20 Episode results for "Lordstown"

Into the Future of Lordstown, Ohio

Into America

31:38 min | 7 months ago

Into the Future of Lordstown, Ohio

"We are right outside the the Lordstown plant and there's a must be an old billboard just a blank wouldn't sign plywood it looks faded and weathered and somebody had written in black spray paint on the would save the GM plant and then at some point later somebody came and wrote in white spray paint on top of it. Just the letters R I p. This is Lordstown Ohio for more than fifty years. It shared a name with a General Motors Assembly plant for the last decade. That plant was home of the Chevy Cruz. Nbc News National Reporter. Aaron Einhorn traveled from Detroit to this part of Ohio with producer. Claire Tied Lordstown Assembly. Plant was once one of the largest automobile plants within General Motors on March. Six Twenty Nineteen. The last shift of fourteen hundred workers packed up their things. And we're forced to move on today. Gm Lordstown Lordstown is closed over the years this region which is known as the Mahoning Valley has lost tens of thousands of manufacturing jobs. Starting the steel mills close in the seventies and eighties but the GM plant had been a constant in an area that have dealt with change over and over again and it's a region that that over the last fifty years really built up around General Motors. Everybody there knew somebody who worked in the plant. Multiple generations of families were were invested in that plan. And now it's gone I'm mainly in. This is into America. A podcast about politics about policy and the power. That both have in shaping the lives of the American people today. We're going into the Mahoning valley with my colleague Erin Einhorn one year after last. Chevy Cruz wrote off the line. We'll find out what the plant's closure means for the families who worked there for decades and why some people in the region are feeling hopeful about the future. I think the lion king a called the circle of life into the circle of industrial light To understand this circle of industrial life errands. Soccer people across the region who have lived through the ups and downs. And there's this one guy who is watching this story play out for years and business is closely tied to the health of Lordstown as I was getting ready to go down to the Mahoning Valley and talk to people and I said well you know where should I go. Where are the places I need to go and everybody said? Oh well you you gotta go to Ross's so yeah we're going to Ross's eatery and pub which is a local watering hall. That has has long been kind of a hang out for people who worked at the facility. We were there on Thursday afternoon around lunch and it really is one of those places that just seems to draw everybody. You know a wooden bar and kind of the back of the room you not of color and light. There's actually a lot of deer heads every one of them or we want them. And then we met earl- Ross and Earl Ross is one of those guys who just it's like. He was just meant to own a bar. I am one of the founding owners. And I'm a sole proprietor. Now my father and my sister and myself started at one thousand nine hundred seventy. What's changed since one thousand nine hundred seven? Oh what a roller coaster ride that has been. I had hair that change. There is almost ten thousand members working three Shifts General Motors. You know at seven. Am You get to third shifter's getting off they'd come over to eat at three? Pm You'd get the afternoon people or day people getting off and then at eleven pm. You shifter's getting off so three times a day. You had twelve hundred or thirteen. Fourteen hundred people driving through the community. All of these workers didn't lose their jobs overnight. The demise of the GM Lordstown plant was gradual as Chevy Cruz sales slowed GM cut one shift. Then another three thousand workers were laid off between January twenty seventeen in June two thousand eighteen president donald trump who campaigned on a pledge to bring back. All jobs held a rally in Youngstown in the summer of two thousand seventeen just twenty minutes outside of Lordstown. He told workers then they shouldn't worry. Let Me Tell You folks in Ohio under this area. Don't sell your house. Don't sell not salad. We're going to get does values up. We're going to get those jobs coming back. And Wigan a fill up those factories or rip them down a bill brand new ones. So it's going to happen but two years later. The plant shutdown. So who's to blame at the time? There were a lot of explanations batted around there was the impact of the trump administration's tariffs which increased the cost of producing vehicles. Gm pointed the car. Sales folks no longer wanted fuel-efficient starter. Cars like the Chevy Cruz they trucks and as vs and the company they wanted to be nimble to pivot to hybrid and electric vehicles and invest in self driving cars. But there were serious consequences. One study estimated that the closure could cost the region around eight billion dollars in overall economic activity that includes people like Earl Ross. Who told Erin that he depended on those? Gm workers for consistent business as he described it as just the rug being pulled out from under him and suddenly his revenues are down sixty percent and he's got to figure out a way to somehow make it work. The Punch in the gut was the going away party. Crafter going away party after going away party. You know he talked about how since the Lordstown plant closed. He's hosted at least a hundred going away parties in his bar them groups of twenty then groups of fifteen groups of forty coming here for their last drink their last celebration their last dinner before they leave town. Everything was the exact same thing. Can't believe it you know it's sad and then these families split up and these friends split up these people who grew up together riding bikes together in the Mahoning Valley. They got jobs together in the plant. They raise their children together with the wages they were getting from the plant they are from this community and then all of a sudden they're all having going away parties and they're leaving. You met a family that is still struggling with the loss of GM the money family. Tell me about your meeting with them. We met the money family who live in Niles Ohio which is not far from Lordstown. I'm Pauline Karen Claire. Nice to live in a lovely kind of suburban community on a on a street that had a lot of single family homes two car. Garages her having her. So there's Kevin Money Who works for GM his wife Holly? I work For our local city the city of Niles and Three kids Cole. Who's sixteen claire and Brooke and Jules who are thirteen year? Old Twins were identical. Yes well one of you need glasses. And the other doesn't yes tonight's house. We sat in the kitchen. Which was all decked out for Saint Patrick's Day holiday I decorated do. And what was life like for them before the plant closed. You know they describe it as this wonderful family. Life of the five of them together and Kevin. Money was the coach of his kids. Basketball team they talked about how he he loved to take. The family out for treats he just show up spontaneously. Hey kids let's go get a desert when the kids were little. I was able to be a stay at home. Mom with them he worked in. I was able to be home with them and until they went to preschool and then I started working after they were fulltime in elementary school sued. You have a sense you know ten years ago or five years ago that this was coming no no should. It felt like GM that job was going to be forever. We felt it was going to be. Yes yes we were comfortable with him going to work. A lot of people from this area were loyal to General Motors. What did they tell you about finding out about the planned closure so GM announced that it was closing the plant or on allocating Chevy Cruz from that plant in November of two thousand eighteen right then Kevin the applied for transfer. Any you know wanted to try to put himself as close to home as he could and he gets the job in Toledo two and a half three hours away and he gets the word they said right before Christmas he got the notice on December. Twenty second it was a Friday. He received it at work and that was Christmas weekend so he gets to notice it work. Does he call you know he waited to tell me that night? He just probably went into in the room late on the bed and shed some tears and then when I came home he said we need to talk in. We cried and cried My husband and I have a great relationship. He's my best friend and family. We always did everything together. We would sit and have dinner where we go out to dinner together. So just knowing that he wasn't going to be here every night. Go to bed or to have dinner together. We that was traumatizing. And