State of the Union
Nov. 30, 2010 online at www.uawlocal2250.com
From the International Union UAW: Join thousands of Americans in a National Call Congress Day on Tuesday, Nov. 30. The Co-Chairs of the National Fiscal Commission have proposed deep cuts to Social Security – increasing the retirement age to 69, cutting benefits for middle-class workers and reducing annual Cost of Living Adjustments. We need your help to stop them! Social Security is a promise that must not be broken—we’ve worked hard for it and paid taxes for it. Social Security belongs to our children, our parents, our neighbors and ourselves. ACT NOW! Your voice needs to be heard. Call your Senators RIGHT NOW at 1-866-529-7630. After providing your zip code you’ll be given a choice of which of your state’s two senators to be connected with. Call BOTH if you have the time. It only takes a minute each.
From Automotive News: Fiat S.p.A has signed a deal to supply General Motors Co.'s Opel/Vauxhall unit with at least 250,000 units of a new light van range. The vehicles will succeed Opel's Combo model, which reaches the end of its lifecycle in the fourth quarter 2011, and will be built on Fiat's existing platform for its Doblo van (a Transit Connect-size van). The vans will be sold by Opel and Vauxhall dealers in Europe and other markets outside North America from 2012. Opel designers in Ruesselsheim, Germany, are involved in the development of the new models in cooperation with the Fiat's engineering and design Group in Turin, Italy.
The Detroit Free Press: General Motors has added 700 workers to its Oshawa, Ontario, factory near Toronto to make the 2011 Chevrolet Camaro convertible muscle carand the new Buick Regal midsize car, the company said Monday. Camaro convertible production is to start in January. The plant will start making Regals in early spring. The additional employees began work Monday on a second shift at one of the factory's two assembly lines, just two months after GM added a third shift on another line to make more Chevrolet Equinox crossover vehicles, one of the company's hottest sellers. The Equinox looks like an SUV but is more fuel efficient and handles better because it's based on car underpinnings. GM said the 700 jobs, coupled with those added for Equinox production, have secured more than 1,300 jobs at the plant, including the recall of 1,000 laid-off workers and the hiring of 300 employees.
From Automotive News: Toyota Motor Corp. will pay to fix about 650,000 Prius models worldwide for a coolant pump glitch that could cause the top-selling hybrid to overheat and lose power, the automaker said. The repair campaign covers Prius cars for the model years 2004 to 2007. The bulk of the cars, or 378,000 units, are in the United States. Toyota said the design of the electric water pump let air bubbles enter the system, slowing coolant circulation and allowing the hybrid's components to heat up. The heating up of the components could trigger a warning light. If left unattended, the Prius could overheat and drop into a "fail-safe" mode where engine power would be reduced, Toyota said.
GM announced a $163.2-million investment in its operations in Flint and Bay City, Michigan, and Defiance, Ohio, to support engine production for the Chevrolet Volt, Chevrolet Cruze and a new Chevrolet small car to be built in the United States. The investment will protect 184 jobs at the three sites. The announcement brings the total of new U.S. investment to more than $3.3 billion, and GM has created or retained more than 8,000 jobs in 21 U.S. plants since emerging from bankruptcy in July 2009. The investments will be used to support increased production of the Ecotec 1.4-liter engine that is used in the Chevrolet Cruze and a 1.4L variant used in the Chevrolet Volt. Flint Engine is expected to start production of 400 engines a day in early 2011 and ramp up to 800 engines a day in late 2011. The newest investment increases its capacity to 1,200 a day in late 2012.
From the Wall Street Journal: General Motors bankruptcy estate is refusing to pay its share of the cost of closing a California plant, pushing the burden to Toyota Motor Corp., according to a lawsuit filed by a former joint venture between the auto makers. The suit filed in U.S. Bankruptcy Court in Manhattan by New United Motors Manufacturing Inc., or Nummi, also said so-called Old GM breached its contract to purchase Pontiac Vibe vehicles made at the plant when it pulled out of the joint venture months after GM filed for bankruptcy reorganization last year. Nummi said the bankruptcy estate should be responsible for $185 million in capital expenditures connected to Vibe production that was supposed to run through 2012 and $180 million for its share of the wind-down costs at the now-closed Fremont, Calif., factory. Nummi said slow sales of the Vibe prior to the plant's closure and GM's refusal to make good on a promise to sell the hatchback for at least two more years left the joint venture unable to pay off the $1.6 billion worth of machinery, tooling and other purchases made in 2006 to start Vibe production. The joint venture said Old GM also has so far left Nummi and Toyota holding the bill to close the 5.5 million-square-foot plant, including the cost of employee pensions
Tuesday, November 30, 2010
State of the Union November 29, 2010
Nov. 29, 2010 online at www.uawlocal2250.com
• Reminder: Adopt-a-Child names are now available for Christmas. You can go to the Benefits office or the cafeteria at breaks and lunch if you want to sponsor a child. We have 65 children this year.
• From the Detroit Free Press: The Chevrolet Volt will get 60 m.p.g. when using both its batteries and gasoline engine, according to the U.S. Environmental Protection Agency, but 93 m.p.g. when driven in electric-only mode. The latter number will be compared with the 99 m.p.g. EPA rating of the Nissan Leaf, the battery-only powered carwhich, like the Volt, goes on sale next month. The Volt will have a gasoline-only fuel economy rating of 37 m.p.g. All three mileage figures will be on the Volt's window sticker. Consumers must understand the fundamental difference between a dual-source powertrain, such as the Volt's, and an all-electric car such as the Leaf. The gasoline-powered generator enables a Volt driver to go up to 379 miles between rechargings, according to the EPA. The agency certified the Leaf's range at 73 miles.
• From the Wall Street Journal: General Motors said the underwriters of its initial public offering have exercised their full overallotment options to purchase an additional 71.7 million shares of common stock, boosting the total offering size to $23.1 billion. On Friday, the company said the additional shares sold totaled $2.37 billion. The auto maker also disclosed an additional 13 million shares of mandatory convertible junior preferred shares were purchased from the company, for a total of $650 million.
• From the Chatanooga Times Free Press: U.S. Sen. Bob Corker, R-Tenn., says he has told Volkswagen officials that he thinks it would be "highly detrimental" to the German manufacturer if the United Auto Workers organizes its Chattanooga assembly plant. "I was asked to give input, and I did," Corker said. He stressed he is not "anti-union" and said he often employed union craftsmen when he ran a construction company. Bob King, president of the 400,000-plus-member labor union, said the UAW is interested in organizing the VW plant. "We want workers there, and not just Chattanooga but all nonunion assembly facilities," King said. "We want workers to have a choice to come into the UAW." King, who became UAW president in June, said Corker is "talking about the past and not the present or the future.” Guenther Scherelis, Volks-wagen Group of America Inc.'s general manager of communication, declined to address Corker's specific comments as well as King's. "At Volkswagen Chattanooga, the employees will decide for themselves about their representation," Scherelis said in an e-mail. Asked if Volkswagen management would take a stance if the UAW seeks to organize a union, Scherelis replied, "Volkswagen Chattanooga has a neutral position."
A message from Motor Trend to Rush Limbaugh regarding his unfounded criticism of the magazine’s choice of the Chevy Volt as car of the year:
You said, “Folks, of all the cars, no offense, General Motors, please, but of all the cars in the world, the Chevrolet Volt is the Car of the Year? Motor Trend magazine, that’s the end of them. How in the world do they have any credibility? Not one has been sold. The Volt is the Car of the Year.” So, Mr. Limbaugh; you didn’t enjoy your drive of our 2011 Car of the Year, the Chevrolet Volt?Assuming you’ve been anywhere near the biggest automotive technological breakthrough since … I don’t know, maybe the self-starter, could you even find your way to the front seat? Or are you happy attacking a car that you’ve never even seen in person? Last time you ranted about the Volt, you got confused about the “range,” and said on the air that the car could be driven no more than 40 miles at a time, period. At least you stayed away from that issue this time, but you continue to attack it as the car only a tree hugging, Obama-supporting Government Motors customer would want.
Back to us for a moment, our credibility, Mr. Limbaugh, comes from actually driving and testing the car, and understanding its advanced technology. It comes from driving and testing virtually every new car sold, and from doing this once a year with all the all-new or significantly improved models all at the same time. We test, make judgments and write about things we understand. Chevrolet has not sold one Volt because it’s not on sale yet. It will not sell 10,000 this first model year (although GE plans to buy truckloads for its fleet), because it takes time to ramp up production. See, Rush, because we’re the World’s Automotive Authority, we get access to many cars before they go on sale.
But, harrumph. In its attempt to force cars that don’t use much gas on us — how un-American/un-ExxonMobil/un-Halliburton is that? — the Obama administration is offering a $7,500 tax credit on the Chevy Volt, grabbing tax breaks and credits right out of the deserving, job-creating pockets of America’s richest individuals. How dare he? This is another of your distortions, Rush, repeated by the otherwise more level-headed George Will in The Washington Post last Sunday. The $7,500 Obama tax credit is an expansion of President Bush’s hybrid credits from the last decade. The Obama tax credit extends to the new Nissan Leaf, too, but if you or Will slammed that car, I’ve not heard or read it. I’d be surprised if you did, though, as Nissan is building the Leaf in a non-union factory in a right-to-work state represented by two Republican senators. A factory located there because Tennessee offered Nissan big tax credits. Maybe you’re worried that if the $7,500 tax credit works, too many people will buy the Volt, and that could reduce the need for oil drilling tax credits?
