Word: detroit
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Those concerns are weighing heavily on UAW members, who are very much aware that VEBAs at Caterpillar and Detroit Diesel have gone bankrupt. Three former UAW executive board members recently signed a letter criticizing the VEBA plan as "knowingly placing members at risk." The other option, though, is losing retiree health benefits entirely. "If you don't go along with a VEBA, the automakers may reach a point where the only alternative is to file Chapter 11," says Eric Merkle of IRN Automotive Intelligence. "The UAW has to take on more of the risk...
...another step in the decline of employer-sponsored health care. UAW president Ron Gettelfinger says he would prefer a single-payer system, which would relieve the burden for both GM and the union. That won't fly, but presidential candidates will offer other ideas. The crisis in Detroit shows, in the extreme, that corporate paternalism in the form of health insurance has outlived its usefulness. GM's biggest mistake may have been to assume that it would always be strong enough to handle the promises it made in its powerful prime. No company--and no worker--can afford to make...
...Detroit's Kwame Kilpatrick was named one of America's worst mayors by TIME in 2005. Have his fortunes changed since then? Not if you go by court decisions. Last week, a Michigan jury awarded $6.5 million to two former Detroit police officers who alleged they were retaliated against for investigating possible misconduct by Kilpatrick's bodyguards. The award is the latest blow for Kilpatrick - even as his city makes some gains...
...other studio masters. The movie speeds up the 2/4 "I've Just Seen a Face" (for a zestful scene in a bowling alley) and slows down the ballad "If I Fell" (which Wood does very nicely), but the songs are flexible enough to still sound great. To invoke the Detroit riots, a black boy sings "Let It Be," which, upon his death, is taken up by a gospel choir at his funeral. When Max goes to the draft center, soldiers in masks dance around the inductees to "I Want You (She's So Heavy"). Who's so heavy? The Statue...
...downturn in sunny San Diego that poses the far bigger risk to the U.S. economy. Detroit, Cleveland and some smaller Rust Belt cities are experiencing a traditional bust, in which economic woes spread to housing. In San Diego, the housing decline seems to be a self-generated phenomenon, the product of too-high prices and too-crazy lending practices. Now the "housing market is dragging down the rest of the economy," says Alan Gin, an economist at the University of San Diego. The same is true in and around Los Angeles, San Francisco, Phoenix, Las Vegas, Miami, Washington, New York...