The President stood with the unions.. I am floored.

[Peacetrain]

I cannot remember the last time a sitting President, stood up and said... I stand with the Unions

Let me edit at 12:43 PM CST, the exact statement.. "I stand with Chrysler's employees and their families and communities".

:hi:

He stood up with us against the hedge funds.

Give the man his due.. this is not a primary, where we are all promised the moon. This is a sitting President who stood with us.

Thank you ..

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8382053

[shaniqua6392]

1. He brought tears to my eyes when he said those words.

Thank God he is there and this is all not being done by a Republican administration.

[Taverner]

2. But...but...I still don't have my PONY!

Seriously, I agree. Obama impresses me every day.

[tridim]

4. A President who genuinely cares about the middle class is way better than a pony.

Ponies just eat and poop. :)

[SPedigrees]

I love my pony AND my president!

[Booster]

56. Well, who wouldn't love that beautiful little thing. I want a pony.

[MiniMe]

42. psssst, it isn't really a pony

[Sequoia]

77. That's excellent !!

[HiFructosePronSyrup]

3. No one could have expected that the community organizer would side with the unions.

:shrug:

[tridim]

5. It's all ACORN's fault that Obama is so damn good at his job.

[nxylas]

81. And Soros

Soros controls everything

[Peacetrain]

6. When in the last 50 years can you remember a President just full out saying.. Point Blank

I stand with the union. Not I admire them, or some of our best people are union people. Just out and out stood up there, and said.. I stand with the Union. I was touched, just really touched.

[HiFructosePronSyrup]

11. I don't know of any President in the last 50 years with Obama's background.

I'm completely unsurprised. I don't even think this is the first time Obama's said it since swearing in.

[ecstatic]

15. exactly nt

[Peacetrain]

20. That is nice... as a union member.. I am pleased as punch to see this

"I stand with Chrysler's employees and their families and communities."

Trust me on this, the right wing nutty buddies, will be wild in about an hour..

[Pirate Smile]

33. I think that is why a lot of us voted for him - because we did expect it.

:):hi:

[jberryhill]

7. "This is a sitting President who stood with us."

And this week's "Imagery Trainwreck Award" goes to....

[Peacetrain]

19. Not sure what you mean... but this is what I mean

"I stand with Chrysler's employees and their families and communities."

EDIT:Just was explained to me, .. I am not hitting it all all four burners today...:rofl:

[DevonRex]

24. He was teasing you about the sitting president standing. :)

[Peacetrain]

31. Oh God, what lack of sleep will do for you... ~rofl~

I did not get it..can I say DUH on the peacetrain ")

[jberryhill]

35. The PeaceTrain Has Left The Bus Station Runway....

"I cannot remember the last time a sitting President, stood up and said..." much of anything really.

[Peacetrain]

50. All I can say is

:rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl:

that is good

[PassingFair]

8. Link?

Is it streaming somewhere?

[NEOhiodemocrat]

9. I was so impressed!

I already called the white house and left my thanks to him, and told them that this is a confidence boost to all the workers in the country. We can see that he cares for the workers.

[riverwalker]

10. He amazes me every day

we are so lucky to have this President.

[SPedigrees]

16. I think it is the karmic scale.

We endured 8 years of the worst imaginable president and now we are rewarded with a president great beyond all imagining.

[BlancheSplanchnik]

65. "Great Evil is always followed by Great Good"

A Buddhist saying. Pretty apropos!!

I love this guy! Gotta find a vid of this :D

[onager]

68. Well, karma sure fucked up after Reagan...

When Poopy Bush slithered into the office, greasing the skids for Junior to steal it in 2000.

Oh, and I guess we can thank karma for nearly 8 years of Nixon, too. As well as the aforementioned Reagan.

Just kidding. I see "karma" invoked all the time on DU. It's a ridiculous woo-woo product that is long past its shelf life and should be thrown out. Along with all that God/Jesus/Allah nonsense.

John Kerry Prayer Thread, anyone?

:rofl:

[WheelWalker]

79. Karma....

It's not just a good idea - it's the law.

[Forkboy]

12. Well now THAT'S a breath of fresh air.

:thumbsup:

[jgraz]

13. That popping sound you're hearing is Sean Hannity's teeny tiny talibrain asploding.

[ProSense]

14. Obama confirms Chrysler bankruptcy; blasts investor group

here

[truebrit71]

17. ..and immediately afterwards CNBC starts squealing about being 'picked on'..

