DAY FOUR of the convention focused on Collective Bargaining...
Reflecting on the day’s theme, International President Frank Hurt said, “I believe this theme is highly appropriate considering the bargaining environment we found ourselves in over the last four years.
“On the one hand, in the face of an economic collapse of the like we have not witnessed since the Great Depression, we had to get defensive and protect what we had. We had to protect our health coverage, which employers went after. We had to protect our wages and pensions, which employers tried to cut. And we had to protect our workplace security, which employers tried to water down,” reflected Hurt.
U.S. Economic Crisis Explained
Jack Marco, Chairman of the Marco Consulting group, spoke to the delegation about the economic crash of 2008 and its aftermath. Using a Power Point presentation to help illustrate his points, Marco began by discussing the collapse of the U.S. housing market and how the flow of money has halted.
He explained that in the first half of 2008 overall lending slowed and was frozen in risky areas. In the second half of 2008, Marco discussed the bankruptcy of Lehman Brothers and how that caused the freezing of lending across the board in prime mortgages, corporate bonds, and interbank lending.
“Imagine a world where people can’t get mortgages; people can’t get car or student loans; Companies can’t raise funds for new factories or new products; companies have to stash more cash to cover payroll or operating costs; and, banks don’t want to lend to each other,” Marco recalled.
Click here to download Jack Marco's Power Point Presentation
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Convention Pays Tribute to Troops
In a special tribute, President Hurt asked delegates to honor and show gratitude to American and Canadian troops currently serving in Iraq and Afghanistan.
“We honor their heroic service and we offer our lasting gratitude for the daily personal sacrifices they have made in these conflicts,” he said.
“As citizens of two grateful nations, let us now pause to offer in silence our thanks, and our prayers. For those whose lives have been lost or have been wounded in Iraq and Afghanistan; for the safe return home of those now serving, and for a joyful reunion with their families and those they love.” |
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