Word: auto
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CATERPILLAR'S 12,600 STRIKING WORKERS IN PEOria, Ill., must have felt last week as if one of the company's mammoth earthmovers had just rolled over them. Despite the United Auto Workers' $800 million war chest (which could have provided up to $60,000 in benefits for every family on the picket line), the five-month-long siege suddenly collapsed. The union leadership failed to gain a single demand on wage and medical-care issues. The employees had to wait to be summoned back to work, while the company considered eliminating more than a thousand jobs. Many U.A.W. members...
Caterpillar's main strikebreaking tactic had been to advertise for permanent replacements; unemployed workers throughout the region were lining up to fill the $35,000 vacancies. Some U.A.W. leaders feared that Caterpillar's success may have provided a tactical lesson to auto-industry executives who will enter their own labor negotiations next year. But Caterpillar's real trump card may have been the recession itself. U.A.W. president Owen Bieber bravely vowed that "the fight isn't over." If and when it resumes, Caterpillar workers would be better advised to find a stronger moment in a sounder economy...
...down any high-interest debt you may have; not having to pay 11% on an auto loan is as good as earning 11%. And check into U.S. Savings Bonds. They have tax advantages and promise at least 6% if held five years. There are loads of decent, riskier possibilities; but remember: we're talking about money you've had someplace totally safe. Be certain before moving it that you fully understand the risks...
...Auto-industry critics have long complained that manufacturers, slavishly wedded to the status quo, have never given electric cars a chance. No longer. Chrysler says it will start rolling out electric-powered minivans this fall. Anyone wishing to own the first on the block must be prepared to shell out as much as $125,000, but utility companies are expected to buy the entire production...
...display at the New York Auto Show has a range of 100 miles per charge and can go from 0 to 60 in 25 seconds. With a top speed of 65 m.p.h., it can hold its own on the freeway. It is much more than a "glorified golf cart," as Chrysler chairman Lee Iacocca points out, adding, "You can get a speeding ticket in this...