...and scape-goated by President Obama...

[Cha]

18. They make the best little whinging

victims, don't they?

[truebrit71]

29. They make me ill...but I have to watch them because it is on all day at work...

..constantly bushing the President and his policies...the best revenge? Watching the market going up and listen to them try and spin it their way..

[NorthernSpy]

21. It's seems so strange to have a President who is on our side...

Guess I'd gotten used to being in the opposition.


(K&R!)

[Occam Bandage]

22. I'm surprised anyone is surprised. It's good news,

to be sure, but a lot of us seem to be acting as if this is an unexpected gift. Obama's the most pro-union President we've had in 50 years.

[TheCoxwain]

23. were you outraged by the outrage too??

[Occam Bandage]

26. Certainly. I'm also generally delighted with the delight, bewildered by the bewilderment,

agitated at the agitation, excited by the excitement, and disappointed by the disappointment. I'm one stone-cold meta-labile motherfucker.

[Peacetrain]

25. I am always surprised and pleasantly so, when elected officials

turn out to be what I hoped they would be. I am a half glass full person, and it just makes my day..
.
As a union person, we have been taking it in the teeth since Reagan.

Just nice to the the CIC appreciate us, not for the voter turnout we can get, but once in office on the stage for what we actually do in the workplace.

[Occam Bandage]

27. I can definitely agree with you that it's a wonderful change from the usual state of affairs. nt

[Peacetrain]

30. I was an Obama supporter since Iowa, and he really has just gone

beyond what I could have hoped for on so many levels.

[Cha]

34. I just recognized the

recognition of reality in him and thought this is how it's going to get done. His being intelligent, savvy, and coming out with that anti-War on Iraq speech in 2002 didn't hurt, either.

[Peacetrain]

37. I can't wait to see the morning news, and the lip chewing

that will be going on by some of the media who specialize in finance.

[mzmolly]

54. Agreed.

And it's about damn time. :hi:

[taught_me_patience]

28. I think he unfairly demonized the secured bond holders

and is heading down a very dangerous path. What buyers of secured would not want some extra risk premium after that? Also, only the TARP banks got to negotiate with the govt. Obama seems to be trying to prevent them from following the law.

[Peacetrain]

36. In this case...bullroar

everyone else is trying to find a way into the middle.. and the fact that the hedgefunds, also wanted a part of the tax dollars was not going to happen. Just was not..

If you make demands, and then keep moving the goalposts as people try to meet them, well this is what happens.

so no offense to you my friend, but the hedgies, not matter who they represented, blew it.

[taught_me_patience]

38. Here is their response

sounds like they were trying to meet in the middle:



As of last night’s deadline, we were part of a group of approximately 20 relatively small organizations; we represent many of the country’s teachers unions, major pension and retirement plans and school endowments who have invested through us in senior secured loans to Chrysler. Combined, these loans total about $1 billion. None of us have taken a dime in TARP money.

As much as anyone, we want to see Chrysler emerge from its current situation as a viable American company, and we are committed to doing what we can to help. Indeed, we have made significant concessions toward this end – although we have been systematically precluded from engaging in direct discussions or negotiations with the government; instead, we have been forced to communicate through an obviously conflicted intermediary: a group of banks that have received billions of TARP funds.

What created this much-publicized impasse? Under long recognized legal and business principles, junior creditors are ordinarily not entitled to anything until senior secured creditors like our investors are repaid in full. Nevertheless, to facilitate Chrysler’s rehabilitation, we offered to take a 40% haircut even though some groups lower down in the legal priority chain in Chrysler debt were being given recoveries of up to 50% or more and being allowed to take out billions of dollars. In contrast, over at General Motors, senior secured lenders are being left unimpaired with 100% recoveries, while even GM’s unsecured bondholders are receiving a far better recovery than we are as Chrysler's first lien secured lenders.

Our offer has been flatly rejected or ignored. The fact is, in this process and in its earnest effort to ensure the survival of Chrysler and the well being of the company’s employees, the government has risked overturning the rule of law and practices that have governed our world-leading bankruptcy code for decades.

