It's a dandy. Banks are selling houses from under people who own them free and clear. They're using forged foreclosure documents to kick people out of their homes. Or they're just foreclosing on homes without making sure they even possess the mortgage and promissory notes.
Here's a good explainer at Crooks & Liars.
Thursday, September 30, 2010
If you thought the loss of U.S. manufacturing was bad, you probably underestimated the problem
Brother Teamster Fred Crow from Cleveland sent us this great blog post from The Economic Collapse: 19 Facts About The Deindustrialization Of America That Will Blow Your Mind.
One number especially tells the story of what happened to Cleveland and Detroit and Buffalo:
Do the math: U.S.-based multinationals employ one-third of their workforce overseas. And there's not much stopping them from moving all of their operations offshore. Dell Computer, for example, is shutting down its last U.S. plant in November and expanding operations in China. Here's the kicker: Dell is the 11th biggest contractor with the U.S. government.
Some other scary numbers:
Let's see if the Senate passes the bill in the lame-duck session. It's the very least they can do.
One number especially tells the story of what happened to Cleveland and Detroit and Buffalo:
According to Tax Notes, between 1999 and 2008 employment at the foreign affiliates of U.S. parent companies increased an astounding 30 percent to 10.1 million. During that exact same time period, U.S. employment at American multinational corporations declined 8 percent to 21.1 million.
Do the math: U.S.-based multinationals employ one-third of their workforce overseas. And there's not much stopping them from moving all of their operations offshore. Dell Computer, for example, is shutting down its last U.S. plant in November and expanding operations in China. Here's the kicker: Dell is the 11th biggest contractor with the U.S. government.
Some other scary numbers:
- The United States has lost about 42,400 factories since 2001. Three-quarters of those factories employed over 500 people when they were still in operation.
- Manufacturing employment in the U.S. computer industry is actually lower in 2010 than it was in 1975.
- The U.S. Census Bureau says that 43.6 million Americans are now living in poverty and according to them that is the highest number of poor Americans in the 51 years that records have been kept.
Americans are furious that China is bleeding us dry.
Let's see if the Senate passes the bill in the lame-duck session. It's the very least they can do.
Today's Teamster News 09/30/10
Eye on China, House Votes for Greater Tariff Powers New York Times ...The House of Representatives ... (voted) overwhelmingly to give the Obama administration expanded authority to impose tariffs on virtually all Chinese imports to the United States.
Avis Raises Dollar Thrifty Offer New York Times ...the Avis Budget Group said on Wednesday that it would offer the one thing Dollar Thrifty had said was lacking in its rival bid: a breakup fee.
JPMorgan Suspending Foreclosures New York Times ...In a sign that the entire foreclosure process is coming under pressure, a second major mortgage lender said that it was suspending court cases against defaulting homeowners..
Liberal Groups to Gather in DC for One Nation Rally Washington Post ...groups hoping to revive enthusiasm before November's midterm elections are encouraging their members to come to the Mall on Saturday for a rally...
Teamster Leaders Unanimously Endorse Comprehensive Financial Restructuring of YRCW International Brotherhood of Teamsters ...Leaders of freight local unions voted unanimously today to endorse an agreement with YRCWthat sets the foundation for a comprehensive financial restructuring and a viable, sustainable company...
Avis Raises Dollar Thrifty Offer New York Times ...the Avis Budget Group said on Wednesday that it would offer the one thing Dollar Thrifty had said was lacking in its rival bid: a breakup fee.
JPMorgan Suspending Foreclosures New York Times ...In a sign that the entire foreclosure process is coming under pressure, a second major mortgage lender said that it was suspending court cases against defaulting homeowners..
Liberal Groups to Gather in DC for One Nation Rally Washington Post ...groups hoping to revive enthusiasm before November's midterm elections are encouraging their members to come to the Mall on Saturday for a rally...
Teamster Leaders Unanimously Endorse Comprehensive Financial Restructuring of YRCW International Brotherhood of Teamsters ...Leaders of freight local unions voted unanimously today to endorse an agreement with YRCWthat sets the foundation for a comprehensive financial restructuring and a viable, sustainable company...