You’ve made two king’s ransoms by convincing legions of dittoheads to tune into you every day. I wonder, do you ever ride in anything that’s not German or Anglo-Saxon? Do you have any idea how powerful IG Metal is, and of the size of Germany’s social safety net? My esteemed colleague, Jonny Lieberman, got a copy of Will’s hit piece on the Volt, and responded: “A bit of flag waving is in order – but instead, Will chooses to be a partisan clown and gets everything wrong.” You and Will don’t even worry about being un-American, anymore. If you can stop shilling for your favorite political party long enough to go for a drive, you might really enjoy the Chevy Volt. I’m sure GM would be happy to lend you one for the weekend. Just remember: driving and Oxycontin don’t mix.
• Reminder: Adopt-a-Child names are now available for Christmas. You can go to the Benefits office or the cafeteria at breaks and lunch if you want to sponsor a child. We have 65 children this year.
• From the Detroit Free Press: The Chevrolet Volt will get 60 m.p.g. when using both its batteries and gasoline engine, according to the U.S. Environmental Protection Agency, but 93 m.p.g. when driven in electric-only mode. The latter number will be compared with the 99 m.p.g. EPA rating of the Nissan Leaf, the battery-only powered carwhich, like the Volt, goes on sale next month. The Volt will have a gasoline-only fuel economy rating of 37 m.p.g. All three mileage figures will be on the Volt's window sticker. Consumers must understand the fundamental difference between a dual-source powertrain, such as the Volt's, and an all-electric car such as the Leaf. The gasoline-powered generator enables a Volt driver to go up to 379 miles between rechargings, according to the EPA. The agency certified the Leaf's range at 73 miles.
• From the Wall Street Journal: General Motors said the underwriters of its initial public offering have exercised their full overallotment options to purchase an additional 71.7 million shares of common stock, boosting the total offering size to $23.1 billion. On Friday, the company said the additional shares sold totaled $2.37 billion. The auto maker also disclosed an additional 13 million shares of mandatory convertible junior preferred shares were purchased from the company, for a total of $650 million.
• From the Chatanooga Times Free Press: U.S. Sen. Bob Corker, R-Tenn., says he has told Volkswagen officials that he thinks it would be "highly detrimental" to the German manufacturer if the United Auto Workers organizes its Chattanooga assembly plant. "I was asked to give input, and I did," Corker said. He stressed he is not "anti-union" and said he often employed union craftsmen when he ran a construction company. Bob King, president of the 400,000-plus-member labor union, said the UAW is interested in organizing the VW plant. "We want workers there, and not just Chattanooga but all nonunion assembly facilities," King said. "We want workers to have a choice to come into the UAW." King, who became UAW president in June, said Corker is "talking about the past and not the present or the future.” Guenther Scherelis, Volks-wagen Group of America Inc.'s general manager of communication, declined to address Corker's specific comments as well as King's. "At Volkswagen Chattanooga, the employees will decide for themselves about their representation," Scherelis said in an e-mail. Asked if Volkswagen management would take a stance if the UAW seeks to organize a union, Scherelis replied, "Volkswagen Chattanooga has a neutral position."
A message from Motor Trend to Rush Limbaugh regarding his unfounded criticism of the magazine’s choice of the Chevy Volt as car of the year:
You said, “Folks, of all the cars, no offense, General Motors, please, but of all the cars in the world, the Chevrolet Volt is the Car of the Year? Motor Trend magazine, that’s the end of them. How in the world do they have any credibility? Not one has been sold. The Volt is the Car of the Year.” So, Mr. Limbaugh; you didn’t enjoy your drive of our 2011 Car of the Year, the Chevrolet Volt?Assuming you’ve been anywhere near the biggest automotive technological breakthrough since … I don’t know, maybe the self-starter, could you even find your way to the front seat? Or are you happy attacking a car that you’ve never even seen in person? Last time you ranted about the Volt, you got confused about the “range,” and said on the air that the car could be driven no more than 40 miles at a time, period. At least you stayed away from that issue this time, but you continue to attack it as the car only a tree hugging, Obama-supporting Government Motors customer would want.
Back to us for a moment, our credibility, Mr. Limbaugh, comes from actually driving and testing the car, and understanding its advanced technology. It comes from driving and testing virtually every new car sold, and from doing this once a year with all the all-new or significantly improved models all at the same time. We test, make judgments and write about things we understand. Chevrolet has not sold one Volt because it’s not on sale yet. It will not sell 10,000 this first model year (although GE plans to buy truckloads for its fleet), because it takes time to ramp up production. See, Rush, because we’re the World’s Automotive Authority, we get access to many cars before they go on sale.
But, harrumph. In its attempt to force cars that don’t use much gas on us — how un-American/un-ExxonMobil/un-Halliburton is that? — the Obama administration is offering a $7,500 tax credit on the Chevy Volt, grabbing tax breaks and credits right out of the deserving, job-creating pockets of America’s richest individuals. How dare he? This is another of your distortions, Rush, repeated by the otherwise more level-headed George Will in The Washington Post last Sunday. The $7,500 Obama tax credit is an expansion of President Bush’s hybrid credits from the last decade. The Obama tax credit extends to the new Nissan Leaf, too, but if you or Will slammed that car, I’ve not heard or read it. I’d be surprised if you did, though, as Nissan is building the Leaf in a non-union factory in a right-to-work state represented by two Republican senators. A factory located there because Tennessee offered Nissan big tax credits. Maybe you’re worried that if the $7,500 tax credit works, too many people will buy the Volt, and that could reduce the need for oil drilling tax credits?
You’ve made two king’s ransoms by convincing legions of dittoheads to tune into you every day. I wonder, do you ever ride in anything that’s not German or Anglo-Saxon? Do you have any idea how powerful IG Metal is, and of the size of Germany’s social safety net? My esteemed colleague, Jonny Lieberman, got a copy of Will’s hit piece on the Volt, and responded: “A bit of flag waving is in order – but instead, Will chooses to be a partisan clown and gets everything wrong.” You and Will don’t even worry about being un-American, anymore. If you can stop shilling for your favorite political party long enough to go for a drive, you might really enjoy the Chevy Volt. I’m sure GM would be happy to lend you one for the weekend. Just remember: driving and Oxycontin don’t mix.
Thursday, November 18, 2010
State of the Union November 17, 2010
Nov. 17, 2010 online at www.uawlocal2250.com
From Chairman Mike Bullock: An additional three members will be recalled tomorrow for deer season. The new seniority date to hold the plant is 4-3-2000 with last four of 2000.
Reminder: Union meeting is today at 1 pm, 3 pm and 15 minutes after the longest first shift line time.
The Community Services Committee will have a meeting Thursday, Nov. 18 after first shift in the cafeteria. Agenda items include the Christmas Adopt-a-Child and the Elder Court Thanksgiving dinner.
Attention: Paving work will be done at Gate # 2 (body shop) and Gate # 4 (chassis) entrances next week. Gate # 2 will be closed all week and Gate #4 will be open but with limited access. Work should be complete upon return from the Thanksgiving break.
From the Wall Street Journal: General Motors Co. said Wednesday that it will increase the size of its initial public offering by about 30% to 478 million shares, which could make it the largest global IPO in history. The move, which came despite broad stock market losses Tuesday, is a response to stronger-than-expected demand for shares in the auto maker, which is generating solid profits after last year's U.S. government-orchestrated bankruptcy. Earlier Tuesday, GM confirmed it would raise the expected price for shares sold in its IPO to a range of $32 to $33 from the previous $26 to $29. GM also plans to sell up to $4.6 billion of preferred stock, up from $3 billion previously planned. The IPO will be priced Wednesday after the U.S. stock markets close and the shares will start trading Thursday. After the IPO, the U.S. government's stake in GM would fall to close to 26% from the current 61%, people familiar with the matter said. The U.S. will sell 412 million shares, up from 303 million. A union-run retiree trust will sell 102 million shares, up from 82 million. Canada's federal and provincial governments, which aided in GM's rescue, will stick with plans to sell 35 million shares.
The Chevy Volt has been named Motor Trend’s 2011 Car of the Year. The Volt beat out competitors such as the Ford Fiesta, Hyundai Sonata, Lincoln MKZ hybrid, BMW 5 Series, Jaguar XJ, Infiniti M and Audi A8. The Volt was also named Automobile Magazine’s Car of the Year for 2011. “The Chevrolet Volt endured more scrutiny and skepticism than any of the nine other semifinalists,” Automobile Magazine Associate Editor Eric Tingwall said in a statement. “The Volt is unlike any vehicle we have ever driven.”
From Chairman Mike Bullock: An additional three members will be recalled tomorrow for deer season. The new seniority date to hold the plant is 4-3-2000 with last four of 2000.
Reminder: Union meeting is today at 1 pm, 3 pm and 15 minutes after the longest first shift line time.
The Community Services Committee will have a meeting Thursday, Nov. 18 after first shift in the cafeteria. Agenda items include the Christmas Adopt-a-Child and the Elder Court Thanksgiving dinner.
Attention: Paving work will be done at Gate # 2 (body shop) and Gate # 4 (chassis) entrances next week. Gate # 2 will be closed all week and Gate #4 will be open but with limited access. Work should be complete upon return from the Thanksgiving break.
