Greenspan fears US government set for more debt stalemate

BBC

Greenspan fears US government set for more debt stalemate

Alan Greenspan said the eurozone needed “consolidation politically”

Former US Federal Reserve Chairman Alan Greenspan has said that a repeat of the crisis that brought the country close to default is “perfectly conceivable”.

He told the BBC that he had not seen another situation in Washington where “compromise” seemed so far away.

Mr Greenspan confessed to sympathies with the aims of the Tea Party, the Republican faction that fought the government during debt ceiling talks. Continue reading “Greenspan fears US government set for more debt stalemate”

Durbin: Don’t Let ‘Bainport’ Be Future of U.S. Manufacturing

AFL-CIO Now

Durbin: Don’t Let ‘Bainport’ Be Future of U.S. Manufacturing

10/17/2012; Mike Hall

Photo of Bainport courtesy of peoplesworld Flickr photostream.

Mitt Romney won’t come to “Bainport” and meet with the workers whose jobs are being shipped overseas by Sensata Technologies. Sensata is owned by outsourcing pioneer Bain Capital, where Romney was a founder and former CEO.

But Tuesday, Sen. Dick Durbin (D-Ill.) visited the tent city set up across the street from the Freeport, Ill., Sensata plant that will shut down as soon as the rest of the equipment follows the 170 middle-class jobs on the way to China—where Sensata workers earn about 99 cents an hour.

“This should not be the future of manufacturing jobs in the United States,” said Durbin. “We can do better.” Durbin spoke with the workers—many of whom were forced to train the Chinese workers who will take their jobs. Durbin says executives at companies like Romney’s Bain are: Continue reading “Durbin: Don’t Let ‘Bainport’ Be Future of U.S. Manufacturing”