Wednesday, September 29, 2010
Today's Teamster News 09/29/10
YRC CEO To Retire Upon Completion Of Recovery Plan Wall Street Journal ...Chief Executive Bill Zollars has plans to retire...
Senate Outsourcing Bill Stalls Wall Street Journal ...A new ... poll released Tuesday found outsourcing was the top factor cited by Americans as the cause of the country's continuing economic distress...
Investor Says He Will Vote Against Hertz Wall Street Journal ...Mr. Reeder's views could be part of a serious challenge to Hertz, whose deal goes for a vote before Dollar Thrifty shareholders on Sept. 30...
Recommendations to FAA Often Languish Washington Post ...many believe that the biggest cause of delay lies with the FAA itself...
Work stoppage hits ports The Philadelphia Inquirer ...Longshoremen shut down the Port of New York and New Jersey and Packer Avenue Marine Terminal in South Philadelphia Tuesday to protest Del Monte Fresh Produce Co.'s move from Camden to a cheaper-labor terminal in Gloucester City...
As 44 million Americans live in poverty, a crisis grows (opinion) Washington Post ...the number of people living at less than two times the poverty line ($44,000 for a family of four) is ... the line between whether or not you can pay your bills ... That has reached 100,411,000 people. That's 33 percent of the country."
Senate Outsourcing Bill Stalls Wall Street Journal ...A new ... poll released Tuesday found outsourcing was the top factor cited by Americans as the cause of the country's continuing economic distress...
Investor Says He Will Vote Against Hertz Wall Street Journal ...Mr. Reeder's views could be part of a serious challenge to Hertz, whose deal goes for a vote before Dollar Thrifty shareholders on Sept. 30...
Recommendations to FAA Often Languish Washington Post ...many believe that the biggest cause of delay lies with the FAA itself...
Work stoppage hits ports The Philadelphia Inquirer ...Longshoremen shut down the Port of New York and New Jersey and Packer Avenue Marine Terminal in South Philadelphia Tuesday to protest Del Monte Fresh Produce Co.'s move from Camden to a cheaper-labor terminal in Gloucester City...
As 44 million Americans live in poverty, a crisis grows (opinion) Washington Post ...the number of people living at less than two times the poverty line ($44,000 for a family of four) is ... the line between whether or not you can pay your bills ... That has reached 100,411,000 people. That's 33 percent of the country."
Tuesday, September 28, 2010
Today's Teamster News 09/28/10
Discount Carriers Southwest, AirTran Tie Knot Wall Street Journal ...Southwest Airlines Co. (LUV) on Monday announced plans to buy discount rival AirTran Holdings Inc. (AAI)...
GE Inks Deal To Extend Reach In China's Wind Power Market Wall Street Journal ...General Electric Co. (GE) announced a joint venture with a subsidiary of Harbin Power Equipment Co. (1133.HK) to manufacture and supply wind turbines to its customers in China...
Health Insurers Finally Get Some Oversight (opinion) Wall Street Journal ...we will review large premium increases and identify those that are unreasonable...
It's not a recovery without jobs (opinion) Politico ...On Thursday, one of the most successful job-generating provisions of the Recovery Act ... is scheduled to expire...
Income Gap Widens: Census Finds Record Gap Between Rich And Poor Associated Press ...The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession...
GE Inks Deal To Extend Reach In China's Wind Power Market Wall Street Journal ...General Electric Co. (GE) announced a joint venture with a subsidiary of Harbin Power Equipment Co. (1133.HK) to manufacture and supply wind turbines to its customers in China...
Health Insurers Finally Get Some Oversight (opinion) Wall Street Journal ...we will review large premium increases and identify those that are unreasonable...
It's not a recovery without jobs (opinion) Politico ...On Thursday, one of the most successful job-generating provisions of the Recovery Act ... is scheduled to expire...
Income Gap Widens: Census Finds Record Gap Between Rich And Poor Associated Press ...The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession...
Wednesday, September 22, 2010
Today's Teamster News 09/22/10
Obama's Economics Chief Is Set To Leave New York Times ...Lawrence H. Summers, the chief architect of President Obama’s economic policy, would leave at the end of the year.
