Word: hyundai
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...Francisco, they filled the convention hall with a sea of waving flags. That did not quite do the trick. So this year they went one step further. They started bashing foreigners -- not Communists, to be sure, but second best -- ruthlessly efficient Asians. Starting with Richard Gephardt's "$48,000 Hyundai" ads and finishing with a Dukakis TV spot that featured a rising Japanese flag, the Democrats' appeal to economic nationalism has not been subtle. Attacking allies is not nearly as satisfying as attacking enemies (say, the Evil Empire), but it is a start...
...rival, Richard Gephardt, was auditioned. The Missouri Congressman, winner of the Iowa caucuses, has the most appeal to the blue-collar vote. Gephardt has corrected his early campaign deficiencies, developing a strong populist message, a compelling delivery, and eyebrows. But unless he is willing to put his $48,000 Hyundai on cinder blocks, it may be hard for him to reconcile his protectionist philosophy with Dukakis' belief in freer trade...
...company hardest hit is the Hyundai conglomerate (estimated 1987 revenues: $23 billion). Trouble started in early May, when a labor leader at the Hyundai Construction Co. was kidnaped in Seoul. Two company executives were eventually arrested and charged with paying thugs $27,000 to kidnap the man to force him to resign from the company. In the meantime, 3,500 workers, demanding 50% pay hikes, had walked out at two machine-tool factories owned by Hyundai Precision and Industry Co. On May 27, strikers at one of the plants seized a five-story office building and took Hyundai Precision Chairman...
...more serious threat to Hyundai came on May 30, when 20,000 workers struck the company's profitable auto-manufacturing unit, shutting down all 15 of its plants. The strikers are asking for a 48% pay hike. The government is pressuring Hyundai and other companies to resolve their labor problems quickly in hopes that the situation will calm down by the time the Seoul Olympics begin in September...
...clarity from this Saturday's caucus in Michigan. Gephardt, once thought to be a natural there with his protectionist message, has been handicapped by a lack of money since his poor showing in the South. Gephardt may still be able to pull the "$48,000 Hyundai" out of the garage for some mileage around Detroit, but that is no substitute for his failure to win the support of the United Auto Workers...