Friday, November 07, 2008  UAW VP: Banks Are Scapegoats  This is
an interesting way to phrase it:  "I'm not going to worry about
things I can't control, but definitely I'm concerned," said Jeff
Carter, vice president of a UAW local that represents 4,200
workers at a Ford truck, car and stamping complex in Wayne,
Mich., near Detroit. "If the banking industry doesn't loan the
customers money, there will be nobody to sell products to no
matter what you've got to offer."  The quote is in the middle of
an article detailing the woes of the automotive industry. It's
serious: GM and FoMoCo are expected to announce huge losses
(again) today, along with layoffs, shift reductions, and other
cost cuts.  But Carter's remark, which pins the tail on the
banking industry, is curious. Banks lend money if they think
they will get it back, not because the auto industry 'needs' it,
nor because customers 'need' it.  Or is something changing here?
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