then we held it from the kids until the day after Christmas and remember you described it. That Dad has to leave. Dad has to move away. We're going to try everything that we can to keep life as normal as possible for everybody. Tell your memory of that guy off ahead of slate feeling. Something was going on mainly because my dad's been down in his office at a lot prior to that date in the one day. I'm crying in there. And he ended up talking to me and he said he had put in for a transfer. I had to know why I had no clue or reasoning behind it but I knew something was happening. It was like somebody had honestly died. It the feeling felt like there was a death in the family. And they're actually a lot luckier than most because he's able to come home every weekend and be with his family but they had had this life that they loved. You know this this tight knit family that that did everything together when your husband is added to transfer I mean was there any consideration of quitting GM or. That wasn't something we we talked about all possibilities but for him to leave. Gm with twenty five years in and to walk away from a pension. Hopefully it's going to be there in five years and then hopefully start over. Do something else. But to be able to have that pension that he's worked so hard for since he was nineteen twenty years old in full retirement benefit in full retirement benefits You need to do five more years. Yes and then he can come home but the problem in this family is that you know the girls are thirteen. Five years is when they graduate. My school. Two of them were graduating high school. The senior league retire so so for the rest of their childhood. Their Dad's not going to be around. That's not what we and planned. You know he worked locally. We live locally. I work locally. They go to our school and we were supposed to always the five of us were always supposed to be here and because of the plant closing had to move away clearly. This change has been hard. Family emotionally But how are they doing financially? It's caused financial burden as well. They've got to households right so they've got their family household that they had all along. Niles and now Kevin is living in an apartment in Toledo and so they've got. They're paying his rent. Gas Tolls are not cheap the apartment utilities food around twelve hundred. Give or take so you have twelve hundred dollars less every month every month. Yes what's that? Come out of our combined wages. I mean it you know it. We don't have cable anymore. We don't have a home phone anymore. We watch our gas. You know we don't go cruising around. We don't go shopping trips to the mall or just for special things. Jeez to be able to buy more things absolutely. Have you guys felt the pinch? Definitely you know. They've they've had a struggle so clearly. The adults in this situation are doing what does do surviving family to stay afloat. But how is their dad's APPs effected the kids? I think the hardest part was just Kevin not being there all of our life. We saw data every day. Now you see him once a week. How life has changed actually the way. I initially found out about this family as I was put in touch with them. By a local elected official who had gotten a copy of an essay that one of the twins jewels had written. We will never forget how we feel as he pulled out of the out of our driveway. He knew he was going to. You knew he was making the sacrifice for us but he didn't make saying goodbye easier. Daily Life Without. My Dad is very difficult frustrate frustrating. There are days when I forget us not home and he's not going to be home. I get so excited for him to come home because we miss him. Sometimes I have breakdowns when I'm thinking about him even even though I tried to say strong sometimes just can't help it. Believe it or not only seeing seeing him two days we can sometimes make it worse because I know because it makes me realize how much I miss him. We'll be right back with home security. There's two ways you can go about protecting your home. There's the traditional way where you wait weeks for a technician to do an expensive messy installation or there's the other way simplisafe simply safe has everything you need in a home security system. It's award winning protection. In fact it's a two time winner of c net editor's Choice Award and it wins the award for my personal favorite system in case anyone was wondering simply safe. Blanket your whole home in safety. Outdoor cameras doorbells. Alert you to anyone approaching your home. Entry motion and glass break. Sensors Guard inside. Setup takes thirty minutes to an hour tops. Anyone can do it. And there's absolutely no trade offs to your safety. You'll have an army of highly trained security experts ready to dispatch police to your home at a moment's notice. Twenty four seven. It's just fifty cents a day with no contracts. It's why the verge calls simplisafe the best home security system go to simplisafe dot com slash into America. And you'll get free shipping and a sixty day risk-free trial again. That's SIMPLISAFE DOT com slash into America simplisafe dot com slash into America. Hey it's MSNBC's Chris this week on my podcast. Why is this happening? I'll be talking with writer and author Adam Higginbotham on his book. Midnight INTERNAL ULTIMATELY. What happened is they got used to doing these things that the regulation said that you should not do. But at the same time they were given these ridiculous deadlines or given these extraordinary production quotas so something had to give on. This was typical throughout the Soviet workplace. And so they ended up doing these things that were dangerous. They were lulled into a full sense of security that they could get away with pushing this reactor would of take any punishment and then one day you know turn rented bid them this week. I'm wise is happening. Search wise is happening. Wherever you're listening right now and subscribe. General Motors says close to fourteen hundred people took transfers from Lordstown to other GM plants across the Midwest and south in places like Michigan Tennessee or Kentucky of that group many left their families behind creating split households. Like the money's but there's another side of the story here in Lordstown one that has some residents excited their promises of new jobs coming to the Mahoning Valley. I asked Erin about the folks around here who see change as a good thing. I mean I think Dan Kraus is is an example of that and you are how old sixty two are. You sure no okay. He's a commercial real estate broker. You know he's a guy who really sees the possibility in this region. He loaded us up in his this. This'll piece have one thousand nine hundred ninety nine Chevy Tahoe. You guys wanted to see changes when you look at this place. This was an absolute disaster in two thousand ten. It was ten percent occupied. Fifteen percent occupied. Today it's ninety five percent occupied. It's an old industrial park. He just kind of bullish on where things could go. He talked about how this is a region in transition. That's clear we heard that from lot of people the plant is gone. There's nothing you can do about that but there's some positive things happening. He drove us by Lordstown motors which is a small electric vehicle. Startup that bought the Lord Assembly plant from GM last year. Vert twenty million dollars a year ago if you were driving on this road. That's the picture you would see. At the end. There used to be a a large mural their advertising the Chevy Cruz that you can see from the Ohio Turnpike and. He was really excited to show us that. Now it says ride with Lordstown. Which is the banner for the New Lordstown Motors? Electric Vehicle Company and Lordstown. Motors has a grand vision for building electric vehicles in that plant. They say they hope to be producing as many electric vehicles someday soon as GM was producing several years ago when when the plant was at full capacity. There's also a new battery Cell Plant. So this is the plant a joint venture between GM and LG CAM right now. That's the battery plant right there and you know there's this talk about could this region transform and become the voltage valley if we catered Lordstown Motors. The battery plant that should bring us the ancillary businesses. That go with it. Which and there's other things too. So there's a a distribution center for the T. J. X. homegoods company which is TJ maxx marshalls and some other companies. One Point one point two million square feet under roof this massive massive distribution center that they'd been building. This is a place where it comes in from overseas or wherever it comes in it gets brought to a place like this it gets broken down and sent out to the stores and that'll create some jobs and you know he's hopeful so. Give us the