From the Wall Street Journal: General Motors Co. said Wednesday that it will increase the size of its initial public offering by about 30% to 478 million shares, which could make it the largest global IPO in history. The move, which came despite broad stock market losses Tuesday, is a response to stronger-than-expected demand for shares in the auto maker, which is generating solid profits after last year's U.S. government-orchestrated bankruptcy. Earlier Tuesday, GM confirmed it would raise the expected price for shares sold in its IPO to a range of $32 to $33 from the previous $26 to $29. GM also plans to sell up to $4.6 billion of preferred stock, up from $3 billion previously planned. The IPO will be priced Wednesday after the U.S. stock markets close and the shares will start trading Thursday. After the IPO, the U.S. government's stake in GM would fall to close to 26% from the current 61%, people familiar with the matter said. The U.S. will sell 412 million shares, up from 303 million. A union-run retiree trust will sell 102 million shares, up from 82 million. Canada's federal and provincial governments, which aided in GM's rescue, will stick with plans to sell 35 million shares.
The Chevy Volt has been named Motor Trend’s 2011 Car of the Year. The Volt beat out competitors such as the Ford Fiesta, Hyundai Sonata, Lincoln MKZ hybrid, BMW 5 Series, Jaguar XJ, Infiniti M and Audi A8. The Volt was also named Automobile Magazine’s Car of the Year for 2011. “The Chevrolet Volt endured more scrutiny and skepticism than any of the nine other semifinalists,” Automobile Magazine Associate Editor Eric Tingwall said in a statement. “The Volt is unlike any vehicle we have ever driven.”
State of the Union November 18, 2010
Nov. 18, 2010 online at www.uawlocal2250.com
From Chairman Mike Bullock: The December tentative production schedule was released on Thursday. The tentative schedule is 10 hours off K-line Monday thru Thursday and 8 hrs off K-Line on Fridays .Christmas week's schedule, because of the Holiday is scheduled for 10.7, 10.7, 10.6 and 8 hours on 12/23.
The Global Manufacturing System (GMS) has been agreed to by the National parties as our directive for the Quality Network. As part of GMS implementation there will be voluntaryTeam Leader and Team Member evaluations beginning in January. These evaluations will be done annually. These evaluations will NOT be used for discipline. If an employee does not want to participate then the Group Leader will conduct the evaluation. You will receive a handout on Friday with more information about this process.
From Automotive News: A high stock price for General Motors Co. is in the interest of its past and present workers as it will allow the automaker to invest in its future, the head of the UAW said on Wednesday. "I absolutely want that stock price to be as high as it can be, but that's as much for our active members as it is for our retired members," UAW president Bob King said at the Reuters Global Autos Summit. "The higher that stock price is, the more money General Motors has got to invest in products, new facilities. I think in general people feel really upbeat about General Motors," he added. "The products are great, again the commitment to quality from our membership is really high."
From the Wall Street Journal: General Motors is on pace to sell $18.1 billion in shares in what likely will be the second-largest U.S. initial public offering ever, capping a remarkable two-year turnaround in which the car maker went from begging for a government bailout to posting its first steady profits in more than six years. GM sold about 478 million shares Wednesday at $33 each, a price higher than the company and its bankers thought was possible just days ago. An additional 71.7 million shares are expected to be sold by GM's bankers as part of an "over allotment" allowed when sales are stronger than expected. And it sold $4.35 billion in preferred shares. The U.S. Treasury will cut its ownership stake in GM to about 26% from 61% through the stock sale, including the over allotments. With Wednesday's sale, including the over allotment, the Treasury lost roughly $4.5 billion on GM shares it acquired at an effective cost of $43.84 apiece. The Treasury would need to reap $26.4 billion, or an average of $52.79 a share, on its remaining stake to break even. On Thursday, the stock opened 6% higher as GM Chief Executive Dan Akerson rang the opening bell on the New York Stock Exchange.
From Chairman Mike Bullock: The December tentative production schedule was released on Thursday. The tentative schedule is 10 hours off K-line Monday thru Thursday and 8 hrs off K-Line on Fridays .Christmas week's schedule, because of the Holiday is scheduled for 10.7, 10.7, 10.6 and 8 hours on 12/23.
The Global Manufacturing System (GMS) has been agreed to by the National parties as our directive for the Quality Network. As part of GMS implementation there will be voluntaryTeam Leader and Team Member evaluations beginning in January. These evaluations will be done annually. These evaluations will NOT be used for discipline. If an employee does not want to participate then the Group Leader will conduct the evaluation. You will receive a handout on Friday with more information about this process.
From Automotive News: A high stock price for General Motors Co. is in the interest of its past and present workers as it will allow the automaker to invest in its future, the head of the UAW said on Wednesday. "I absolutely want that stock price to be as high as it can be, but that's as much for our active members as it is for our retired members," UAW president Bob King said at the Reuters Global Autos Summit. "The higher that stock price is, the more money General Motors has got to invest in products, new facilities. I think in general people feel really upbeat about General Motors," he added. "The products are great, again the commitment to quality from our membership is really high."
From the Wall Street Journal: General Motors is on pace to sell $18.1 billion in shares in what likely will be the second-largest U.S. initial public offering ever, capping a remarkable two-year turnaround in which the car maker went from begging for a government bailout to posting its first steady profits in more than six years. GM sold about 478 million shares Wednesday at $33 each, a price higher than the company and its bankers thought was possible just days ago. An additional 71.7 million shares are expected to be sold by GM's bankers as part of an "over allotment" allowed when sales are stronger than expected. And it sold $4.35 billion in preferred shares. The U.S. Treasury will cut its ownership stake in GM to about 26% from 61% through the stock sale, including the over allotments. With Wednesday's sale, including the over allotment, the Treasury lost roughly $4.5 billion on GM shares it acquired at an effective cost of $43.84 apiece. The Treasury would need to reap $26.4 billion, or an average of $52.79 a share, on its remaining stake to break even. On Thursday, the stock opened 6% higher as GM Chief Executive Dan Akerson rang the opening bell on the New York Stock Exchange.
Monday, November 15, 2010
State of the Union November 15, 2010
Nov. 15, 2010 online at www.uawlocal2250.com
State of the Union will return on Wednesday, Nov. 18
Union meeting is Wednesday, Nov. 17, at 1 pm, 3 pm and 15 minutes after the longest first shift line time.
Attention All Veterans: There will be a Veterans Town Hall Tuesday, Nov. 16 from 6:30 pm – 8:30 pm. There will be guest speakers to address current Veteran issues and representatives from the Dept. of Veterans Affairs Health and Benefits Administrations, as well as various Veteran Service Organizations, to answer your questions. The town hall will be held at the Millennium Student Center at the University of Missouri-St. Louis, Century Rooms A & B. Address is One University Boulevard, St. Louis MO, 63121.
From the Detroit News: General Motors may sell more stock than initially planned, at a higher price than expected, because of strong investor demand, people briefed on the matter said Friday. The per share price could be $30 or more, exceeding the $26 to $29 range GM set less than two weeks ago, a sign that the market is bullish on the Detroit's automaker's return to the public markets. So far, demand is more than five times the 365 million common shares that are available, the sources said. That means many investors, including thousands of employees, retirees and dealers who have signed up to buy stock, are likely to get fewer shares than they are seeking. With demand running high, GM's underwriters plan to exercise an option to sell as much as 15 percent more shares in the initial public offering, bringing the total to 419.8 million common shares and 69 million preferred shares. Matt Therian, a research analyst at Renaissance Capital in Greenwich, Conn., which tracks IPOs, said it isn't unusual for IPO pricing to end up higher than initially planned when a company sets a price range before heading out to generate interest from investors. About 40 percent to 60 percent end up in the target range, but the rest are eventually priced higher or lower, he added. Analysts have said GM's $26 to $29 per share price range is low, compared to estimates of the company's market value.
From CNN Money: General Motors will unveil a hybrid version of its popular Buick LaCrosse sedan this week at the Los Angeles Auto Show. But don't expect GM to call it a hybrid. The new car, which uses a 4-cylinder engine and a lithium-ion battery pack, is expected to get 37 miles-per-gallon on the highway and 25 mpg in the city. Compared to the current 4-cylinder LaCrosse, the hybrid will provide roughly 25% to 30% better fuel economy. This new version will go on sale for the 2012 model year, replacing the non-hybrid 4-cylinder LaCrosse. Customers will then be able to choose either a 6-cylinder LaCrosse or the hybrid car, both starting at about $30,000, according to GM executives. GM won't call the car a hybrid, however, even though the term fits. Instead, the automaker is calling the fuel-saving system used in the new LaCrosse "eAssist."
From the Wall Street Journal: For the past three decades, Japanese auto makers Toyota Motor Corp. and Honda Motor Co. have experienced almost uninterrupted success in the U.S., their market share rising as they built plants, expanded their model lines and were held up, usually in tandem, as the industry's benchmarks for quality. Now, as a result of Toyota's recall crisis earlier this year and the narrowing quality gap by rival auto makers, their long run in the driver's seat appears ready to come to an end. Barring a surge in sales in the last two months of this year, both Honda and Toyota are likely to suffer drops in their U.S. market share. Through the first 10 months of 2010, Toyota's share is down 1.5 percentage points at 15.2%, according to Autodata Corp. So far this year, Honda's U.S. share is down six-tenths of a point at 10.6%. The last time Toyota's and Honda's market shares failed to rise was 1998, when Toyota's was flat at 8.7% and Honda's fell just one-tenth of a point, to 6.4%, at the height of the sport- utility vehicle boom, before they resumed their march upward.
State of the Union will return on Wednesday, Nov. 18
Union meeting is Wednesday, Nov. 17, at 1 pm, 3 pm and 15 minutes after the longest first shift line time.
Attention All Veterans: There will be a Veterans Town Hall Tuesday, Nov. 16 from 6:30 pm – 8:30 pm. There will be guest speakers to address current Veteran issues and representatives from the Dept. of Veterans Affairs Health and Benefits Administrations, as well as various Veteran Service Organizations, to answer your questions. The town hall will be held at the Millennium Student Center at the University of Missouri-St. Louis, Century Rooms A & B. Address is One University Boulevard, St. Louis MO, 63121.
