Word: loaning
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Dates: during 2000-2009
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...understand why nationalization may be inevitable, you have to get a handle on the true source of the banks' problems. The banking business - at least the way George Bailey practiced it in It's a Wonderful Life - was all about deposits and loans. You take in deposits, on which you pay a relatively low interest rate, say 2%. Then you lend that money to other people at a higher interest rate, say 7%. Pocket the difference. Repeat. But starting in the early 1970s, banks began funding less of their lending with old-fashioned deposits. Bank deposits backed...
Gettelfinger also said he believes several of the loan provisions were especially punishing to the UAW. The reason for such harshness, he says, is that Republicans in Congress were angry over the GOP's defeat in November. "We didn't sign the term sheet," Gettelfinger says, defiantly...
Gettelfinger, however, says the terms of loan agreement are vague. "What's 'competitve'?" he asks, adding that he wants to be able to examine the books of Japanese companies such as Toyota, Honda and Nissan to see what they actually pay employees. "I'm not going to take somebody else's word for it," he said after his speech...
...Automotive Research in Ann Arbor, Mich., says that for past 25 years the UAW has succeeded in avoiding rollbacks in wages and benefits. The union may do it again. "I don't think there is going to be a wage roll-back," McAlinden says, despite the GM's bridge-loan agreement with the White House that gave GM $13.4 billion...
...workers owed back wages. Postville's faltering small businesses have lost customers. The town, already facing over $300,000 in unpaid property-tax and utility bills, could be liable for millions more if Agriprocessors completely shuts down, because the town is responsible for paying the balance of a federal loan used to build a sewage-treatment lagoon for the meatpacker...