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The Sword of Damocles hovering over the Motor IndustryAs we know, General Motors and Chrysler asked for another $21 billion in government financing. This was in addition to the already approved $17.4 billion at the end of 2008. This is what I call sacred bourgeois fraternity.
According to a recent article published by Andre Damon on February 21, 2009:
"General Motors workers are speaking out against pay cuts". However, "if a restructuring plan, a final agreement is not reached by March 31, the Obama administration is maintaining a threat to withdraw existing loans and throw the companies into bankruptcy, where a judge would impose the concessions."
This is what I call the iron fist of capital accumulation and destruction.
Many autoworkers are feeling betrayed by the Obama administration. Their imposed unions "have consigned them to poverty wages, and the Democratic party has given them nothing. The billionaires are getting bailouts, and the workers are are being told to take more pay and job cuts."