backstory here. Why are new businesses moving into the area? Now when the ashes of the plant are still kind of warm. So there's a lot of companies that are looking to expand looking to build new businesses and Mahoning Valley. Has you know strategically located. It's right off two major interstates. I eighty and I seventy six. So the Ohio Turnpike the Pennsylvania Turnpike you know there's railways. There's central power in the local communities is really welcoming of these businesses. Tax Breaks are available things like that. Are these good jobs. Are they comparable to what? Gm was paying jobs. But I don't think they're going to be anything close to comparable to what GM was paying. You gotTA keep in mind that union jobs with a company like General Motors. Is this sort of like middle class. Ideal that and in some ways built this country. But you don't see it as often now as you used to. You know they were these they were these great jobs they pay you know thirty dollars an hour. You know the new jobs the leadership. Some of these new companies aren't putting out a wage scale. They're saying oh the wages are going to be competitive So at Lordstown motors which is the electrical vehicle startup. He said the wages are going to be competitive for the auto industry. With the implication being the wages will be similar to General Motors. Job The battery Cell Plant. Which is a joint venture between GM and LG? And they're saying that those wages will be comparable to other battery cell producers so those wages are going to be you know somewhat lower so not thirty dollars an hour maybe sixteen or seventeen or eighteen dollars an hour or less you know the TJ x facility the distribution center it will pay above minimum wage But nobody's expecting to make ninety thousand dollars working in that facility. All these things happening in the valley. Does Dan connect any of this? Change back to president trump. He does. He's a some of it you know he's a he's a conservative. He's a libertarian. You know he believes the new developments. He believes in the free market You know he's he's a supporter of the president and says the president's policies are are encouraging some of this development he claimed to be and it's been a disruptor and we need a lot of crap disrupted. How does Dan feel about all this change? He was really just convinced that this isn't the end. Being what transition like. This have gone on forever. Think about it. We went from horses and buggies two cars. We went from coal to natural gas inside houses. All of these things changed the way people live. And and it's it it it it. There's natural progressions in evolutions. So the changes that are coming. You think we'll be alternately beneficial. I think that the changes that are coming. We have to make them beneficial if you take that Microcosm General Motors okay. We're in that transition. It's an unfortunate blip but I believe that by if you came here in fourteen months they'll be as many people working at Lordstown Motors. Lg Cam as there wasn't the GM plant and so that's the natural transition. I mean I think the lion king called it the circle of life into circle of industrial life. It sounds like there's a lot of promise but does Earl Ross. Ross eatery and pub. Does he see it that way? What's really interesting about Ross's eatery and pub is that everything that's happening in the community. Kinda filters it's way and I'm seeing just a new wave of people tech people and people popping up that you know other wiser from all over to all over country. He says his businesses picked up a bit. So I'm I'm just now finally getting back into the green so that's good with the addition of Lordstown motors and you know just getting through a long cold winter so where he. Revenues were down sixty percent a year ago. He says they took back up. Maybe he's recovered about twenty percent of that so he's not back where he was but he's seeing things moving in the right direction on Tuesday. Ohio will vote. Lordstown is in Trumbull. County a swing county in a swing state. They voted for Barack Obama in two thousand twelve then. Donald Trump in two thousand sixteen but voters also re-elected House. Democrat Tim O'Brien in Twenty. Sixteen in two thousand eighteen and went for Democratic Senator Sherrod Brown that same year. Dan Kraus said he sometimes votes for Democrats but this November he plans to support the president or role. Said he didn't WanNa talk politics. Aaron told me that's pretty common around this part of the state win. We were talking to people about politics. Everybody was really cautious. One of the things that really struck me. We were in this local diner. Talking to people. We'd go up to a table and there'd be four people at the table and two were ardent trump supporters and the other two were Democrats and I was really struck by it. Because you know we talk so much about how divided this country is and somehow they're able to make it work and I would. Maybe there's a lesson in there for the rest of us think he's GonNa Save the world. The money's the family that's divided. The Dad took a transfer from one plant to another holly money. Says THEY WON'T BE SUPPORTING THE PRESIDENT? He is the president of the United States. So you can't you have to respect them that way but we are just. He could have done a lot more for the middle class rather than the upper class. He came here. Said don't sell your house. General Motors is going to be here. Maybe in cars and then a few months later it was closing. People are losing their jobs. Families had to move so any promises that he's made for our area. He did not keep last week they still had a decided which Democratic candidate they would vote for this Tuesday. I asked Erin whether any of this change in Lordstown feels like a good thing for their family. I mean there's some hope on the horizon potentially for the community and you know they're they're watching that but it doesn't really apply to them because there might be new jobs but Kevin Money you know he. He's looking toward retiring. Were with full benefits from GM. And there's only one way to retire with full benefits from GM and that's worth five more years at GM. So from their perspective is a little bit irrelevant. You know what's going on because their fate has already been determined. You know his job is gone and the only way he can continue to have. That job is to commute to Toledo. I missed my dad and most and most and I'm getting ready to go down for the night. All the fear unsoundness wash over me like a wave. I'll get think about is how US alone did in a different city alone. Thou- As to protect him and Mary here without him to protect us with all my Dulcie. My father everyday. If you'll see a piece of our lives of our piece of our lives are missing. Him knows when the peace will come back. Come back in place maybe. Gm will reopen with a new vehicle. Make maybe congressman. Tim Ryan will become president and get something back here for us. Many we will eventually have to move up. Some others to because of the stress of broken families need it to be avoided. There is no answer yet. All I can say the money families Sean. We live in hope that we all live at strong family. The economy changes. And we don't always talk about kind of how that trickles down and affects the kids. But you know. Here's this one family with this one story about you. Know how a decision made by a corporation based on business projections kind of trickles down and affects the way. A little girl is going to play basketball when she goes out for her team on the first day that her dad's not there rooting for her in the stands every nine worn. Nash reporter for NBC. News into America is produced by Isabel Angel. Alison Bailey Aaron Dot. Max Jacobs Bar. Rab Claire Tie. I should turn her an pretty Var thon music by Hanns Brown. Our Executive Producer is ellen. Franken Steve Lik Tai is executive producer of audio. I'm mainly we'll be back next Thursday. This imagine classiest co host of and the weeds is a podcast for people who love diving into the details behind the policies and ideas. That helped our lives. Every Tuesday and Friday I'm joined by Darren Lynching Coast and Ezra Klein and a variety of other leading voices policy experts from around the country to dig into the weeds on important issues. Recent we've covered the democratic debates. We had a deep conversation about the sudden rise in Semitism. We welcome Sarah Cliff from the New York. Times back to finally figure out how we can achieve universal healthcare. If you're the kind of person that likes dive deep or you just want to keep up with the current political landscape this show is for you. Subscribe to the weeds or free right now. Favorite PODCAST APP to get new episodes on medically from box and the box media podcast network.