From the Detroit News: General Motors may sell more stock than initially planned, at a higher price than expected, because of strong investor demand, people briefed on the matter said Friday. The per share price could be $30 or more, exceeding the $26 to $29 range GM set less than two weeks ago, a sign that the market is bullish on the Detroit's automaker's return to the public markets. So far, demand is more than five times the 365 million common shares that are available, the sources said. That means many investors, including thousands of employees, retirees and dealers who have signed up to buy stock, are likely to get fewer shares than they are seeking. With demand running high, GM's underwriters plan to exercise an option to sell as much as 15 percent more shares in the initial public offering, bringing the total to 419.8 million common shares and 69 million preferred shares. Matt Therian, a research analyst at Renaissance Capital in Greenwich, Conn., which tracks IPOs, said it isn't unusual for IPO pricing to end up higher than initially planned when a company sets a price range before heading out to generate interest from investors. About 40 percent to 60 percent end up in the target range, but the rest are eventually priced higher or lower, he added. Analysts have said GM's $26 to $29 per share price range is low, compared to estimates of the company's market value.
From CNN Money: General Motors will unveil a hybrid version of its popular Buick LaCrosse sedan this week at the Los Angeles Auto Show. But don't expect GM to call it a hybrid. The new car, which uses a 4-cylinder engine and a lithium-ion battery pack, is expected to get 37 miles-per-gallon on the highway and 25 mpg in the city. Compared to the current 4-cylinder LaCrosse, the hybrid will provide roughly 25% to 30% better fuel economy. This new version will go on sale for the 2012 model year, replacing the non-hybrid 4-cylinder LaCrosse. Customers will then be able to choose either a 6-cylinder LaCrosse or the hybrid car, both starting at about $30,000, according to GM executives. GM won't call the car a hybrid, however, even though the term fits. Instead, the automaker is calling the fuel-saving system used in the new LaCrosse "eAssist."
From the Wall Street Journal: For the past three decades, Japanese auto makers Toyota Motor Corp. and Honda Motor Co. have experienced almost uninterrupted success in the U.S., their market share rising as they built plants, expanded their model lines and were held up, usually in tandem, as the industry's benchmarks for quality. Now, as a result of Toyota's recall crisis earlier this year and the narrowing quality gap by rival auto makers, their long run in the driver's seat appears ready to come to an end. Barring a surge in sales in the last two months of this year, both Honda and Toyota are likely to suffer drops in their U.S. market share. Through the first 10 months of 2010, Toyota's share is down 1.5 percentage points at 15.2%, according to Autodata Corp. So far this year, Honda's U.S. share is down six-tenths of a point at 10.6%. The last time Toyota's and Honda's market shares failed to rise was 1998, when Toyota's was flat at 8.7% and Honda's fell just one-tenth of a point, to 6.4%, at the height of the sport- utility vehicle boom, before they resumed their march upward.
Thursday, November 11, 2010
State of the Union November 11, 2010
Nov. 11, 2010 online at www.uawlocal2250.com
From Chairman Mike Bullock and President Dan Howell: Happy Veterans Day to all the Veterans who work here. Thank you for your dedicated service to our country. Also, Mike Goodin, Chairman of the Veterans Committee, has resigned. He will be replaced by Steve Melson. Thanks, Mike, for your years of service and congratulations Steve. You have our full support. Anyone interested in joining the Veterans Committee can contact Steve or call the Union Hall. Finally, applications are available for the Martin Luther King Scholarship essay contest at the entrances or at the Union Hall. And raffle tickets are now for sale from any member of the Civil Rights Committee.
November vehicle incentives are out and they run through Jan. 3, 2011. Hot sellers like the Camaro, Equinox, Terrain, Regal and Cruze get 2.9% financing and $250 employee vehicle allowance (EVA). Don’t expect to get any more than 3% off for the preferred price. Some of the bigger discounts available on 2011 models include:
o Cadillac STS $8000 total, EVA + rebate
o Buick Lucerne $6500 total, EVA + rebate
o Impala LT/LTZ $6500 total, EVA + rebate
o Tahoe $5000 total, EVA + rebate
o Malibu LT/LTZ $4000 total, EVA + rebate
o Silverado Ex/Crew $4000 total, EVA + rebate
If you can find a 2010 model you like the cash offers are somewhat larger in most cases and for some Cadillac models, much higher. For example, you get total cash off of $11,000 on Escalade, DTS and STS. For more details go to www.gmfamilyfirst.com.
From Automotive News: General Electric Co. will buy 25,000 electric vehicles, almost half of them from General Motors Co., by 2015 in the biggest such order ever. Electric autos will make up at least half of GE's 30,000- car fleet, as well as leased vehicles from its GE Capital unit, the company said in a statement today. GM's portion of the order is for 12,000 vehicles including the 2011 Chevrolet Volt. Financial terms weren't disclosed.
From Chairman Mike Bullock and President Dan Howell: Happy Veterans Day to all the Veterans who work here. Thank you for your dedicated service to our country. Also, Mike Goodin, Chairman of the Veterans Committee, has resigned. He will be replaced by Steve Melson. Thanks, Mike, for your years of service and congratulations Steve. You have our full support. Anyone interested in joining the Veterans Committee can contact Steve or call the Union Hall. Finally, applications are available for the Martin Luther King Scholarship essay contest at the entrances or at the Union Hall. And raffle tickets are now for sale from any member of the Civil Rights Committee.
November vehicle incentives are out and they run through Jan. 3, 2011. Hot sellers like the Camaro, Equinox, Terrain, Regal and Cruze get 2.9% financing and $250 employee vehicle allowance (EVA). Don’t expect to get any more than 3% off for the preferred price. Some of the bigger discounts available on 2011 models include:
o Cadillac STS $8000 total, EVA + rebate
o Buick Lucerne $6500 total, EVA + rebate
o Impala LT/LTZ $6500 total, EVA + rebate
o Tahoe $5000 total, EVA + rebate
o Malibu LT/LTZ $4000 total, EVA + rebate
o Silverado Ex/Crew $4000 total, EVA + rebate
If you can find a 2010 model you like the cash offers are somewhat larger in most cases and for some Cadillac models, much higher. For example, you get total cash off of $11,000 on Escalade, DTS and STS. For more details go to www.gmfamilyfirst.com.
From Automotive News: General Electric Co. will buy 25,000 electric vehicles, almost half of them from General Motors Co., by 2015 in the biggest such order ever. Electric autos will make up at least half of GE's 30,000- car fleet, as well as leased vehicles from its GE Capital unit, the company said in a statement today. GM's portion of the order is for 12,000 vehicles including the 2011 Chevrolet Volt. Financial terms weren't disclosed.
State of the Union November 10, 2010
Nov. 10, 2010 online at www.uawlocal2250.com
If you haven’t picked up your Suggestion gift, you can go to Suggestions and see Pat Workman between 8 am and 11 am through Friday, Nov. 12. After that you can call 2308 to make an appointment. Also, anyone who was called back last week or Monday is eligible for a gift.
If you haven’t gotten your flu shot please stop by medical during breaks and lunch. If you did not sign up but are now interested in receiving a shot, there are still shots available. The deadline to receive a shot will be Friday, Nov. 19.
General Motors Company today announced that for the third quarter ending September 30, 2010, the company generated:
o Revenue of $34.1 billion
o Net income attributable to common stockholders of $2.0 billion
o Earnings per share on a fully diluted basis and adjusted for 3-1 stock split of $1.20
o Earnings before interest and tax (EBIT) of $2.3 billion
o Net cash flow from operating activities of $2.6 billion
o Free cash flow of $1.4 billion
"As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress,” said Chris Liddell, vice chairman and chief financial officer. GM North America had EBIT in the third quarter 2010 of $2.1 billion, up from $1.6 billion in the second quarter. GM Europe had a loss before interest and taxes of $0.6 billion, down from a loss of $0.2 billion in the second quarter. GM International Operations posted EBIT of $0.6 billion, down from $0.7 billion in the second quarter. Net cash flow from operating activities was $2.6 billion and after adjusting for capital expenditures of $1.2 billion, free cash flow was $1.4 billion. GM expects to also report positive EBIT for the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, and profitable year-end results for calendar year 2010.
The monthly report from van Marketing Manager Andrew Reyntjes is on the back:
We had a strong month and exceed our retail and fleet objectives for Express and Savana. Our segment share for October increased from last month by 3.81 percentage points as we claimed 43.7% of the segment. CYTD we are down 3.4 percentage points from last year to claim 38.3% of the fullsize van segment CYTD. Our retail sales incentives have been responsibly adequate and are targeted to eliminate prior model year stock due to the late model year changeover.
We have been successful in being included in corporate incentive initiatives, although not always included or mentioned in corporate advertising that relates to them. We are presently working on a strategic advertising initiative that aims to utilize various digital footage and assets to maximize our exposure to the many features of our vans. We are approaching this in a way similar to the way that we approached the photography in our Marketing catalogs and materials. Like photography, commercial quality advertising footage has not been updated or created in several years (probably over a decade). Dealer training materials are being launched to include appropriate bin package upfits and we are also in the process of providing a web-based dealer training module. Many other assets are being updated now that new photography is available to use. It is amazing how many groups have been waiting for a simple investment in digital assets. In the near future we will be acquiring a mobility van to support our sales initiatives in this area. It is a large opportunity. We just won a state-bid for mobility 15 passenger vans due to the quality of our mobility upfitter, the safety features of our van and the fact that we offer E-85 as an alternative fuel. This award is capable of yielding several hundred profitable mobility vans for this year and into the future. We are also working on winning another passenger van account of several thousand units, some of which will be mobility, With this said, the present lack of availability of OEM running boards on our passenger vans is a major obstacle.
