Word: bankes
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...workers say they have given up cost-of-living allowances, overtime after eight hours in place of wage increases, a holiday, some break time, the jobs bank and education benefits. Entry-level wages have been cut in half, which has translated to even lower production-labor costs. "We will not stand for further concessions negotiated by our representatives," proclaimed a resolution that was turned in for consideration at the UAW convention in June by workers from the Ford assembly plant in Chicago. "I've never seen people so frustrated," says a veteran UAW official in Detroit. "These are hard jobs...
...reality was more complicated. Greece now had a solid currency--but it wasn't Greece's currency. The euro was managed by monetary wonks at the European Central Bank in Frankfurt for whom the Greek economy was but a blip. And the decision makers in Athens with responsibility for fiscal policy continued to blunder. The country kept running big deficits in the boom years. Then came the Great Recession. Last fall, a new government revealed that the 2009 budget deficit was much higher than previously disclosed--nearly 13% of GDP. Ever since, the world's financial markets have been going...
...waste. The same is true of all those who want to help but wind up getting in the way, a distraction neither the victims nor the professionals can afford. Chances are that if the 82nd Airborne can't get food to the tent city fast enough, your food bank can't either. On its website, Samaritan's Purse asks aspiring volunteers to "please be patient and we will get back...
Jackson added that a wave of community bank failures may “prolong the already painful recession...
...Such is the mix of anticipation and frustration forming, along with the rain clouds, over the western hemisphere's poorest country. Haiti's challenges seem even more daunting now that a new study by the Inter-American Development Bank (IDB) in Washington has re-estimated the earthquake damage from $5 billion to between $7 billion and $13 billion, making it one of history's worst natural disasters. "This has never happened to a country before," says the European-educated Bellerive, 51, a doctor's son and international-relations expert. "Forty percent of our GDP was destroyed in 30 seconds...