GM Lordstown General Motors earl- Ross Chevy Cruz Lordstown motors Kevin Money Ohio Erin Einhorn president Mahoning Valley GM Lordstown America Lordstown Lordstown Dan Kraus House Toledo General Motors Assembly Lordstown Ohio
BONUS: Into America Episode 03

Article II: Inside Impeachment

08:08 min | 7 months ago

BONUS: Into America Episode 03

"Hi everyone is mainly. Msnbc correspondent and host of a new podcast into America featuring the journalists of NBC News. It's a show about politics about policy and about the power. That both have shaping the lives of the American people each week. We're going into America to tell voters stories. I'm going to share preview. The first episode with you right now in it. I hit the East New York a community that experienced more stops than any other part of the city under former mayor. Bloomberg stop and Frisk Policy Search for into America. Wherever you're listening right now and subscribe new episodes drop on Thursdays we are right outside the the Lordstown plant and there's a must be an old billboard. It's just a blank. Wouldn't sign plywood. Looks Faded and weathered and somebody had written in black spray paint on the would save the GM plant and then at some point later somebody came and wrote white spray paint on top of it just the letters R I p. this is Lordstown Ohio for more than fifty years. It shared a name with a General Motors Assembly plant for the last decade. That plant was home of the Chevy Cruz. Nbc News National Reporter. Aaron Einhorn traveled from Detroit to this part of Ohio with producer. Claratyne Lordstown Assembly plant was once one of the largest automobile plants within General Motors on March. Six Twenty Nineteen. The last shift of fourteen hundred workers packed up their things. And we're forced to move on today. Gm Lordstown is closed back over the years this region which is known as the Mahoning Valley has lost tens of thousands of manufacturing jobs starting when the steel mills close in the seventies and eighties but the GM plant had been a constant in an area that has dealt with change over and over again and it's a region that that over the last fifty years really built up around General Motors. Everybody there knew somebody who worked in the plant. Multiple generations of families were were invested in that plant. And now it's gone. I'm for mainly and this is into America. A podcast about politics about policy and the power. That both have in shaping the lives of the American people today. We're going into the Mahoning Valley with my colleague. Aaron Einhorn one year after last. Chevy Cruz wrote off the line. We'll find out what the plant's closure means for the families who worked there for decades and why some people in the region are feeling hopeful about the future. I think the lion king they called it the circle of life in the circle of industrial life To understand this circle of industrial life Aaron Talk to people across the region who have lived through the ups and downs. And there's this one guy who is watching this story play out for years and whose business is closely tied to the health of Lordstown as I was getting ready to go down to the Mahoning Valley and talk to people and I said well you know where should I go. Where the places? I need to go and everybody said Oh well you gotta go to Ross's so yeah we're going to Ross's eatery and pub which is a local watering hole That has has long been kind of a hang out for people who worked at the facility. We were there on On a Thursday afternoon around lunch and it really is one of those places that just seems to dry everybody. You know a wooden bar and kind of the back of the room. You know out of color and light. There's actually a lot of deer heads dare every one of them. Everyone of them and them. And then we met earl- Ross and Earl Ross is one of those guys who just it. It's like he was just meant to own a bar. I am one of the founding owners and but I'm a sole proprietor. Now my father and my sister and myself started at nine hundred ninety seven. What's changed since nineteen ninety seven? What a roller coaster ride that has been. I had hair that change. There was almost ten thousand members work in three shifts General Motors at seven. Am You get to third shifter's getting off they'd come over to eat at three? Pm You'd get the afternoon people or day people getting off and then at eleven pm you you had second shifter's getting off so three times a day you had twelve hundred or thirteen. Fourteen hundred people driving through the community. All of these workers didn't lose their jobs overnight. The demise of the GM Lordstown plant was gradual as Chevy Cruz sales slowed GM cut one shift. Then another three thousand workers were laid off between January two thousand seventeen and June twenty eighteen president donald trump who campaigned on a pledge to bring back jobs held a rally in Youngstown in the summer of two thousand seventeen. Just twenty minutes. Outside of Lordstown he told workers then they shouldn't worry. Let Me Tell. You folks in Ohio in this area. Don't sell your house. Don't sell not salad. We're going to get those values up. We're going to get those jobs coming back. And Wigan fill up those factories or RIP THEM DOWN AND BILL. Brand new ones two years later the plants shut down so the blame at the time there were a lot of explanations batted around. There was the impact of the trump administration's terrace which increase the cost of producing vehicles. Gm pointed the car. Sales folks no longer wanted fuel-efficient star cars like the Chevy Cruz. They wanted trucks and SUV's and the company they wanted to be nimble to pivot to hybrid and electric vehicles and invest in self driving cars. But there were serious consequences. One study estimated that the closure could cost the region around eight billion dollars in overall economic activity then includes people like Earl Ross. Who told Erin that he depended on those? Gm workers for consistent business at his pub. He described it as just throw rug being pulled out from under him and suddenly is. Revenues are down sixty percent and he's got to figure out a way to somehow make it work. The Punch cut was going away party after going away party. After going away party he talked about how since the Lordstown plant closed. He's hosted at least a hundred going away parties and his bar them groups of twenty then groups of fifteen groups of forty coming here for their last drink their last celebration their last dinner before they leave town. Everything was the exact same thing. Can't believe it you know. It's sad thanks for joining us. If you enjoy this preview search for into America wherever you're listening right now to hear the rest of the episode and subscribe new episodes drop on Thursdays.

GM Lordstown America earl- Ross Mahoning Valley General Motors Chevy Aaron Einhorn GM Lordstown Gm Lordstown Ohio Lordstown Assembly Chevy Cruz New York General Motors Assembly Msnbc Lordstown Ohio Nbc Bloomberg NBC News
Closed GM Plant Is Part Of Larger Negotiating Strategy For Striking UAW

