"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Saturday, September 06, 2008

Boeing machinists to start strike at midnight -

Boeing machinists will begin a strike at midnight after contract talks with a federal mediator failed. Boeing has been negotiating with the machinists union in a bid reach a contract deal and avert a costly strike.

"The strike is on," said Mark Blondin, national aerospace coordinator for the International Association of Machinists, speaking from Orlando, Fla., where talks between top union leaders and Boeing executives failed to reach agreement.

This is what Business Week was saying earlier....

When a stunning 87% of Boeing machinists voted on Sept. 3 to go on strike, second-guessers wondered whether these skilled plane builders had a few screws loose. After all, management was offering wage hikes that would top 11% over three years and bonuses of more than $5,000. Boeing was even offering to hike its traditional pension payments, rather than scrap them, as the company first proposed. "You guys are crazy!" wrote one reader on a BusinessWeek.com message board. "Those numbers are great. Most people would die to get those raises in the midst of an economic slowdown."

Apparently some were upset when their union leaders agreed to dealy striking for 2 days with management and a federal mediator to try to agree ona contract before Friday night, Sept. 5.(That's 7.00 am Sept 8th BST)

Up to 7,000 workers assembled in Everett, Wash. and wanted to vote down the delay and walk off the job there and then - yelling "sellout" when union leaders accepted the delay.

With an impressive backlog of orders for civil aircraft, a military dug to suck on, they feel that they should take a bigger share.

However any more delays on the 787 Dreamliner could send those profits down the tubes PDQ.

On top of that , increased fuel costs are shrinking fleets.

IAM district 751 president, Tom Wroblewski, who negotiated alongside Blondin issued a statement announcing the strike to the rank-and-file.

"If (Boeing) wants to talk, they have my number, they can reach me on the picket line," Wroblewski said.

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