Next month we will have a large presence in the "Main Street in Motion" event managed by GM. You may recall a similar event called "Autoshow in Motion" from a few years ago. In this initiative we are going to make sure that vans and other commercial vehicles will be available to drive for any small business owners attending the event. We will have displays, giveaways, test drives, media, and targeted in-market invited customer intenders. We are also continuing our partnership with Chevrolet racing due to the natural blue-collar vocational alignment of the customer base. As well as featuring upfit Express vans in the display area we are now involving our dealer network at these events with sales competitions and special rewards for key customers and high van sales performing dealers.
In all it is very exciting to get some energy behind our vans and to exceed our objectives once again. It is also very gratifying to do so with a product that has had little divisional or engineering or design support compared to other GM vehicles , including launch vehicles, that we outsold and outearned on a contribution margin basis.
We have our challenges coming. Transit-connect continues to sell and we have no answer in market at this time. Fleet seasonal demand is dropping and we need to rely on our dealers to take more retail production in the next consensus cycles. The new Nissan van launches in Q1 and share can only really be taken from us or Ford as the only 2 segment players. We expect the Nissan to be launched as a 2012 model. The GM 2012 vans will have no new retail content other than a new corporate gas cap!!, this is disappointing and makes the task of trying to keep this 15 year old vehicle fresh a significant marketing challenge.
If you haven’t picked up your Suggestion gift, you can go to Suggestions and see Pat Workman between 8 am and 11 am through Friday, Nov. 12. After that you can call 2308 to make an appointment. Also, anyone who was called back last week or Monday is eligible for a gift.
If you haven’t gotten your flu shot please stop by medical during breaks and lunch. If you did not sign up but are now interested in receiving a shot, there are still shots available. The deadline to receive a shot will be Friday, Nov. 19.
General Motors Company today announced that for the third quarter ending September 30, 2010, the company generated:
o Revenue of $34.1 billion
o Net income attributable to common stockholders of $2.0 billion
o Earnings per share on a fully diluted basis and adjusted for 3-1 stock split of $1.20
o Earnings before interest and tax (EBIT) of $2.3 billion
o Net cash flow from operating activities of $2.6 billion
o Free cash flow of $1.4 billion
"As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress,” said Chris Liddell, vice chairman and chief financial officer. GM North America had EBIT in the third quarter 2010 of $2.1 billion, up from $1.6 billion in the second quarter. GM Europe had a loss before interest and taxes of $0.6 billion, down from a loss of $0.2 billion in the second quarter. GM International Operations posted EBIT of $0.6 billion, down from $0.7 billion in the second quarter. Net cash flow from operating activities was $2.6 billion and after adjusting for capital expenditures of $1.2 billion, free cash flow was $1.4 billion. GM expects to also report positive EBIT for the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, and profitable year-end results for calendar year 2010.
The monthly report from van Marketing Manager Andrew Reyntjes is on the back:
We had a strong month and exceed our retail and fleet objectives for Express and Savana. Our segment share for October increased from last month by 3.81 percentage points as we claimed 43.7% of the segment. CYTD we are down 3.4 percentage points from last year to claim 38.3% of the fullsize van segment CYTD. Our retail sales incentives have been responsibly adequate and are targeted to eliminate prior model year stock due to the late model year changeover.
We have been successful in being included in corporate incentive initiatives, although not always included or mentioned in corporate advertising that relates to them. We are presently working on a strategic advertising initiative that aims to utilize various digital footage and assets to maximize our exposure to the many features of our vans. We are approaching this in a way similar to the way that we approached the photography in our Marketing catalogs and materials. Like photography, commercial quality advertising footage has not been updated or created in several years (probably over a decade). Dealer training materials are being launched to include appropriate bin package upfits and we are also in the process of providing a web-based dealer training module. Many other assets are being updated now that new photography is available to use. It is amazing how many groups have been waiting for a simple investment in digital assets. In the near future we will be acquiring a mobility van to support our sales initiatives in this area. It is a large opportunity. We just won a state-bid for mobility 15 passenger vans due to the quality of our mobility upfitter, the safety features of our van and the fact that we offer E-85 as an alternative fuel. This award is capable of yielding several hundred profitable mobility vans for this year and into the future. We are also working on winning another passenger van account of several thousand units, some of which will be mobility, With this said, the present lack of availability of OEM running boards on our passenger vans is a major obstacle.
Next month we will have a large presence in the "Main Street in Motion" event managed by GM. You may recall a similar event called "Autoshow in Motion" from a few years ago. In this initiative we are going to make sure that vans and other commercial vehicles will be available to drive for any small business owners attending the event. We will have displays, giveaways, test drives, media, and targeted in-market invited customer intenders. We are also continuing our partnership with Chevrolet racing due to the natural blue-collar vocational alignment of the customer base. As well as featuring upfit Express vans in the display area we are now involving our dealer network at these events with sales competitions and special rewards for key customers and high van sales performing dealers.
In all it is very exciting to get some energy behind our vans and to exceed our objectives once again. It is also very gratifying to do so with a product that has had little divisional or engineering or design support compared to other GM vehicles , including launch vehicles, that we outsold and outearned on a contribution margin basis.
We have our challenges coming. Transit-connect continues to sell and we have no answer in market at this time. Fleet seasonal demand is dropping and we need to rely on our dealers to take more retail production in the next consensus cycles. The new Nissan van launches in Q1 and share can only really be taken from us or Ford as the only 2 segment players. We expect the Nissan to be launched as a 2012 model. The GM 2012 vans will have no new retail content other than a new corporate gas cap!!, this is disappointing and makes the task of trying to keep this 15 year old vehicle fresh a significant marketing challenge.
Tuesday, November 9, 2010
State of the Union November 9, 2010
Nov. 9, 2010 online at www.uawlocal2250.com
From Chairman Mike Bullock: To clarify last Friday’s statement regarding bidding on jobs: While I said "all" members can bid on the job openings, this would exclude anyone who has recently bid on a job and has not been on it for 6 months or anyone who has done a team-to-team transfer less than 90 days ago, per the local agreement.
There will be a Women’s Committee meeting Thursday, Nov. 11 after first shift at the Union Hall.
Members of the Civil Rights Committee are selling raffle tickets to raise money for this year’s Martin Luther King scholarship fund. The first drawing will include a 47-inch LCD television as a 1st prize; 2ndprize is a laptop netbook computer; 3rd prize is an I-reader. Tickets will be $10 or (3) for $25. Thanks for your continued support.
UAW/GM Lifesteps will be in the cafeteria next week. On Tuesday 11/16 and Wednesday 11/17 the hours are 8 am – 11 am and 2 pm – 5 pm. On Thursday 11/18 the hours are 9 am – 11 am and 2 pm – 4 pm. Screening for cholesterol and glucose will be done. You can do these tests with or without fasting.
From Automotive News: General Motors is dropping the GM Goodwrench car mechanic brand in the United States as the company moves to redirect the marketing emphasis around its four core vehicle brands, the company announced. The long-standing Goodwrench brand -- used by GM dealers to promote vehicle repair and maintenance services -- will be replaced by Chevrolet Certified Service, Cadillac Certified Service, Buick Certified Service and GMC Certified Service, GM said in a statement released Monday evening. GM marketing chief Joel Ewanick wants the vehicle brands, not corporate, to be the stars of GM, and that includes service and repairs, said one source familiar with the new campaign.
From the Detroit News: More than one in five licensed drivers will soon be 65 or older, the National Transportation Safety board said. Their number will nearly double, from 30 million today to about 57 million in 2030, according to the Government Accountability Office. Smarter cars and better designed roads may help keep them behind the wheel longer. But eventually most people will outlive their driving ability — men by an average of six years and women by an average of ten years.
Laws needed to protect the ‘American Dream’ By Bob King
When you think about the "American Dream," you think of home ownership. Owning a home is something most Americans take great pride in, whatever the location or square footage. Foreclosures are destroying that dream. The financial foundations upon which the dream rested have become shakier than a house built on the San Andreas Fault. Millions are faced with giving up their home. Indeed, some homeowners took out questionable mortgages on homes they couldn't afford. Conned by predatory lenders eager to sell loans with the highest fees, they were told they could afford those adjustable rate mortgages — the bank approved it, right? But when rates increased, they could no longer fool themselves. Others looked at their entire financial picture, made a prudent decision with a fixed-rate loan on an appropriate home, figured they would maintain a steady job and income, and bought their piece of the dream. After Wall Street's reckless ways destroyed our economy, many ended up jobless, surviving on unemployment checks or under-employed. When you replace a decent-paying union job and good benefits with a Wal-Mart job, something has to give — like their piece of the dream. Others had medical issues, and huge bills, that wrecked their finances. Health care reform came too late for them.
Issues persist
Lenders weren't shy about making questionable loans and haven't been shy about calling in their markers. There could be 3.5 million foreclosures this year on top of the 2 million in both 2009 and 2008, according to Joseph Stiglitz, a Nobel Prize-winning economist who has studied the foreclosure crisis and called for a moratorium.
"It makes no sense in our economy to be creating homeless people, throwing people out of their homes, disrupting the education of their children, undermining communities and … having these empty homes," Stiglitz told "Democracy Now. Cary Leahey, an economist at Decision Economics in New York, recently said the large numbers of foreclosures, which usually sell at huge discounts, depressing other home values, are killing economic recovery. "If you believe you can't have a vibrant economy without a vibrant housing market, then you have to deal with the foreclosure problem," he said.
