Word: trusts
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...United Auto Workers (UAW) took a major step toward fulfilling the terms of the federal loans doled out to automakers this winter. The union said Monday that it has reached a tentative agreement with Ford to accept some equity instead of cash to finance the special trust for retiree health care, known as the Voluntary Employees Beneficiary Association, or VEBA. (Read "UAW agrees to Concessions With Automakers...
Under term loan agreements that GM and Chrysler signed with the U.S. Treasury in December, the UAW is required to accept equity instead of cash as payments into the health-care trust. But only last month, Gettelfinger said he was reluctant to accept any equity because it could jeopardize the health-care benefits of retirees. Gettelfinger also noted at the time that the UAW had not signed any commitment to a new VEBA funding scheme as part of the government loan deal...
Then there's a third group, stretching across all classes, and they have very real piles of money. They range from hedge fund people who have stored it away, to trust fund babies, to a generation of Americans that have paid off their mortgages, and don't owe anybody any money. This group has learned that conspicuous consumption is bad manners. Also, there's an entangling of consumption and morality. I just heard a story about somebody saying, 'I can afford a new car, but I'm not going to get one, because I just had to lay a bunch...
...shape of the river in education must quickly change, and the stakes are high. We will soon have to turn to the only group whom we can definitely trust to Give the People What They Want. Such is the earnestness and flexibility of the capitalistic class that they saw our love of fish, cars, and shoes, and gave us ubiquitous sushi, Formula 1, and Crocs. They made us an SUV nation, a hamburger nation, and a CrackBerry nation. Let them now make us a learning nation...
...keeping hopes high when things look bleak. In Johnathan Alter's The Defining Moment: FDR's Hundred Days and the Triumph of Hope, the President recognized that legally-procured cocktails were the way to keep spirits high when Americans were trying to get used to putting their trust into the nation's crumbling banking system again. And, it could be argued, the sales also helped stimulate the economy in the middle of the Great Depression. (See TIME's "25 People to Blame for the Financial Crisis...