Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
- 126
Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
- 126
Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
- 126
What company are you contracting at coward? I bet they are hiring. Why can't you get a full-time job there?
Dave, you still hurt that I pwn'd you showing you that there are thousands of companies hiring, including my own. Yet, you are under some delusional idea that b/c the overall economy is not doing well that there aren't specific companies/industries that are growing.
It seems like we never get the whole story when stuff like this happens. It seems likely, however, that the company execs were faced with a choice when business crumpled and BofA called their line of credit- somebody gets screwed, either BofA or the employees. Given that the execs likely have other dealings with BofA, it's a no-brainer- screw the workers, keep the bank happy...
Sadly, the workers would have been screwed whether BofA got bailed out or not, but the damage would have been more equitable sans bailout. Moral hazards abound in this whole scenario, favoring the big guy, of course.
Workers get to line up for the proceeds of the bankruptcy, where they *might* get a dime on the dollar several years down the road...
Sadly, the workers would have been screwed whether BofA got bailed out or not, but the damage would have been more equitable sans bailout. Moral hazards abound in this whole scenario, favoring the big guy, of course.
Workers get to line up for the proceeds of the bankruptcy, where they *might* get a dime on the dollar several years down the road...
GroundedSailor
Platinum Member
- Feb 18, 2001
- 2,502
- 0
- 76
Originally posted by: Farang
These economic problems were caused by banks making bad loans. Now some of you are complaining because a bank is refusing to make a bad loan.
We don;t know it is a bad loan. All we can make out is that BoA withdrew the line of credit. A lot of companies use a line of credit to meet payroll and if BoA has been given money to keep lines of credit flowing and doesn't do so then, yes, BoA has some questions to answer.
This is becoming quite a historical event:
12-7-2008 Chicago workers' sit-in becomes rallying point
Illinois Attorney General Lisa Madigan said in a news release late Sunday that she had representatives at the factory investigating the closure.
One of the factory's workers, Silvia Mazon, said in Spanish that she needs the money owed to her for an $1,800 monthly house payment. The 40-year-old from Cicero said she has enough money saved to survive for one month.
"We're making history," she said.
Patrick Tyrrell, 22, of Chicago, visited the workers Saturday and returned the next day with home-cooked beans, rice, chicken and soup. Tyrrell said he felt he wanted to help, in part, because his grandfather was an electrical union member.
"This is an impressive historical event," he said.
Rep. Jan Schakowsky, an Illinois Democrat, called it the start of a movement. "This story has resonated around the world," she said.
12-7-2008 Chicago workers' sit-in becomes rallying point
Illinois Attorney General Lisa Madigan said in a news release late Sunday that she had representatives at the factory investigating the closure.
One of the factory's workers, Silvia Mazon, said in Spanish that she needs the money owed to her for an $1,800 monthly house payment. The 40-year-old from Cicero said she has enough money saved to survive for one month.
"We're making history," she said.
Patrick Tyrrell, 22, of Chicago, visited the workers Saturday and returned the next day with home-cooked beans, rice, chicken and soup. Tyrrell said he felt he wanted to help, in part, because his grandfather was an electrical union member.
"This is an impressive historical event," he said.
Rep. Jan Schakowsky, an Illinois Democrat, called it the start of a movement. "This story has resonated around the world," she said.
Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
- 126
Originally posted by: cubby1223
Banks failed partially because government regulations demanded they loan money to people / companies who cannot pay it back. That's the root of the housing industry failure, people not able to repay mortgages. So in your world, the solution to fixing the economy is to continue loaning money to people / companies who cannot pay it back?
Really, Dave, what is your solution? Blame is not a solution.
It's easier to just put the above quote in your signature and say nothing else.
if your going to post here, you could at least know the basics. Even dave might understnad the truth behind that one (though i would not bet on it)
Shortsighted cunts.
That is what I think of when I think about the various leaders (at all levels) who are allowing the very last of the manufacturing in the United States die.
Many of these companies *could* survive, if given "bridge" loans that would allow them to get through this storm. Maybe not all, but many.
That is what I think of when I think about the various leaders (at all levels) who are allowing the very last of the manufacturing in the United States die.
Many of these companies *could* survive, if given "bridge" loans that would allow them to get through this storm. Maybe not all, but many.
Yet another union increases the cost of business forcing a plant shutdown and later cries about it. Great!
Brainonska511
Lifer
- Dec 10, 2005
- 28,916
- 14,195
- 136
What???? Where did you get that from (besides your ass)?
The business shut down because it used short-term loans to pay for payroll. They couldn't get any more short term loans because of the dried up credit markets, forcing them to close.
Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
- 126
frostedflakes
Diamond Member
- Mar 1, 2005
- 7,925
- 1
- 81
I'm still trying to understand why their credit was cut off, though. Yeah home sales are down, but it sounds like they were still making good money.
http://www.chicagotribune.com/...sdec04,0,7537071.story
And it sounds like they've already downsized a lot from the height of the housing boom, surely if they were in trouble they would've done more cutbacks?
Originally posted by: GroundedSailor
Originally posted by: Farang
These economic problems were caused by banks making bad loans. Now some of you are complaining because a bank is refusing to make a bad loan.
We don;t know it is a bad loan. All we can make out is that BoA withdrew the line of credit. A lot of companies use a line of credit to meet payroll and if BoA has been given money to keep lines of credit flowing and doesn't do so then, yes, BoA has some questions to answer.
I agree... Pre-bailout there were financial experts warning if the banks weren't bailed out they'd pull back credit lines and we'd see companies have problems meeting payrolls. The bailout was passed. Wasn't it done to prevent precisely this?
I understand the frustration of the workers and all, but this is stupid and misguided.
A lends money to B. B has obligations to C. A decides B is no longer a good credit risk, and pulls the plug on the credit line. B is not able to meet obligations to C. Why the heck does anyone think A owes anything to C or has any responsibility to C? Dumb emotional thinking clouds rational thought.
Also, if the company was a good credit risk, you'd think they could get a loan elsewhere. The fact that they (apparently) can't, indicates that they are not a very good credit risk at this point (not surprising). It's not BoA's fault that the company can not meet it's obligations.
A lends money to B. B has obligations to C. A decides B is no longer a good credit risk, and pulls the plug on the credit line. B is not able to meet obligations to C. Why the heck does anyone think A owes anything to C or has any responsibility to C? Dumb emotional thinking clouds rational thought.
Also, if the company was a good credit risk, you'd think they could get a loan elsewhere. The fact that they (apparently) can't, indicates that they are not a very good credit risk at this point (not surprising). It's not BoA's fault that the company can not meet it's obligations.
StageLeft
No Lifer
- Sep 29, 2000
- 70,150
- 5
- 0
mcowned!Originally posted by: cubby1223
Originally posted by: dmcowen674
Originally posted by: Capt Caveman
Originally posted by: dmcowen674
Sad
The thread is full of Republican/BoA apologists
Obama and the Democrats approved of the bailout, dumbass.
Really? Where was I when Obama became President?
How did he accomplish that before he got sworn in?
He must truly be a Mystical.
He voted for it as a Senator you dumbass.
Originally posted by: cubby1223
Originally posted by: dmcowen674
Originally posted by: Capt Caveman
Originally posted by: dmcowen674
Sad
The thread is full of Republican/BoA apologists
Obama and the Democrats approved of the bailout, dumbass.
Really? Where was I when Obama became President?
How did he accomplish that before he got sworn in?
He must truly be a Mystical.
He voted for it as a Senator you dumbass.
McOwned again.
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