We have a fiduciary responsibility to all those teachers, pensioners, retirees and others who have entrusted their money to us. We are legally bound to protect their interests. Much as we empathize with Chrysler’s other stakeholders, the capital is just not ours to contribute to their cause by accepting a deal that is outside the well established legal framework and cannot be rationalized as being commercially reasonable.

We are continuing to discuss our position with the United States Treasury. We have made a proposal which we earnestly believe is fair and would appropriately recognize our legal position.

As President Obama implied yesterday, it is likely that Chrysler will have to file Chapter 11 whether or not all lenders agree to any particular proposal. Chapter 11 is often used to help implement an agreed deal and dispose of unwanted legacy liabilities. We are hopeful and optimistic that we will reach a positive resolution of our issues so that all stakeholders will move forward together to implement Chrysler’s “quick trip” restructuring in an un-contested proceeding. Our Group will never initiate a bankruptcy filing on Chrysler – that is a decision for the Company and the Administration to make.

As we all appreciate, laws are the foundation of our economy and society. Despite recent travails, our country remains the economic envy of the world and the United States remains a vital engine of global growth. The rule of law made it that way. We urge that people remember this and not succumb to unproductive and unwarranted finger pointing.

Sincerely,

The Committee of Chrysler Non-Tarp Lenders

[guruoo]

69. That's too bad. They should have spoke up sooner...

Instead, they tried to pull da bluff,
and da man called them on it.

[taught_me_patience]

32. Here is the response from secured debt holders

As of last night’s deadline, we were part of a group of approximately 20 relatively small organizations; we represent many of the country’s teachers unions, major pension and retirement plans and school endowments who have invested through us in senior secured loans to Chrysler. Combined, these loans total about $1 billion. None of us have taken a dime in TARP money.

As much as anyone, we want to see Chrysler emerge from its current situation as a viable American company, and we are committed to doing what we can to help. Indeed, we have made significant concessions toward this end – although we have been systematically precluded from engaging in direct discussions or negotiations with the government; instead, we have been forced to communicate through an obviously conflicted intermediary: a group of banks that have received billions of TARP funds.

What created this much-publicized impasse? Under long recognized legal and business principles, junior creditors are ordinarily not entitled to anything until senior secured creditors like our investors are repaid in full. Nevertheless, to facilitate Chrysler’s rehabilitation, we offered to take a 40% haircut even though some groups lower down in the legal priority chain in Chrysler debt were being given recoveries of up to 50% or more and being allowed to take out billions of dollars. In contrast, over at General Motors, senior secured lenders are being left unimpaired with 100% recoveries, while even GM’s unsecured bondholders are receiving a far better recovery than we are as Chrysler's first lien secured lenders.

Our offer has been flatly rejected or ignored. The fact is, in this process and in its earnest effort to ensure the survival of Chrysler and the well being of the company’s employees, the government has risked overturning the rule of law and practices that have governed our world-leading bankruptcy code for decades.

We have a fiduciary responsibility to all those teachers, pensioners, retirees and others who have entrusted their money to us. We are legally bound to protect their interests. Much as we empathize with Chrysler’s other stakeholders, the capital is just not ours to contribute to their cause by accepting a deal that is outside the well established legal framework and cannot be rationalized as being commercially reasonable.

We are continuing to discuss our position with the United States Treasury. We have made a proposal which we earnestly believe is fair and would appropriately recognize our legal position.

As President Obama implied yesterday, it is likely that Chrysler will have to file Chapter 11 whether or not all lenders agree to any particular proposal. Chapter 11 is often used to help implement an agreed deal and dispose of unwanted legacy liabilities. We are hopeful and optimistic that we will reach a positive resolution of our issues so that all stakeholders will move forward together to implement Chrysler’s “quick trip” restructuring in an un-contested proceeding. Our Group will never initiate a bankruptcy filing on Chrysler – that is a decision for the Company and the Administration to make.

As we all appreciate, laws are the foundation of our economy and society. Despite recent travails, our country remains the economic envy of the world and the United States remains a vital engine of global growth. The rule of law made it that way. We urge that people remember this and not succumb to unproductive and unwarranted finger pointing.

Sincerely,

The Committee of Chrysler Non-Tarp Lenders

[girl gone mad]

44. They can tell it to the judge.

that's what bankruptcy is for.

[ourbluenation]

48. absofrigginglutely. n/t

[madokie]

39. He's a good man

Well on the his way to becoming a great President. and that's a fact.