What to do
The choice is this: We can add to our nation's ever-growing underclass of poor or we can deal with the foreclosure problem and give Americans a hand up — not a hand out. Lenders must play their part in digging us out. It's why the UAW supports community leaders calling on Chase Bank to halt home foreclosures in Detroit. With so many foreclosures, thousands of mistakes are being made, says Vanessa Fluker, a mortgage defense attorney in Detroit. It's also why we support enacting state and federal legislation to prevent foreclosures by having a court set an affordable amount for a family to stay in their home — but not for free, as opponents suggest. Some financial institutions will resist, even though many were recipients of federal bailout money. And you'll hear the usual carping from conservative pundits and lawmakers who love to blame the little guy for getting in over his head.
Lenders knew this bubble would burst. They owe it to the nation to be part of the foreclosure solution and help citizens once again believe in the American Dream.
From Chairman Mike Bullock: To clarify last Friday’s statement regarding bidding on jobs: While I said "all" members can bid on the job openings, this would exclude anyone who has recently bid on a job and has not been on it for 6 months or anyone who has done a team-to-team transfer less than 90 days ago, per the local agreement.
There will be a Women’s Committee meeting Thursday, Nov. 11 after first shift at the Union Hall.
Members of the Civil Rights Committee are selling raffle tickets to raise money for this year’s Martin Luther King scholarship fund. The first drawing will include a 47-inch LCD television as a 1st prize; 2ndprize is a laptop netbook computer; 3rd prize is an I-reader. Tickets will be $10 or (3) for $25. Thanks for your continued support.
UAW/GM Lifesteps will be in the cafeteria next week. On Tuesday 11/16 and Wednesday 11/17 the hours are 8 am – 11 am and 2 pm – 5 pm. On Thursday 11/18 the hours are 9 am – 11 am and 2 pm – 4 pm. Screening for cholesterol and glucose will be done. You can do these tests with or without fasting.
From Automotive News: General Motors is dropping the GM Goodwrench car mechanic brand in the United States as the company moves to redirect the marketing emphasis around its four core vehicle brands, the company announced. The long-standing Goodwrench brand -- used by GM dealers to promote vehicle repair and maintenance services -- will be replaced by Chevrolet Certified Service, Cadillac Certified Service, Buick Certified Service and GMC Certified Service, GM said in a statement released Monday evening. GM marketing chief Joel Ewanick wants the vehicle brands, not corporate, to be the stars of GM, and that includes service and repairs, said one source familiar with the new campaign.
From the Detroit News: More than one in five licensed drivers will soon be 65 or older, the National Transportation Safety board said. Their number will nearly double, from 30 million today to about 57 million in 2030, according to the Government Accountability Office. Smarter cars and better designed roads may help keep them behind the wheel longer. But eventually most people will outlive their driving ability — men by an average of six years and women by an average of ten years.
Laws needed to protect the ‘American Dream’ By Bob King
When you think about the "American Dream," you think of home ownership. Owning a home is something most Americans take great pride in, whatever the location or square footage. Foreclosures are destroying that dream. The financial foundations upon which the dream rested have become shakier than a house built on the San Andreas Fault. Millions are faced with giving up their home. Indeed, some homeowners took out questionable mortgages on homes they couldn't afford. Conned by predatory lenders eager to sell loans with the highest fees, they were told they could afford those adjustable rate mortgages — the bank approved it, right? But when rates increased, they could no longer fool themselves. Others looked at their entire financial picture, made a prudent decision with a fixed-rate loan on an appropriate home, figured they would maintain a steady job and income, and bought their piece of the dream. After Wall Street's reckless ways destroyed our economy, many ended up jobless, surviving on unemployment checks or under-employed. When you replace a decent-paying union job and good benefits with a Wal-Mart job, something has to give — like their piece of the dream. Others had medical issues, and huge bills, that wrecked their finances. Health care reform came too late for them.
Issues persist
Lenders weren't shy about making questionable loans and haven't been shy about calling in their markers. There could be 3.5 million foreclosures this year on top of the 2 million in both 2009 and 2008, according to Joseph Stiglitz, a Nobel Prize-winning economist who has studied the foreclosure crisis and called for a moratorium.
"It makes no sense in our economy to be creating homeless people, throwing people out of their homes, disrupting the education of their children, undermining communities and … having these empty homes," Stiglitz told "Democracy Now. Cary Leahey, an economist at Decision Economics in New York, recently said the large numbers of foreclosures, which usually sell at huge discounts, depressing other home values, are killing economic recovery. "If you believe you can't have a vibrant economy without a vibrant housing market, then you have to deal with the foreclosure problem," he said.
What to do
The choice is this: We can add to our nation's ever-growing underclass of poor or we can deal with the foreclosure problem and give Americans a hand up — not a hand out. Lenders must play their part in digging us out. It's why the UAW supports community leaders calling on Chase Bank to halt home foreclosures in Detroit. With so many foreclosures, thousands of mistakes are being made, says Vanessa Fluker, a mortgage defense attorney in Detroit. It's also why we support enacting state and federal legislation to prevent foreclosures by having a court set an affordable amount for a family to stay in their home — but not for free, as opponents suggest. Some financial institutions will resist, even though many were recipients of federal bailout money. And you'll hear the usual carping from conservative pundits and lawmakers who love to blame the little guy for getting in over his head.
Lenders knew this bubble would burst. They owe it to the nation to be part of the foreclosure solution and help citizens once again believe in the American Dream.
Friday, November 5, 2010
State of the Union November 5, 2010
Nov. 5, 2010 online at www.uawlocal2250.com
From Chairman Mike Bullock: There will be numerous job bids posted in the next two weeks in anticipation of the line speed increase. ALLemployees in their respective departments and classifications are eligible to apply for these jobs.
From the Civil Rights Committee: We will begin the fundraiser and application period for our annual Dr. Martin Luther King scholarship and celebration. We need your support to continue to make this program a success. Our theme this year is “Let’s Do It For The Children”. Due to changes in manpower we will not be doing a car fundraiser this year, but we are asking for your support as we go to two smaller fundraisers. The first will begin next week and someone will win a 47-inch LCD television as a 1st prize; 2nd prize is a laptop netbook computer; 3rd prize is an I-reader. Tickets will be $10 or (3) for $25 and are available from any member of the Civil Rights Committee. Once again, thank you for your support.
Field supplies for the van continued to creep up in October. Total stock now stands at 22,348, good for a 110 day supply. That is up 800 units from September. Net field stock is 13,857, or a 68 day supply. This is up 600 from September.
From Automotive News: U.S. consumers are holding onto their current vehicles longer, automotive consultant Polk said. This continues a trend that began in late 2008 -- coinciding with a dropoff in new-vehicle sales and the U.S. economic downturn. Consumers on average are now holding onto a new vehicle for 64 months, up 4.5 months from a year ago. "The average length of new vehicle ownership increased an average of 3.7 percent annually prior to the economic and auto industry meltdown in late 2008," Polk said. Since then, that has increased more than 14 percent, "with no signs of slowing down," Polk said Wednesday.
From Chairman Mike Bullock: There will be numerous job bids posted in the next two weeks in anticipation of the line speed increase. ALLemployees in their respective departments and classifications are eligible to apply for these jobs.
From the Civil Rights Committee: We will begin the fundraiser and application period for our annual Dr. Martin Luther King scholarship and celebration. We need your support to continue to make this program a success. Our theme this year is “Let’s Do It For The Children”. Due to changes in manpower we will not be doing a car fundraiser this year, but we are asking for your support as we go to two smaller fundraisers. The first will begin next week and someone will win a 47-inch LCD television as a 1st prize; 2nd prize is a laptop netbook computer; 3rd prize is an I-reader. Tickets will be $10 or (3) for $25 and are available from any member of the Civil Rights Committee. Once again, thank you for your support.
Field supplies for the van continued to creep up in October. Total stock now stands at 22,348, good for a 110 day supply. That is up 800 units from September. Net field stock is 13,857, or a 68 day supply. This is up 600 from September.
From Automotive News: U.S. consumers are holding onto their current vehicles longer, automotive consultant Polk said. This continues a trend that began in late 2008 -- coinciding with a dropoff in new-vehicle sales and the U.S. economic downturn. Consumers on average are now holding onto a new vehicle for 64 months, up 4.5 months from a year ago. "The average length of new vehicle ownership increased an average of 3.7 percent annually prior to the economic and auto industry meltdown in late 2008," Polk said. Since then, that has increased more than 14 percent, "with no signs of slowing down," Polk said Wednesday.
Thursday, November 4, 2010
State of the Union November 4, 2010
Nov. 4, 2010 online at www.uawlocal2250.com
From Chairman Mike Bullock: Welcome back to the 10 employees who returned to work on Wednesday. With the line speed increase and sick leaves, all these employees will be staying indefinitely. Please be sure to apply for any vacation time you may be entitled to. Under the national agreement "use it or lose it", all vacation entitlement (except VR) needs to be applied for. Any unused VR time will be paid no later than the first pay period in February 2011.
From the CAP Committee: Thanks for all the hard work and extra hours that everyone put into this election. Your volunteer time is noted and greatly appreciated by all the candidates. UAW Local 2250's Active and Retired members are recognized for their strong support and ability to "get it done". Again, thanks for all the wonderful work and for getting out the vote.
Here are van sales numbers for October:
2010 2009 Change Share
Ford Econoline 7379 5658 +30.4% 51.3%
GM 6286 4919 +27.8% 43.7%
Ford Transit 2577 1513 +70.3%
Mercedes Sprinter 725 --- ---- 5.0%
Van sales by month for 2010:
Jan. Feb. March April
3264 4619 5456 6304
May June July Aug. Sept.