China's Currency and the Trade Deficit CEPR ...If the value of the yuan rises relative to the dollar, then ... imports would be more expensive in the United States, making people here more likely to buy domestically produced goods...
Watching Wal-Mart at Midnight Wall Street Journal ...on behavior at a Walmart store around midnight at the end of a month: "about 11 p.m., customers start to come in and ... fill their grocery basket with basic items, baby formula, milk, bread ... until midnight, when electronic — government electronic benefits cards get activated and then the checkout starts...
Stores Scramble To Accommodate Budget Shoppers ...New York Times ...Dollar stores have shown the biggest gain in shopper visits over the last year...
Strike Continues as Prince George's Bus Company Refuses to Bargain Fairly Teamsters Local 639 ...Members of Teamsters Local 639 working for Veolia/TheBus voted down the company's contract proposal yesterday by an overwhelming majority....
China's Currency and the Trade Deficit CEPR ...If the value of the yuan rises relative to the dollar, then ... imports would be more expensive in the United States, making people here more likely to buy domestically produced goods...
Watching Wal-Mart at Midnight Wall Street Journal ...on behavior at a Walmart store around midnight at the end of a month: "about 11 p.m., customers start to come in and ... fill their grocery basket with basic items, baby formula, milk, bread ... until midnight, when electronic — government electronic benefits cards get activated and then the checkout starts...
Stores Scramble To Accommodate Budget Shoppers ...New York Times ...Dollar stores have shown the biggest gain in shopper visits over the last year...
Strike Continues as Prince George's Bus Company Refuses to Bargain Fairly Teamsters Local 639 ...Members of Teamsters Local 639 working for Veolia/TheBus voted down the company's contract proposal yesterday by an overwhelming majority....
Tuesday, September 21, 2010
Today's Teamster News 09/21/10
Congress needs
to pass FAA bill (opinion) Atlanta Journal-Constitution ...Lobbyists for FedEx ... will use every available obstructionist tactic to block the Senate from voting on the bill...
Is This What a Recovery Feels Like? (opinion) New York Times ...Most Americans probably find it hard to believe that statisticians have deemed the U.S. economy to be out of recession...
Union, ranchers joining forces Bloomberg ...a labor union and farmers and ranchers ... say the world’s largest retailer is using its power to hold down prices in the agriculture industry...
Airline Profits Expected to Soar This Year New York Times ...an industry body Tuesday ... more than triple(d) its profit forecast for the world’s airlines to $8.9 billion this year ...
SAIC of China Weighs Buying Stake in G.M. New York Times ... A Chinese automaker has expressed interest in buying a stake in General Motors ...
GMAC Halts Foreclosures in 23 States for Review New York Times ...GMAC, which has been the recipient of billions of dollars of government aid... is concerned about potential liability in evicting families and selling houses to which it does not have clear title. ..
The Brothers Koch and AB 32 (opinion) New York Times ...a well-financed coalition of right-wing ideologues, out-of-state oil and gas companies and climate-change skeptics is seeking to effectively kill ...(AB 32) with an initiative on the November state ballot...
Is This What a Recovery Feels Like? (opinion) New York Times ...Most Americans probably find it hard to believe that statisticians have deemed the U.S. economy to be out of recession...
Union, ranchers joining forces Bloomberg ...a labor union and farmers and ranchers ... say the world’s largest retailer is using its power to hold down prices in the agriculture industry...
Airline Profits Expected to Soar This Year New York Times ...an industry body Tuesday ... more than triple(d) its profit forecast for the world’s airlines to $8.9 billion this year ...
SAIC of China Weighs Buying Stake in G.M. New York Times ... A Chinese automaker has expressed interest in buying a stake in General Motors ...
GMAC Halts Foreclosures in 23 States for Review New York Times ...GMAC, which has been the recipient of billions of dollars of government aid... is concerned about potential liability in evicting families and selling houses to which it does not have clear title. ..
The Brothers Koch and AB 32 (opinion) New York Times ...a well-financed coalition of right-wing ideologues, out-of-state oil and gas companies and climate-change skeptics is seeking to effectively kill ...(AB 32) with an initiative on the November state ballot...
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