[marketcrazy1]

40. one of the big 3 just went bankrupt

AWESOME NEWS! :sarcasm: the unions made HUGE concessions to get..... nowhere? and they will take even more abuse in this bankruptcy. nice to hear our president make that statement about the unions but this event is NOT something to be thrilled about...............

[girl gone mad]

45. Agreed..

seems people want to gloss right over all of the downsides and dangers associated with bankruptcy.

[quiller4]

47. Actually the unions are protected in the negotiated bankruptcy

but the unsecured lenders aren't. An agreement might have been better but UAW is likely to come out of court in better shape than any other party.

[ColesCountyDem]

66. Exactly!

Bankruptcy is a complex legal proceeding, and not all creditors are dealt with in an identical manner. I've seen far too many posts here ranting and raving about bankruptcy and its effects on X, Y or Z, when it is clear that the rant-or understands little, if anything, about the subject matter.

[spoony]

49. Exactly.

I don't know what the hell everyone is so thrilled about. Words are words, actions are actions.

[mdmc]

58. Yes HE is!

:patriot:

[defendandprotect]

41. Great news . . .!!! Stick with it Pres. Obama --- !!!!

[Vidar]

43. Bravo, Obama, Bravo!

[Odin2005]

46. Obama just gave a big FU to the anti-labor assholes!!!

LABOR IS BACK!!!

[safeinOhio]

76. Very smart move

Way more workers and retirees voting than hedge fund investors. 250,000 teabaggers. We might see a million worker Thank You parties some day.

[malaise]

51. He delivers again

I like this man.

[readmoreoften]

52. Did he do something specifically, or did he just say he stands with the unions?

I'd like to hear about what he's doing for the unions, in particular. When I was on strike Clinton wrote a letter of support for my union long after it counted, when she could've done much, much more and actually fought for us. Is he backing up this statement with any specific action? I'd really like to hear about it since I find Obama confusing on union issues overall.

Thanks.

[Romulox]

60. He just said it. Then he forced Chrysler into bankruptcy, putting many of them out of work.

[tabatha]

72. He did NOT force them into bankcruptcy.

See Thom Hartmann's video about Hedge Funds in the video section.

[Romulox]

84. Of course he did. The "Deadline" was set by Obama and Geithner.

Notice that there was no "deadline" for AIG's recalcitrant bond-holders? Our government just paid them off at 100% without a peep.

No reorganization plan was demanded of AIG, by the way, and none has been offered. :hi:

[Mithreal]

78. In the battle between hedge funds and unions he sided with unions

and spoke eloquently in support of unions.

I would like to see the glass as half-full too but I do not buy it yet that our president is all about the common man or woman and unions yet. It's still too early.

It appears hedge funds gave him the opportunity for the rhetoric. I will cheer him for supporting the unions when I see a lot more, maybe after he comes out and speaks eloquently AND more importantly pressures ALL Democrats to vote for EFCA and ALL Americans to support unions as well.

[Romulox]

85. I saw that he SPOKE in favor of unions. Just what did he DO in favor of unions?

:hi:

[knitter4democracy]

53. My mom said she cried.

She, a long-time NEA member, got weepy when she heard him stand with the union and the company and not the hedgefund a**hats.

[Number23]

55. "Give the man his due." Indeed

:applause:

GOBAMA!!! :applause: Happy to rec! Hell yes!!!

[mdmc]

57. SOLIDARITY !

God Bless!

[Hannah Bell]

59. political theatre.

[Romulox]

61. Yep. nt

[SammyWinstonJack]

64. .

:thumbsup:

[leftofthedial]

62. well, sort of.

He said he stands with the company (including the union workers and their families) in stead of with the bond holders.

He also indeed did say it. Kudos to him for that, but let's see if he actually does anything. So far he has been too busy giving trillions to his banker buddies to actually help the manufacturing segment OR the union workers of America.

[90-percent]

63. Max

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=385&topic_id=306058&mesg_id=306058

Max frames what working people are up against in America right now quite well in this vid. This vid speaks directly to unions vs. investment bankers.

SAVAGE CAPITALISM

When that phrase makes it in to everyday discourse I will at least know Max invented the term!

-90% Jimmy

[no name no slogan]

67. This union member says OH HELL YEAH!!!!

Thank you, Mr President, for standing with working people on this day, OUR DAY!