NPR's Business Story of the Day

03:51 min | 1 year ago

Closed GM Plant Is Part Of Larger Negotiating Strategy For Striking UAW

"Negotiations between General Motors and striking autoworkers revolve in part around a plant that has shut down six months ago the last Chevy Cruz rolled off the assembly line at Lordstown Town Ohio Emel sheltie reports on what workers are doing now when the UAW last struck General Motors in two thousand seven the thousands of members in Lordstown were ready. They packed the two local union hall signing up for six hour shifts at the nine gates of the sprawling plant in northeast Ohio. Things are very different now. After only a handful of retirees and other volunteers are holding up picket signs celebrating the honks of support from the occasional truck passing by the West Gate here behind behind them are hundreds of acres of empty asphalt surrounding a plant that once employed more than ten thousand people and now employs only ten the picketers sum up why in just just a few words Brotherhood brothers and sisters supporting make it or Ed Rendell says it's a matter of just showing up to represent this place. Somebody's he's gotTa be here. I mean you know if there's no one here which is a signal that we're given up on this player. Rachelle Carlisle isn't giving up. She and her husband are among the thousand. GM employees who transferred to other plants. She's coming back from Michigan. This weekend joined the Lordstown picket line others are on their way to from Missouri Tennessee Kentucky Kentucky. We all keep in contact with each other or all spread out all over the country but also there for each other nearly all the local union leaders were among those who transferred away from here that left it to retirees like Bill Adams to step up. Hey No we don't have a statement. They were using the wreckage. Staples Atom says what the group lots numbers. It makes up in passion. I A lot of anger what happened. The can't understand why a plant that's produce just over sixteen million cars and fifty three years is all of a sudden useless to General Motors. They don't understand that. GM says what happened was pretty simple. American stop buying hang small cars it reacted by cutting shifts and then finally closing the plant in March. Bill Adams doesn't by the company's argument. GM made more than ten billion in dollars in North America last year and the local union has long argued that it could have shifted production of another vehicle here but GM says it has way too much capacity even for better selling trucks. SUV's Adams raises an eyebrow when asked about proposals GM floated just hours before the strike deadline. It was to build electric electric vehicle batteries near here. GM also is negotiating with an electric trucks start up to buy the Lordstown plant but even if both things happen the likely to hundreds of jobs not thousands the former Lordstown workers understand their plant is just one part of a much larger negotiating strategy. When Eric Loomis wrote his book a history of America intense strikes he devoted a chapter to the nineteen seventy-two Lordstown strike back then younger workers wanted more control over working conditions and the fierce clashes between Labor and management extended well beyond the three week strike in the industry that confrontational culture became known as the Lordstown Syndrome and Lordstown is now idled that action played a role in this strike. I think we're seeing a return to the strike as a weapon in in part because a lot of the other options that workers have tried to make life better for themselves shown to say they're not working and workers are getting more determined in a little more desperate when GM am closed the plant it said it recognised and regretted what it was doing to workers but it had to think about the long term viability of the company U. A. W. Members here are also also thinking about viability and they're determined to try to keep their plant an active part of not only the negotiations but of the nation's labor consciousness for N._p._R. News I'm L. Solti.

General Motors Lordstown GM Bill Adams Lordstown Town Ohio Emel Ed Rendell Ohio Rachelle Carlisle Lordstown UAW Chevy Lordstown Cruz West Gate Eric Loomis Staples Atom L. Solti Michigan North America
Voting Continues On United Auto Workers' Tentative Deal With GM

NPR's Business Story of the Day

04:15 min | 1 year ago

Voting Continues On United Auto Workers' Tentative Deal With GM

"Get fast speeds even when everyone is online working to make WIFI simple easy awesome more at xfinity dot com restrictions apply this message comes from NPR sponsor xfinity some things are slow like a snail races other things are fast like Xfinity X. by for N._p._R. News I'm Tracey Samuelson location votes with lots of vote no posts all over facebook and we know that naysayers tend to be more outspoken five facilities that GM is closing or has already closed most of Lordstown dhs workers are now at plants in Flint Michigan Fort Wayne Indiana or Arlington Texas he's but clearly what was upsetting committee members is the fact Lordstown will remain closed Lordstown being deep but the union has agreed to let gm close a plant in Lordstown Ohio and that move could doom the deal Michigan radio's Tracey Samuelson has the story it rained all day Monday in Romulus Michigan strikers at GM's powertrain plant got a fire going in a big barrel to warm their hands it's not that bad but this was before the vote at GM Spring Hill Tennessee plant yesterday which has a much larger workforce I think devoted spring Stephen Boyle walked the picket line undeterred water streaming off his orange Poncho my grandfather was a sit down strike if he was capable of locking himself inside a building mine is editor of the Detroit Bureau Dot Com and has covered every contract ratification since nineteen seventy nine he says social media is a new factor in these Radin and it could potentially send union negotiators back to the table with the nearly impossible demand that GM reopened the orphaned Lordstown Plant Hill a narrow rejection of the agreement is a cause of concern put things to come Harley Shaken Labor expert at the University of Kelly applying in Berkeley this is a local union that received considerable investment in the new agreement a billion dollars for new suv a big margin striker. Kenny Bulls was predicting ratification there. We're going to hang in there but I think it's it's a rap I think it's going to go through snot whatever you want eighty five days bring on negative twenty degrees and I'd still be out here wouldn't make a difference to me. Some smaller plants had voted that day to approve a tentative for your contract with General Motors Search. She says the message isn't always well received yeah it can get rowdy and has gotten rowdy police for called to the local in springhill was the tentative deal shuts the door on any hope of them moving back home to Ohio and chicken says the closure sent a worrisome message to a lot of other union I doubt Lordstown is a preview of what could happen to other plants but there are still some compelling reasons why GM's striking workers on line but they may be in purse. It's a great place to get a very strong opinion out to abroad since Nicole haning works at GM's plant in workers at General Motors biggest factories vote today and tomorrow on a tentative contract if it's ratified it would end the longest strike at GM since nineteen seventy vote to ratify the most basic is the need to get back to work and a regular paycheck the tentative deal also provides new benefits for GM's temporary workers are people so it's kind of hard to get how everybody feels about the contract a no vote would mean even more financial hardships for workers and big financial costs for and for others union officials visiting each GM facility to hold rollout meetings to explain the contract. Kristen Dietrich is an analyst with the Center for Automotive Race Lansing Michigan. We're voting won't wrap up until Friday she says there is really no way

GM GM Spring Hill Tennessee Lordstown Lordstown Plant Hill Kenny Bulls Tracey Samuelson Flint Michigan Fort Wayne Indi Michigan Detroit Bureau Dot Com Lordstown Ohio Stephen Boyle facebook Kristen Dietrich Romulus Center for Automotive Race Lan NPR General Motors Search editor
AP Headline News Mar 19 2019 12:00 (EDT)

AP Radio News

03:15 min | 1 year ago

AP Headline News Mar 19 2019 12:00 (EDT)