7741 7784 7272 5750 6156
Two announcements from GM yesterday regarding the IPO and 3rd quarter profits are on the back:
General Motors Company announced that for the third quarter, ending September 30, 2010, the company expects to generate:
Revenue of approximately $34 billion
Net income attributable to common stockholders of $1.9-$2.1 billion and
Earnings before interest and taxes (EBIT) of $2.2-$2.4 billion
For the first nine months of the year, GM estimates:
Revenue of $99 billion
Net income attributable to common stockholders of $4.0-$4.2 billion and
EBIT of $6.0-$6.2 billion
The company also announced it expects to generate positive EBIT in the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, due to the fourth quarter having a different production mix, new vehicle launch costs (in particular the Chevrolet Cruze and Volt) and higher engineering expenses for future products.
And:
GM is launching its public offering (IPO) which will consist of 365M shares of common stock with a share price of $26 to $29.00 per share to be sold by certain selling shareholders, and 60M shares of Series B preferred stock with a liquidation amount of $50.00 per share to be sold by GM.
In connection with the launch, members of executive management will be conducting road shows during the next few weeks to market the IPO to selected investors. Our company and our employees continue to be subject to SEC regulations, which prohibit us from referencing the IPO through written communications. While we can continue to discuss our business as we always have internally and externally, any written communications, including emails to outside parties regarding the IPO, are prohibited. Because the SEC broadly defines ‘written communications’ to include events where verbal conversations may subsequently be published, the safest course is to refrain from discussion about an IPO in any context.
From Chairman Mike Bullock: Welcome back to the 10 employees who returned to work on Wednesday. With the line speed increase and sick leaves, all these employees will be staying indefinitely. Please be sure to apply for any vacation time you may be entitled to. Under the national agreement "use it or lose it", all vacation entitlement (except VR) needs to be applied for. Any unused VR time will be paid no later than the first pay period in February 2011.
From the CAP Committee: Thanks for all the hard work and extra hours that everyone put into this election. Your volunteer time is noted and greatly appreciated by all the candidates. UAW Local 2250's Active and Retired members are recognized for their strong support and ability to "get it done". Again, thanks for all the wonderful work and for getting out the vote.
Here are van sales numbers for October:
2010 2009 Change Share
Ford Econoline 7379 5658 +30.4% 51.3%
GM 6286 4919 +27.8% 43.7%
Ford Transit 2577 1513 +70.3%
Mercedes Sprinter 725 --- ---- 5.0%
Van sales by month for 2010:
Jan. Feb. March April
3264 4619 5456 6304
May June July Aug. Sept.
7741 7784 7272 5750 6156
Two announcements from GM yesterday regarding the IPO and 3rd quarter profits are on the back:
General Motors Company announced that for the third quarter, ending September 30, 2010, the company expects to generate:
Revenue of approximately $34 billion
Net income attributable to common stockholders of $1.9-$2.1 billion and
Earnings before interest and taxes (EBIT) of $2.2-$2.4 billion
For the first nine months of the year, GM estimates:
Revenue of $99 billion
Net income attributable to common stockholders of $4.0-$4.2 billion and
EBIT of $6.0-$6.2 billion
The company also announced it expects to generate positive EBIT in the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, due to the fourth quarter having a different production mix, new vehicle launch costs (in particular the Chevrolet Cruze and Volt) and higher engineering expenses for future products.
And:
GM is launching its public offering (IPO) which will consist of 365M shares of common stock with a share price of $26 to $29.00 per share to be sold by certain selling shareholders, and 60M shares of Series B preferred stock with a liquidation amount of $50.00 per share to be sold by GM.
In connection with the launch, members of executive management will be conducting road shows during the next few weeks to market the IPO to selected investors. Our company and our employees continue to be subject to SEC regulations, which prohibit us from referencing the IPO through written communications. While we can continue to discuss our business as we always have internally and externally, any written communications, including emails to outside parties regarding the IPO, are prohibited. Because the SEC broadly defines ‘written communications’ to include events where verbal conversations may subsequently be published, the safest course is to refrain from discussion about an IPO in any context.
Wednesday, November 3, 2010
State of the Union November 3, 2010
Nov. 3, 2010 online at www.uawlocal2250.com
From Chairman Mike Bullock: There was over $2500 dollars collected in the raffle towards providing a Thanksgiving dinner package for our laid off brothers and sisters. The laid off members need to call the Union Hall at 636-327-5796 by November 5 to reserve their dinner package. So far only 30 members have contacted the hall. If you know of any brothers and sisters laid off, please contact them and remind them of the need to call the hall by November 5.
Distribution of the Suggestion gifts continues tomorrow for trim, paint, material, and maintenance. Times are from 8 am until 4 pm. You need your badge to pick up your gift at the old UAW/GM store next to the eyeglass store. Anyone who is not able to pick up their gift during this time can stop by suggestions.
From the Chaplaincy Committee: There will be a memorial service for Jeff Chunn Thursday, Nov. 4 at lunchtime in the tour holding room.
October sales numbers are beginning to come out. A quick look at GM van sales shows 6286 for the month, up 27.8% over last October. More details to come tomorrow.
From Reuters: General Motors will look to sell just over $10 billion worth of common stock and $3 billion of preferred stock in an initial public offering that would shift the U.S. government to a minority shareholder in the top U.S. automaker, people familiar with the matter told Reuters on Monday. GM expects to sell 365 million common shares for $26 to $29 each and will file the terms in an updated prospectus with the U.S. Securities and Exchange Commission today, the sources said.
Former Wall Street analyst Maryann Keller, now a consultant, outlined the typical initial public offering pricing process (from the Detroit Free Press – on back)
Investment bankers determine the value of GM based on an examination of GM and comparisons with similar companies. The bankers then figure out how much to discount the IPO so investors will be more interested in the stock, which is usually unproven. Typical IPO target prices are often 10% to 15% lower than the company's value would suggest, Keller said.
• Bankers then determine the number of shares to be sold and the range of the share price. In GM's case, underwriters plan to split GM's share price three ways to get a lower, more palatable price. GM's 500 million shares were split into 1.5 billion. Their price range of $78 to $87 was also split, creating the target range of $26 to $29 that GM will announce today, a person familiar with the plans says. GM will sell 365 million total shares, after the split.
• Executives embark on a "road show," giving face-to-face presentations to major investors to promote the stock and explain how the management plans to address major shortfalls. GM's road show will likely address its money-losing European region, pension-funding shortfall, product-development plans and executive turnover, sources have said. Investors are also concerned about the need for the U.S. government to hold subsequent stock offerings to exit ownership of GM, which could hold down the price of the stock, the sources said.
• Throughout the road show, investors start putting in orders for stock. Each investor offers a price for a specific amount of stock. For instance, one investor may offer to buy 30,000 shares at $29 a piece, but 60,000 shares at $26. Investors may also ask for more shares than they think GM will be able to allot them.
"They may ask for 100,000 if they think they'll only get 30,000," Keller said.
• In a typical IPO, the last orders are due the afternoon of the day before the stock hits the markets. Since GM has tentatively scheduled a Nov. 18 offering, orders could be due in the afternoon of Nov. 17. Underwriters weigh the number of shares requested at each price and how long each investor is likely to hold onto the stock. They use that data to choose the final IPO price, which could be higher or lower than the targeted range.
Final pricing is usually announced at the end of the day before the IPO. Underwriters tell investors how many shares they'll receive, and the stock starts trading the next morning.
From Chairman Mike Bullock: There was over $2500 dollars collected in the raffle towards providing a Thanksgiving dinner package for our laid off brothers and sisters. The laid off members need to call the Union Hall at 636-327-5796 by November 5 to reserve their dinner package. So far only 30 members have contacted the hall. If you know of any brothers and sisters laid off, please contact them and remind them of the need to call the hall by November 5.
Distribution of the Suggestion gifts continues tomorrow for trim, paint, material, and maintenance. Times are from 8 am until 4 pm. You need your badge to pick up your gift at the old UAW/GM store next to the eyeglass store. Anyone who is not able to pick up their gift during this time can stop by suggestions.
From the Chaplaincy Committee: There will be a memorial service for Jeff Chunn Thursday, Nov. 4 at lunchtime in the tour holding room.
October sales numbers are beginning to come out. A quick look at GM van sales shows 6286 for the month, up 27.8% over last October. More details to come tomorrow.
From Reuters: General Motors will look to sell just over $10 billion worth of common stock and $3 billion of preferred stock in an initial public offering that would shift the U.S. government to a minority shareholder in the top U.S. automaker, people familiar with the matter told Reuters on Monday. GM expects to sell 365 million common shares for $26 to $29 each and will file the terms in an updated prospectus with the U.S. Securities and Exchange Commission today, the sources said.
Former Wall Street analyst Maryann Keller, now a consultant, outlined the typical initial public offering pricing process (from the Detroit Free Press – on back)
Investment bankers determine the value of GM based on an examination of GM and comparisons with similar companies. The bankers then figure out how much to discount the IPO so investors will be more interested in the stock, which is usually unproven. Typical IPO target prices are often 10% to 15% lower than the company's value would suggest, Keller said.
• Bankers then determine the number of shares to be sold and the range of the share price. In GM's case, underwriters plan to split GM's share price three ways to get a lower, more palatable price. GM's 500 million shares were split into 1.5 billion. Their price range of $78 to $87 was also split, creating the target range of $26 to $29 that GM will announce today, a person familiar with the plans says. GM will sell 365 million total shares, after the split.
