The union did what unions have historically done: after six days of a sit-in in the Republic Windows and Doors in Illinois, the two banks that had cut off funding to the owners, agreed to lend them the money needed to pay severance and vacation pay in accordance with federal and state labor laws, so says the New York Times this morning.
The sit-in was peaceful and drew attention to the dysfunction of the Bush administration's bail out plans.
If the banks are getting all of this money, why aren't they lending it so that the workers, out of jobs now, can get what the law provides: severance pay, vacation pay, and consequently, some breathing room?
The union: Local 1110, of the United Electrical, Radio and Machine Workers of America. Bravo!
The banks forced to do what banks are supposed to do, lend money: Bank of American and JP Morgan Chase. Boo!
Yesterday lawmakers put a first eye of scrutiny on the TARP, the $700 billion bail out for the financial services industry and what was revealed is this: there is no plan to rescue the US economy. Paulson is shooting from the hip and changing course. If the purpose was to instill confidence in banks, the many changes of course without justification or rationales has undermined any possibilities of raising confidence. Put everything left under our mattresses! And there is no oversight, which has allowed companies like AIG to continue to give out bonuses to failing executives. Listen and weep.
Read the piece in propublica.org that gives an even more detailed account of the testimony, and the obvious holes in the testimony, before Congress.
What the United Electrical, Radio and Machine Workers of America did in Illinois is what people did throughout cities during the Great Depression. When sheriffs came to evict tenants, other tenants would surround the area and prevent the sheriffs from acting. Don't think that FDR's economic recovery was all top-down. It wasn't.
It shouldn't be now either.
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