"I'm ready to take the next step. I'm ready for university. That will help me advance in my education and career university. That will make me feel supported an connecting ready for ODU online. Click this ad or go to online dot EDU today. A B radio news. I'm Rita Foley lane. The terror alert is at the highest level in the Netherlands were a manhunt is underway for us shooter. Police say they've linked thirty seven year old man. Born in Turkey to the shooting on a streetcar military police are on extra alert at Apple's an aqui buildings in the country as the manhunt takes place with gathering speed heavily armed officers flooded the area after the morning shooting on a tram on later erected a white tent of an area where a body appeared to be lying close. By a police spokesman says new one yet is being detained in the shooting and one possible explanation is that the person he says fed by cau-, I'm Charleston desma. New Zealand is promising changes in its gun laws after shootings at two months. Killed fifty people a trillion white supremacists. Brenton Tarrant is under arrest charged with murder. His uncle, Terry FitzGerald in Australia. Sorry. Full of famous I fully data injured. Day was just. Can't think nothing else. Just wanna go home and hide. Investigators reading the data from the doomed Ethiopian Airlines jet, and they are seeing a similarity between that crash and an earlier one five months ago, both planes, Boeing, seven three seven max as flew with a Radic altitude changes that could indicate the pilots struggle to control. The aircraft suspicions have emerged. That faulty sensors and software may have played a role in the crashes. I'm Ben Thomas, hundreds of homes have flooded in Missouri after the Missouri. River spilled over following heavy rain and melting snow Beneteau a Rourke has raised more money online, and I twenty four hours after his democratic presidential campaign than any of the other candidates. According to his campaign more than six million dollars in all they say, this is AP radio news. The president's tweeting General Motors about an Ohio manufacturing plant closed g. AM closed the Lordstown assembly plant earlier this month, putting some seventeen hundred people out of work before visiting politically vital Ohio this week. The president spent part of the weekend blasting the company on Twitter and calling for it to reopen the plant. He says he told GMC oh yesterday to either sell it or do something quickly this morning. He says GM should shut her a plant in China or Mexico. Instead GM said yesterday, the future of Lordstown and other plants slated for closing will be resolved between the company and the auto workers union. Saga megani? Washington. Authorities say a driver traveling the wrong way on interstate seventy five in the Dayton, Ohio area crashed into a car carrying a family of three killing the two adults and child in the car the wrong way driver's been taken to a hospital. Rita Foley, AP radio news.

Rita Foley Ohio General Motors AP president ODU Ethiopian Airlines Brenton Tarrant Turkey Lordstown Missouri Lordstown assembly Dayton Terry FitzGerald Apple Ben Thomas Washington GMC New Zealand
June 26th, 2020: Truck and Big Batteries

Talking Tesla

09:00 min | 4 months ago

June 26th, 2020: Truck and Big Batteries

"The. Highlands, Nuremberg skills. It's time for another alone today and a couple of you noted that the contest we'll also just sort of cut off well. That was where we called it. The one where we screwed up the end you see what happened was would happen. Was I failed to run the backup and robots battery ran out. About halfway through, but upsetting really. But Tomes, recording a my recording for the next Ariza was okay. So. There's a couple of little snippets that I'm going to fire out in the next couple of days next week. Just. US Paul Robert is going to be left out and one of the things we talked is electric trucks. No, no, not no, no, not reviewing. Another one this one. I heard today. Can you confirm or deny an NPR story today? Of A an electric truck company I've never heard of that had taken over GM plant somewhere I think Ohio that is making pickup trucks. And it's not lucid, not riven. Another one and they've actually started production. Can you, please confirm Dong or so. It's the GM plant in Lordstown Ohio. Lordstown. That's the one I know. It's the endurance Lordstown. motown motors the endurance. Jewel this came out of. The start up building electric pickup scheduled to be unveiled on Thursday and this was a story from June twenty third. So that's GonNa be two days from now. They're gonNA actually unveil the trucks, not building it so just to follow up a little bit on this truck situation. This is where we are in the world of electrified trucks cyber. Truck Ford F one fifty electric GM's new electric Hummer. Then the startups Nicola, Rivi on Bolinger and Lordstown Motors, that is an impressive lineup of vaporware I mean of vehicles that are gonNA be coming out sometime between now and went full self driving works. I mean sometime in that like window wanted to two thousand year period. Those six trucks will be available. These articles say who's the cash behind us. There's going to be big cash. BASILIO is Steve Burns who I don't know I. Don't know who that gentleman is. It's not who is the cash behind this. We know that you're GONNA have billions of Dole's to get this thing going. Yeah, is it you tell I wish it was I mean it could be they. Could be working a little bit with GM. And maybe that was sort of the deal for the Lordstown plant. I mean what we'll do a little research and we'll report back next time we we meet in and get together but again. That's very exciting, six six plus trucks. Vehicles Coming to electrification that must mean like so, what does that tell you right? We talked for a long time. This has been sort of the thing like do. Do People who own trucks? Do they believe in electrification? Do they want electric occasion obviously? These companies, these six companies that are doing this have done some research. I would imagine and seen that people want electric trucks right, or there would be so many of them on the on the warpath. Right so many of them in the pipelines coming coming to get us. Just that very fact alone that we're looking at six models from six different cars them and I've seen the bull in person, and that's a beautiful car it's it's not a mass market Carta bespoke vehicle, but it still wonderful seen the Rivi on in person may or may not have broken a piece of the review on. It's hard to say. At the launch event it's really it's. It's difficult to say and in. That was a beautiful vehicle. I'm sure the Hummer would be would be nice, and and hopefully has you know charging infrastructure the range the speed of charging capabilities to make it a really viable choice for for people who want to go in that direction. So Thursday that would be yesterday. They did their unveiling in Lordstown and a bit of a political event. Pence was there and some of the other white has peeps with their, and they talked about the car and they took bet how. Wonderful name talkback overton the stuff, but I still can't work at exactly who is paying for? This is Tom said is the CEO? Ten percent of this thing is owned by a group called work. HOW WORKHORSE GROUP! They're trying to get some more loans from the feds and other people to get this thing going. They say they're going to be out in the first quarter next year that they have twenty thousand preordained. It's going to be about fifty thousand dollars and get to be a two hundred and fifty miles. So that's good jobs. We like Kay Shen and we like electrifying trucks, but two hundred and fifty miles doesn't seem like instead good. They say it will pull six thousand pounds. If you point something six thousand pounds, and you go turn fifty miles range. Without pulling something. That's not enough. Range. I think cyber truck is where it's at. You've got to have something like five. Hundred plus miles range because you know when you start putting that thing to work pulling things and stuff that range is GonNa, go way down so nice, troy, but they need a bigger battery pack to my mind and left for today leads wasn't meals. Did you see the video by beyond Nolan I can never pronounce his name. Youtube does great stuff and he is a software geek as well so he cracked stack, and he said that they've changed the software so that they can now address. Up to two hundred just over two hundred kilowatt hour, battery packs whereas before they could. just over a hundred, and that raises the question. Why did they do that right now? It's not like the roadster is coming any time soon which we expect will have over two hundred kilowatt hour battery. It's not like cyber truck is he is soon and we think that's going to have to have something like two hundred plus kilowatt Al Batteries to carry that big heavy thing around and get you know what they're talking about. Five hundred mile range. So three and why are not getting a battery pack that beginning time in my lifetime, so does this mean that they are after perhaps battery day? Tell us that they're gonNA put or at least have a vision of s, an ex with a significantly larger battery capacity I'm pretty excited about that possible. Because right now I think the why kills X. Dead. Now we've seen sales. Go down and down and down and sales go down down and down, but it really could mean the death of X. Because of the y, the X is. Thirty thousand dollars forty thousand dollars more than a wine. It's a great car. It's silly doors, but there's not enough to distinguish for three or four hundred thousand dollars. A little bit bigger has been more caring best inside, but not that much more so I think that exit dead and if they want to keep it around even if They bump up the prices and as a prophet center kind of thing. then. They're gonNA have to do something interesting and one of the few interesting things they could do is give it substantially more range both s and x like Putin big battery, or had the option so that that could go five hundred miles, so that s could go a little five hundred miles then idiots like me might think okay, so this is going to be the cow that's used for camping. That's us. US for big long trips that can plug in stuff at the other end and Cochran with kind of like people might be using cyber truck in the future as a camp of an experience, and you want a giant battery to do that. Giant bet you to be out of drive along way into places that might not good infrastructure for electric charging and to be able to use that giant battery of things. Now, and maybe that's a great idea for the ex. Could that happen or am I? Just out of my mind and they're just GONNA. Let s an slowly slowly. Disintegrate over time, but it is interesting. Find. We have talked about the fact that you know there's probably some mules out there model threes that have one hundred kilowatt battery packs and Illinois said no, no nothing to see here. That's not going to happen. But. You know what's going to happen at some point, the question is at what point do they significantly upgrade is an ex batteries to the new technology and helbig. Oh, yes. If they've got their density way up. Then potentially in the same form factor, they could get a much bigger battery and I hope so I've been saying saying. You release on. The X is up in a year and a half, my girl. Let's just get away. It'll be way cheaper. Be like half the price, and it's just as good, but if there's a five hundred Mile Model X. ally that's going to produce some problems. Mine is mill at the show is alone today I'll took?