• Executives embark on a "road show," giving face-to-face presentations to major investors to promote the stock and explain how the management plans to address major shortfalls. GM's road show will likely address its money-losing European region, pension-funding shortfall, product-development plans and executive turnover, sources have said. Investors are also concerned about the need for the U.S. government to hold subsequent stock offerings to exit ownership of GM, which could hold down the price of the stock, the sources said.
• Throughout the road show, investors start putting in orders for stock. Each investor offers a price for a specific amount of stock. For instance, one investor may offer to buy 30,000 shares at $29 a piece, but 60,000 shares at $26. Investors may also ask for more shares than they think GM will be able to allot them.
"They may ask for 100,000 if they think they'll only get 30,000," Keller said.
• In a typical IPO, the last orders are due the afternoon of the day before the stock hits the markets. Since GM has tentatively scheduled a Nov. 18 offering, orders could be due in the afternoon of Nov. 17. Underwriters weigh the number of shares requested at each price and how long each investor is likely to hold onto the stock. They use that data to choose the final IPO price, which could be higher or lower than the targeted range.
Final pricing is usually announced at the end of the day before the IPO. Underwriters tell investors how many shares they'll receive, and the stock starts trading the next morning.
Monday, November 1, 2010
State of the Union November 1, 2010
Nov. 1, 2010 online at www.uawlocal2250.com
Once again, tomorrow is Election Day and it is important that you get out and vote for labor friendly candidates – this is the reason the day was negotiated as a holiday. You can also come to the Union Hall to help with phone banks and shuttle transportation to the polls. For voting information go to www.sos.mo.gov/media/votersGuide/ to read up on the candidates and the ballot initiatives.
From Pat Workman, Suggestions Co-Administrator:
STARTING WEDNESDAY 11/3/2010 WE WILL START DISTRIBUTING A GIFT FOR SUGGESTION APPRECIATION. THE FOLLOWING IS HOW THEY WILL BE DISTRIBUTED.
WE WILL BE SET UP IN THE OLD UAW/GM STORE BY THE EYE GLASS STORE.
THE RULES ARE AS FOLLOWS:
1. YOU HAVE TO BE AN ACTIVE MEMBER. 2. HAVE YOUR PLANT ID BADGE.
(NOTE) YOUR TL CAN PICK THEM UP FOR YOU ONLY IF HE/SHE HAS YOUR PLANT ID BADGE.
HOURS ARE AS FOLLOWS:
WEDNESDAY 8:00 am - 12:00 am CHASSIS & FINAL PROCESS
WEDNESDAY 12:00 pm - 4:00 pm BODY SHOP & DAY SHIFT STAMPING
THURSDAY 8:00 pm - 12:00 pm TRIM & MAINTANENCE
THURSDAY 12:00 pm - 4:00 pm PAINT & MATERIAL
SALARY, SHOP COMMITTEE AND APPOINTED PEOPLE MAY PICK UP AT ANY OF THOSE TIMES.
I WILL SET UP ON SECOND SHIFT STAMPING TODAY (11/01/2010) BETWEEN4:30 pm – 5:30 pm.
Economic fixes will come only if you vote
By Bob King
In the first three-quarters of this year, we’ve seen conflicting data on the economy, but we think it’s better than when President George W. Bush left office in January 2009. At that time, we didn’t know if the domestic auto industry was going to survive. The economy was teetering on disaster. Economists agree that we suffered a cataclysmic economic meltdown that nearly put this nation into a depression — not a recession. So there was little celebrating when a group of economists recently said the recession was over. Maybe it’s over in the academic sense, but not in the real world. We know it from the contracts we’re forced to accept. We know it from seeing workers take the brunt of this recession, while Wall Street millionaires take home multimillion-dollar payouts. We know it when we see public services slashed and hard-working public employees blamed for budget problems. And we know it when we see hungry people at street corners.
It’s popular sport to blame the Obama administration for everything, including a lack of sustained job creation. But remember, some cynically want this government to fail in order to remove all restrictions on corporations and preserve tax cuts for the ultra wealthy. That’s what got us into this hole. When government turns a blind eye to Wall Street, the only brake on corrupt behavior is when the whole thing crashes. When you give massive tax cuts to the top 1 percent of all Americans, you run up massive deficits. Where were the tea party folks from 2000 to 2008? We didn’t hear a peep about the deficit when the Bush tax cuts and an ill-advised war in Iraq were bleeding the U.S. Treasury.
We’re slowly working our way back from that disaster. With the help of UAW members who made exceptionally painful sacrifices, President Obama led the effort to save the domestic auto industry. He pushed tough financial industry laws to prevent another Wall Street collapse. And significant parts of Obama’s health care reform took effect last month. But we need much more. Thousands gathered on Oct. 2 for the One Nation Working Together march in Washington. The message was simple: Get America moving again. Economic data lends credence to the statement that we’re on our way. But the problem won’t be solved by handouts to wealthy Americans or “getting government off our backs.” It won’t be solved by half measures, either. The problem is structural, and government must be part of the solution.
The way forward is to build decent-paying jobs through significant government investments in infrastructure and green technology. We need investments in public schools and in developing more efficient vehicles and transportation systems. We need a manufacturing policy that addresses currency manipulation and other trade improprieties by our trade partners. And we need limits on outsourcing to prevent being undercut by exploited workers in other countries. We can build a better future. It all starts with better participation among Americans at the polls. Don’t let well-funded naysayers affect your civic duty to participate. Research the candidates and issues, and decide for yourself who has the interests of working Americans at heart.
Once again, tomorrow is Election Day and it is important that you get out and vote for labor friendly candidates – this is the reason the day was negotiated as a holiday. You can also come to the Union Hall to help with phone banks and shuttle transportation to the polls. For voting information go to www.sos.mo.gov/media/votersGuide/ to read up on the candidates and the ballot initiatives.
From Pat Workman, Suggestions Co-Administrator:
STARTING WEDNESDAY 11/3/2010 WE WILL START DISTRIBUTING A GIFT FOR SUGGESTION APPRECIATION. THE FOLLOWING IS HOW THEY WILL BE DISTRIBUTED.
WE WILL BE SET UP IN THE OLD UAW/GM STORE BY THE EYE GLASS STORE.
THE RULES ARE AS FOLLOWS:
1. YOU HAVE TO BE AN ACTIVE MEMBER. 2. HAVE YOUR PLANT ID BADGE.
(NOTE) YOUR TL CAN PICK THEM UP FOR YOU ONLY IF HE/SHE HAS YOUR PLANT ID BADGE.
HOURS ARE AS FOLLOWS:
WEDNESDAY 8:00 am - 12:00 am CHASSIS & FINAL PROCESS
WEDNESDAY 12:00 pm - 4:00 pm BODY SHOP & DAY SHIFT STAMPING
THURSDAY 8:00 pm - 12:00 pm TRIM & MAINTANENCE
THURSDAY 12:00 pm - 4:00 pm PAINT & MATERIAL
SALARY, SHOP COMMITTEE AND APPOINTED PEOPLE MAY PICK UP AT ANY OF THOSE TIMES.
I WILL SET UP ON SECOND SHIFT STAMPING TODAY (11/01/2010) BETWEEN4:30 pm – 5:30 pm.
Economic fixes will come only if you vote
By Bob King
In the first three-quarters of this year, we’ve seen conflicting data on the economy, but we think it’s better than when President George W. Bush left office in January 2009. At that time, we didn’t know if the domestic auto industry was going to survive. The economy was teetering on disaster. Economists agree that we suffered a cataclysmic economic meltdown that nearly put this nation into a depression — not a recession. So there was little celebrating when a group of economists recently said the recession was over. Maybe it’s over in the academic sense, but not in the real world. We know it from the contracts we’re forced to accept. We know it from seeing workers take the brunt of this recession, while Wall Street millionaires take home multimillion-dollar payouts. We know it when we see public services slashed and hard-working public employees blamed for budget problems. And we know it when we see hungry people at street corners.
It’s popular sport to blame the Obama administration for everything, including a lack of sustained job creation. But remember, some cynically want this government to fail in order to remove all restrictions on corporations and preserve tax cuts for the ultra wealthy. That’s what got us into this hole. When government turns a blind eye to Wall Street, the only brake on corrupt behavior is when the whole thing crashes. When you give massive tax cuts to the top 1 percent of all Americans, you run up massive deficits. Where were the tea party folks from 2000 to 2008? We didn’t hear a peep about the deficit when the Bush tax cuts and an ill-advised war in Iraq were bleeding the U.S. Treasury.
We’re slowly working our way back from that disaster. With the help of UAW members who made exceptionally painful sacrifices, President Obama led the effort to save the domestic auto industry. He pushed tough financial industry laws to prevent another Wall Street collapse. And significant parts of Obama’s health care reform took effect last month. But we need much more. Thousands gathered on Oct. 2 for the One Nation Working Together march in Washington. The message was simple: Get America moving again. Economic data lends credence to the statement that we’re on our way. But the problem won’t be solved by handouts to wealthy Americans or “getting government off our backs.” It won’t be solved by half measures, either. The problem is structural, and government must be part of the solution.
The way forward is to build decent-paying jobs through significant government investments in infrastructure and green technology. We need investments in public schools and in developing more efficient vehicles and transportation systems. We need a manufacturing policy that addresses currency manipulation and other trade improprieties by our trade partners. And we need limits on outsourcing to prevent being undercut by exploited workers in other countries. We can build a better future. It all starts with better participation among Americans at the polls. Don’t let well-funded naysayers affect your civic duty to participate. Research the candidates and issues, and decide for yourself who has the interests of working Americans at heart.
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