after occupying the building for several hours. Speaking in Spanish, Funes said she fears losing her home without the wages she feels she's owed. A 13-year employee of Republic, she estimated her family can make do for three months without her paycheck. Most of the factory's workers are Hispanic.

Now imagine that happening everywhere, all at once over a period of, say, a week. There would be no food on the shelves of grocery stores because suppliers would refuse to ship merchandise for which the chains could not pay. Ditto restaurants suppliers. And truckers. And on and on. THAT is why the bailout was so crucial. What's wrong is that the details were bungled, not the bailout itself. Without it, this country - indeed, the world - would be in chaos right now, as most of us would be starving.

Saturday, December 6, 2008 06:15 PM

Well, Now I Know...

...where Tarantino got the name "Bruno Scagnetti" for "Reservoir Dogs" and "Natural Born Killers." Clever.

Wednesday, December 10, 2008 03:53 PM

This Essay Is Very Sad

No, it is not "necessary" to be in a loving relationship, but having one is essential to a healthy and happy life. Dildos and massages are no substitutes. The tone of this piece belies the author's claims of contentment.

Thursday, December 11, 2008 07:07 PM

"But the cultural blinders in the Ivy League world through which this professor so serenely sailed."

One does not "sail" through blinders, one narrowly sees through them. And this person gets paid how much for this stuff?

Friday, December 12, 2008 03:54 PM

@Durian Joe Re.: When Jennifer Connelly Was Still Va-Va-VOOM!!

Forget "The Rocketeer." Rent "Mulholland Falls." There is a sex scene between her and Nick Nolte (!) that is simply mind-blowing. No wonder critics back then were calling her the "modern Marilyn Monroe"! And the movie surrounding the sex scene is a damn good one, woefully underrated, with an awesome cast (Connelly, Nolte, Chaz Palmenteri, John Malkovich, Andrew McCarthy and on and on).

Friday, December 12, 2008 04:06 PM

There Has Been Precisely ONE Great Sci-Fi Remake

John Carpenter's The Thing

Saturday, December 13, 2008 05:04 AM
Original article: "Gran Torino"

A Bit of Trivia For Your Next Party

Ask "What was Clint Eastwood's first film role?"

No one will get it.

It was two lines and a brief shot at the end of "Tarantula", for Universal. He plays the bomber who finally destroys the beast at the very end of the film.

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