GM Lordstown The. Highlands Tomes Paul Robert Lordstown Motors Ariza Lordstown Ohio BASILIO Ohio Steve Burns Lordstown Dong Youtube NPR Dole Nicola Kay Shen Pence
Tesla Rivals are Moving Into High Gear -- and Going Public

Business Wars Daily

07:48 min | 2 months ago

Tesla Rivals are Moving Into High Gear -- and Going Public

"Wouldn't it be nice if you could simply and easily print postage stamps and shipping labels even when working remotely well, now you can experience a savings in your shipping costs with a free trial of central online. When you visit PB, dot com slash VW daily. From wondering I'm Elaine Appleton grant and this is business words daily on this Wednesday August Nineteenth David Brown's on vacation. Tesla has long had an image of being in both good and less good ways without comparison. CEO? Elon Musk stands out for his big vision and sometimes quirky behavior, and until now anyway, Tesla's all electric vehicles have stood head and shoulders above the competition coming from traditional automakers. Competition what competition I can almost imagine musk saying. Oh, but there is plenty coming tesla shares soared two, hundred, fifty percent this year. The company is now the most valuable automaker in the world according to. CNN. That's because Tesla which went public ten years ago is finally profitable. Tesla had a record twenty nineteen in posted its first annual profit last year despite the pandemic it's been profitable this year as well and that kind of performance and the stock market's reward for it is convincing more and more electric vehicle makers to go public and to try to woo customers away from Tesla last week, Ohio Electric Startup, Lordstown Motors Corporation, or L. M. C. said, it plans to go public by the end of the year. It's ticker symbol ride. If the deal goes through, the company will be valued at close to one point five, billion dollars. So who is Lordstown Motors to burst on the scene this way? L. LLC is a spinoff of another electric truckmaker called Workhorse. GROUP LORDS DOWN CEO Steve Burns is the former CEO of workhorse with LLC Burns resurrecting a project that we're course didn't have the money to do the company plans to release an all electric full-size pickup truck the Lordstown endurance in the second half of twenty twenty one that's according to journalist Alan. Adler, writing for trade publication freight waves. The truck will have a range of about two hundred fifty miles on a charge the same as Tesla's sci-fi looking cyber truck it'll toes seventy five hundred pounds alums. He says again, just like the chuck, the endurance will start at fifty two thousand dollars a good deal more than the cyber forty thousand dollar base price. But UNLIKE TESLA LLC plans to sell the endurance to commercial customers buying fleets of trucks since revealing the prototype on June twenty-fifth Ellen Mc says it's received more than twenty seven, thousand pre orders. That's one point four, billion dollars worth of trucks. NCO Burns says its first years worth of trucks are now sold out. That is if it can raise the money, it needs to actually make them l.. AMC. Bought the Lordstown Ohio GM plant that shutdown last year when GM killed the last Chevy Cruz that six million square foot plant needs retooling, which is costly MC plans to raise about six hundred and seventy five million dollars through its IPO. That boatload of cash could help it come through on its boast to be first to market among a group of EV pickup truck competitors in addition to Tesla that group includes Ford GM Nikola and Arabian a company backed by Ford and Amazon. So, here's the obvious L.. He doesn't yet have a product just a prototype if you're wondering how the young startup can go public without a product you should be. L. EMC is one of a handful of electric vehicle makers employing what's called a reverse merger that means the company that plans to make a product like LLC hooks up with the so-called blank check business. It's also called a special purpose acquisition company. SPAC. Is doing the reverse merger with a blank check company called Diamond Peak Holdings. Diamond peak is already publicly traded that means when the merger occurs. LLC. MC becomes public sort of like easing into a coat someone else has been wearing. This back door IPO method is easier for companies to do. They don't have to produce expensive roadshow's. Also, avoid a great deal of financial scrutiny by the SEC. One of the most famous reverse murders was Richard Branson's space company Virgin Galactic, Holdings and Fantasy Sports Company draftkings went public in a three billion dollar reverse merger. Last year according to the A. Times. The number of reverse mergers hit a record high last year. That's because the IPO market was volatile and high profile IPO's like Uber Fared. Poorly. It ain't cheap to build a new car company but Tesla's successes inspiring other entrepreneurs to try and they need oodles of money that helps to explain why another electric truckmaker nickel motors used a reverse merger to go public in June and vehicle-maker. FISKER has a reverse merger in the works. The is green truckmakers may see these back door IPO's as the speediest way to raise the cash needed to fight he'll in musk and rapidly launched their new products. Tesla's promising to deliver the cyber took by late twenty, twenty one which means that the deadline to beat yes. It may be tough to knock Tesla on it's pedestal, but LLC and a raft arrivals are sure going to try. From wondering this business for his daily subscribe on Apple podcasts spotify though wondering APP or wherever you're listening right now join wondering press in the wonder APP to listen Ad Free. I'm your host Elaine Appleton grant in for David Brown this episode was written and produced by me edited by Cortlandt our executive producer is Marshall Lewin created by Lopez four wondering. With sent pro online from Pitney Bowes, you can simply and easily print postage stamps and shipping labels. Even when you're working remotely, that's right for as little as four dollars and ninety nine cents a month you'll have access to all kinds of benefits like discounts of up to forty percents off USPS priority mail, and now up to sixty two percent off on ups daily rates. You'll also be able to calculate exact postage online use the mobile APP to ship and track packages on the go plus you'll save five cents on every first-class letter and let's not forget all the time. You'll save avoiding trips to the post office. And just for being listener of business wars daily, you'll receive a free thirty day trial to get started and a free ten pounds scale to make sure you never overpay. GO TO PB DOT COM SLASH VW daily to access this special offer for Free Thirty Day trial plus a free ten pounds scale to get you started. That's PB, dot com slash VW daily. Experiences savings in your shipping costs with a free trial of pro online from Pitney. Bowes.

