Topic: What the bank bail out doesn't do. | |
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I've had a bad feeling about the bank bailout all along. That the government bailout was NOT going to the right people and would not be handled in any way to actually help REAL people.
CHICAGO (Reuters) – Invoking Main Street resentment of Wall Street's federal bailout, some 200 workers entered their third day of occupying a shuttered Chicago window and door factory on Sunday, demanding that Bank of America agree to pay them severance plus vacation pay. Workers belonging to the United Electrical, Radio and Machine Workers union began their peaceful occupation of the plant on Friday after family-owned Republic Windows & Doors said it was closing after Bank of America canceled its line of credit. The workers said Republic Windows & Doors gave them only three days notice of Friday's closing instead of the 60 days required by law, and owes them roughly $3,500 per worker including unused vacation pay. A union spokeswoman said Bank of America is not letting the company pay the workers. "We're just shocked that Bank of America, after receiving $25 billion in bailout money, not only do they refuse to extend credit to companies but, to add insult to injury, they don't allow these companies to fulfill their legal obligations to their workers," union spokeswoman Leah Fried said. The downturn in home construction doomed the plant, which has manufactured windows and doors for more than 30 years. Bank of America was among several U.S. banks to receive funding from a $700 billion federal bailout package designed to stabilize the financial system. The laid-off workers hoisted placards saying, "Bank of America: You got bailed out. We got sold out." According to the Chicago Tribune, the bank said it was not responsible for Republic's financial obligations to its employees. A Bank of America spokesman was not immediately available for comment. Officials of Republic Windows & Doors also could not be reached for comment. The parties were expected to meet on Monday. U.S. Rep. Luis Gutierrez, an Illinois Democrat, and Chicago-based civil rights leader Rev. Jesse Jackson were lending support to the workers. (Reporting by Andrew Stern; Editing by Leslie Adler) |
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Edited by
Atlantis75
on
Sun 12/07/08 05:06 PM
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You want to hear my opinion on this Bailout stuff?
Here is my question: -If the people are in trouble paying for the bills and mortgages etc...why don't they give the bailout to the people? Who is bailing us out? Imagine, they'd give you a break with the bills, let's say lower your payments or suspend some of your bills and throw you a few thousand dollars spending money.. Who is better stimulating the economy, if not the people? You'd go and have this extra cash, pay off many of your bills and loans, your mortgages, catch up on things and overall make you feel a lot better and more secure. You'd go shopping, spend your money in stores who'd benefit from you buying their stuff. Pay off that car or get a new one, catch up with your mortgage payments, pay off that credit card and sleep better at night and feel all rejuvenated next morning and get some confidence to live your life! Eventually the money you spent would end up in the banks anyway, if they need a bailout it'd filter through the system and everybody would go home happy! Of course, they won't do this, it's greed, money and power hunger and this is why I think the entire bailout is the biggest bank robbery and biggest scam pulled on the people ever! |
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