Vice-Premier Wu Yi meets with and holds a banquet for Donald L. Evans (click here), US secretary of commerce, in Beijing, January 13, 2005. They both attended an IPR roundtable yesterday and later exchanged views on the prospects of bilateral trade and commerce. (newsphoto)
According to Bush's Commerce Secretary, the monies for the emergency BAILOUT (S) need to stay in the financial sector and not be distributed among businesses such as auto makers. He believes every business in the country has an interest in a bailout and that isn't where the AMERICAN TAX DOLLAR should go.
Since when does a Secretary of Commerce become an expert on the USA Treasury. Quite frankly, the idea that the Federal Reserve is outdated and exploitive is more the reality and the businesses of the country that pay taxes to the USA Treasury that support this government with active interest in its well being SHOULD be speaking out. They have stockholders and if they feel giving money to Wall Street isn't helping the USA economy, business sector or work force they need to address that loud and clear.
After all, according to Paulson and Bernanke this bailout was supposed to establish much needed credit to create liquid assets again. So. Like. Where are the loans?
Sep 14th, 2008
(AFP/File) - US Commerce Secretary Carlos Gutierrez speaks at a trade event in late June in Washington, DC. The USA and China are set to hold cabinet-level trade talks in California this week amid tensions over China's massive export surplus and worries about the slowing global economy.(AFP/File/Mandel Ngan)
Ford would sell the corporate jets in bankruptcy anyway. I am concerned the auto manufacturers are more interested in obtaining loans for foreign investment rather than the investment of American labor and products the American consumer seeks. I sincerely believe the panel hearings from the auto manufacturers are 'one sided.' The unions and pensioners involved here should be heard from as well.
United Auto Workers President Ron Gettelfinger addresses the media at a news conference at the UAW Solidaridy House to announce an agreement with General Motors was reached in Detroit, early today.
UAW and GM reach tentative pact, strike ends (click here)
by The Associated Press
Wednesday September 26, 2007, 7:39 AM
...The deal means UAW workers will head back to their jobs at around 80 GM facilities across the nation, including about 2,000 unionized employees at the Willow Run Powertrain plant in Ypsilanti Township. Some were to return as early as Wednesday afternoon. The union went on strike at 11 a.m. Monday when talks broke down, ending GM's production and causing layoffs and shutdowns at parts factories....
UAW may reopen pacts (click here)
It's a way to make case for U.S. loans
BY BRENT SNAVELY
FREE PRESS BUSINESS REPORTER
December 1, 2008
UAW President Ron Gettelfinger signaled Sunday that the union is willing to reopen its contracts with the Detroit Three as a way to help the domestic automakers win support for federal loans as long as the companies and its executives also make sacrifices.
"We're prepared to go back to the bargaining table," Gettelfinger said during an interview with CNN's Wolf Blitzer.
Gettelfinger said the UAW agreed to health care and wage concessions in contract negotiations in 2005 and 2007, but conceded more may be necessary.
"We have put these companies in a competitive position," Gettelfinger said.
Gettelfinger emphasized that the $25 billion that the automotive industry has asked for is not a bailout.
"It's a bridge loan that's going to be paid back by these companies," he said....
...The automaker (click at title to entry - thank you) said it hopes to avoid tapping the financing and doesn’t anticipate a “liquidity crisis” in 2009, barring a competitor’s bankruptcy or more severe economic slump. Ford plans to sell five corporate jets and would pay Chief Executive Officer Alan Mulally a $1 annual salary if the loan is used. General Motors Corp. and Chrysler LLC were to submit plans later today....
