Word: debts
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...essentially have a billion dollars in reserve.” Massachusetts ended November with $1.4 billion in its unemployment trust fund. In comparison, neighboring Rhode Island finished the month with under $100 million, and Michigan, hit hard by the auto industry’s collapse, is in debt by roughly half a billion dollars and is implementing a “solvency tax” on some employers to help replenish its fund. The National Employment Law Project—an advocacy group for low-wage workers—reported in late September that Massachusetts was “marginally...
None of my neighbors here, that I know of, has suffered the calamities affecting many Americans - home foreclosure, bankruptcy, a precipitous plunge into debt, homelessness and poverty. Still, the anxiety, the uneasy sense that things are changing, that dreams are on hold and options more limited, is palpable. Everyone, even the relatively well-off, talks about lost savings and a newfound frugality. (See pictures of a retirement paradise lost...
...bank holding company, GMAC will have expanded opportunities for funding and access to capital, which will provide increased flexibility and stability. As part of the transformation, GMAC must complete a tricky $38 billion debt restructuring, getting bondholders to accept new terms and steep discounts. The deadline for cutting this deal with bondholders is this weekend but the details probably won't be available until next week...
...Chrysler, Cerberus' other problem child. Though the billions in TARP aid President Bush authorized for Chrysler and GM will buy Chrysler some time, there are difficult issues ahead. Unless labor costs can be brought down to parity with the foreign transplants, and without the restructuring of Chrysler's debt, the company cannot be restored to long-term health and the government loan will be unlikely to be fully repaid. (Read about GM's, Ford's and Chrysler's bailout plans...
...before Dixie gets too smug, it should acknowledge a debt it owes Detroit, or rather Detroit's labor union, the United Autoworkers (UAW). The UAW has made the Big Three's labor force one of the world's best paid and protected - clout that is now a focus of what's wrong with Detroit. Still, the foreign automakers are in America in large part because, as their more fuel-efficient cars became popular in the U.S. in the 1980s and '90s, the UAW lobbied to get them to build production plants here...