:toast:

[BlancheSplanchnik]

70. Any Vid links?? I'd really like to bookmark

wouldn't mind seeing some vid of the CBS newscasters whing ( ??!! geez!) about it...

Thanks!!

[BlooInBloo]

71. (shrug) It's only those with certain sorts of attitudes towards him, who are surprised.

[HopeOverFear]

73. Whoever said it's political theater is full of shit n/t

[Hannah Bell]

82. we'll see in a few months.

[jeff30997]

74. Wow.That's fantastic !

Obama: :yourock:

[SeeHopeWin]

75. Yes We Can!!!

[blindpig]

80. Is there any substance to this?

Or is it just a feel-good statement? A link or something?

If he really stood with the workers he would allow the workers to take over the company.

[Better Believe It]

83. How many jobs will now be lost now that Chrysler failed to meet Obama's demands?

The bankruptcy could have been avoided. The government didn't have to force Chrysler into bankruptcy. They had a choice.

Let's not have short term memory loss now and let's try to be a bit objective.

Remember that President Obama refused the companys reorganization plan that had the support of auto workers a month ago. It could have been approved, perhaps with slight modifications.

But, President Obama and the Treasury Secretary demanded MORE and deeper cuts in the wages and benefits of Chrysler workers and they wanted the major banks to reduce their portion in secured loans and demanded that small hedge fund lenders accept pennies on the dollar for their loans.

With a gun to their head, the auto workers agree to bigger cuts in their benefits and the big banks agreed to forgive some of the loan money owed to them. But the hedge fund investors would not unanimously agree to give up almost all of their loan money.

So here we are. At best, a few hundred thousand auto industry workers will now lose their job over the next several months.

A few nice words about Chrysler workers will not save their jobs.

Chrysler still might be totally liquated if they fail to meet the latest onerous rigid timetable demands of the Treasury Department!

And on top of that General Motors may also be forced into bankruptcy by the government at the end of this month.

The bankruptcy could have been avoided with a little more government help without all of those strings attached that were designed to fail. Just one thing string needed to break and everyone knew it would either be the banks or hedge funds.


-------------------------

Washington -- Lawyers for the U.S. Treasury Department say Chrysler LLC faces liquidation if it doesn't complete a tie-up with Fiat SpA in the next 60 days -- and set a tough timetable that aims to get the company out of bankruptcy by late June.

"Irrespective of how Chrysler came to this point, it, along with its employees, vendors, dealers, customers and the communities built around Chrysler's operations, now face two sharply divergent possibilities: Chrysler can liquidate, wind down its operations and end its long history of building American cars; or Chrysler can consummate a sale within the next 60 days to an appropriate industry partner," the Treasury said in a filing in U.S. Bankruptcy Court in New York. "Hard choices and painful consequences may well result even from a sale of Chrysler to an appropriate partner within the next sixty days. However, the alternative is far worse."

The Treasury laid out an aggressive timetable for Chrysler -- and will be in default on its loans if it doesn't meet it.

In order to avoid default, Chrysler must file a motion to approve the 363 sale by Monday; have held a hearing on the proposed bidding procedures for the sale by May 9; have entered a final and nonappealable order approving bidding procedures with respect to the 363 sale within 10 days after commencement of these cases; accept all bids for parties participating in the in-court auction by May 20, 2009; selected the lead bid for the in-court auction with respect to the sale by May 29.

Chrysler must hold a hearing to approve the 363 sale on or before June 1; have entered a final and nonappealable order approving the sale no later than June 15; and close the sale on or before June 27.

http://www.detnews.com/article/20090501/AUTO01/905010411/1148/AUTO01/Treasury+sees+Chrysler+emerging+from+bankruptcy+by+late+June

[Romulox]

86. +1. Thanks for this post. nt

[HopeOverFear]

87. Hey reply #82...don't see ya hahaha

jerk :evilgrin:

[Hannah Bell]

89. but i see you. name-calling, as is typical of those who don't have the facts on their side.

[Skidmore]

88. Of course he did. The man follows through with his promises.

I trust him to do as much as he possibly can for the nation, as promised.

[Enrique]

90. he stood up for the Republic Windows workers

shortly after being elected. It surprised me too. He was very strong, he said the workers are right and the company was wrong and the bank was wrong. The bank quickly issued the loan and the workers got what was promised to them.