Dec 09 2008
Does America Want Manufacturers to Fail?
Laid-off Workers at Republic Windows and Doors in Chicago IL (AP Photo)
While the Detroit Big Three Auto Makers have to grovel for government-backed loans, Bank of America was one of the banks outright given billions of dollars in Federal bailout monies with no preconditions or oversight. So what does Bank of America do with all of that money which was supposed to HELP small businesses? It promptly canceled the credit-line of an established company in Chicago, Republic Windows and Doors, causing that company to lay off its 300+ workers–some with 17 years on the job–with only three days’ notice.
This series of events is so egregious that the governor of Illinois and the President-elect of the United States are supporting the $14 per hour laid-off workers, who are engaging in a sit-down protest at the factory–they have not even been given their earned vacation time, health care, or severance pay; meanwhile the bigwigs at some of the financial companies can keep their exorbitant compensation packages and go on expensive junkets to exotic locations on the taxpayers’ dime.
It is becoming painfully obvious that these “bailouts” ARE white-collar vs blue-collar. The white-collar financial companies had billions of taxpayer dollars just thrown at them without question. Meanwhile, the blue-collar auto companies are being vilified by Republicans and put through the wringer; and a once-stable American small business which not only employs hundreds, but manufactures energy-saving windows and doors for other businesses is allowed to fail.
It took a year for the Federal Government to “officially” declare that the United States is in a recession (d’ya think?); how long will it take for “officially” announce a “depression”? Why are banks and other financial institutions given money and then allowed to just hold on to the money; while manufacturing companies are made to beg, prove themselves “viable” before being awarded loans, and made to submit to tons of regulations?
Does anyone else see something very wrong with this picture? Workers in manufacturing factories are taxpayers, too!