Tesla TESLA LLC VW CEO Elon Musk Elaine Appleton Ohio David Brown Pitney Lordstown Motors Pitney Bowes CNN NCO Burns L. LLC SEC GM AMC Diamond Peak Holdings Steve Burns Lordstown Motors Corporation
AP Headline News Nov 26 2018 22:00 (EST)

AP Radio News

04:00 min | 2 years ago

AP Headline News Nov 26 2018 22:00 (EST)

"Choosing energy company raises many questions constellation can answer all of them with energy solutions that fit your needs energy, efficient, simple, inciteful inflexible. That's what makes battleship America's energy choice. Learn more constellation dot com slash energy. AP radio news. I'm Tim McGuire. President Trump is holding a second rally in Mississippi for appointed Republican Senator Cindy Hyde Smith who's into runoff tomorrow against democrat. Mike Espy while thousands are inside the Civic Center and Baloch city about one hundred protesters demonstrated against Trump and hide Smith. Wendy Sullivan says she is tired of Trump and hide Smith bringing into racism jokes about lynching, the meanness and the lying spirit of this administration. This administration to stop women need to speak up and men too for all our people inside the Coliseum. Trump talked about Democrats. Maxine Waters and Chuck Schumer. Win the Mississippi Senate seat, they will try to erase all of our games, reverse all of our progress. Trump also defended Hyde Smith for what we're seen as racially charged remarks. He says she apologized for her comments saying she'd be quote on the front row if invited to a public hanging and that he'd heard that loud and clear before he left the White House. Trump was asked about General Motors decision to lay off thousands and plan. One of the plants is in Lordstown, Ohio where the president told people last summer not to sell their homes, noting all the jobs are coming back. He says he told GM chief Mary Barra. He's not happy with the plan potentially shutting down. Back in there soon that so high oh, the Lordstown plant makes the low selling Chevy Cruz, which won't be sold at all in the US after next year. The president says find a vehicle that will sell no doubt that in a not too distant future. They'll put something else. They better put something else in saga megani, Washington. This is ABC radio news special counsel, Robert Mueller's office accuses former Trump campaign chairman Paul Manafort of violating his pre agreement by repeatedly lying to investigators analogous that could expose them to a lengthier prison sentence, and potentially more criminal charges. The safety of breast implants is questioned recipients of breast implants, say data on ruptures and other problems has been kept hidden by the US government and manufacturers for years making it hard to know whether the devices are safe a joint investigation by the Associated Press and the international consortium of investigative. Journalists finds the food and Drug administration. Aloun breast implant manufacturers to report problems in bulk rather than individually that had the effect of suppressing the actual number of complaints. The breast implant reporting issue is just one of the problems caused by the FDA's current tracking system for medical devices. Ben Thomas, Washington, I'm Tim Maguire, AP radio news. Holiday tips and wine stories from Kristen, and Paula total wine and more Chardonnay paired with lobster, mashed potatoes, simply delicious, how good am I with wines? Put it this way. My mother-in-law now loves me for introducing her to her favorite line. Now, there's nothing I can't deal. Whether you're entertaining or just bringing the wine, we'd love to share are always low prices with you this holiday. Cheers, come explorer are twelve northern Virginia locations now open and rest in plaza, America's center across from wholefoods shop online at totalwine dot com.

President Trump Senator Cindy Hyde Smith America Lordstown AP Mississippi Trump Chuck Schumer president Tim McGuire Mike Espy Washington Maxine Waters FDA Senate General Motors ABC Virginia Kristen
Closing Bell Brief for Friday, October 25th

WSJ Minute Briefing

01:55 min | 1 year ago

Closing Bell Brief for Friday, October 25th

"Eh indeed dot com slash W. J. that's indeed dot com slash W. S. Jay. This is your closing bell brief for Friday October Twenty Fifth I'm Charlie are you hiring with indeed you can post a job in minutes set up screener questions than zero in on your short list of qualified candidates using an online dashboard get started today sued for hiring post a job today at indeed dot Com Slash Higher Asif Assembly plant in Lordstown Ohio for more head to wsj.com or the WSJ APP indeed used by over three million percents market performance continues to hinge upon trade news stuck gains accelerated and Treasury yields jumped higher after reports Friday that the US and China made progress the new labor deal with GM resolving one of the nation's longest private sector walkouts in years and allowing the carmaker to restart its US factories GM workers voted to approve hearing nine thousand jobs the agreement covering more than forty six thousand blue-collar workers will also allow GM to move forward with closing three US factories including how's it gained fifty seven the S. and P. Five hundred rose twelve for the week the Dow gained three quarters percent the Nasdaq rose nearly two percent and the S&P added one point two late Thursday Intel boosted it's outlook for all of two thousand nineteen the forty day strike at General Motors is over the United Auto Workers Union said Friday it has secured the new four year agreement which includes better wages hefty signing bonuses and a commitment from GM to invest seven point seven billion dollars in its US manufacturing operations. Susan here at the Wall Street Journal stocks posted solid gains to end the week the Dow Jones industrials rose one hundred fifty two points Friday to twenty six thousand nine hundred fifty eight the Nasdaq listen trade discussions edging closer to finalizing portions of a phase one deal. Intel was the big gainer in the technology sector. It stock gained eight percent.

US General Motors Intel GM WSJ United Auto Workers Union Lordstown Ohio W. S. Jay wsj.com bell W. J. Charlie Treasury China Susan seven billion dollars
Morning Brief for Friday, December 6th

WSJ Minute Briefing

01:44 min | 11 months ago

Morning Brief for Friday, December 6th

"Wall Street Journal listeners. Come from all walks of life and business and no matter what type of business urine eighty P is here to help you achieve what you're working king for with. HR talent time benefits and payroll informed by data and designed for people learn more at design don ADP DOT com. I'm Charlie Turner for the Wall Street Journal. General Motors plans to team up with a unit of South Korea's. LG To build a large battery factory in Ohio. Hi Oh the new plant would be among. The world's biggest producing batteries sells for electric cars. Right wing Tesla's gigafactory in the Nevada desert. GM and LG CAM said Thursday. They would invest a combined. Two point three billion dollars in their joint venture the factory would be built near Lordstown Ohio where GM last spring closed a vehicle assembly. Plant plant that in recent years employed. Roughly four thousand workers a startup. Company is acquired that facility where it plans to make. Electric Trucks Uber Technologies. said it received save nearly six thousand reports of sexual assault involving. US passengers drivers during two thousand seventeen in two thousand eighteen in its two year study uber revolving terribly disclosed the first comprehensive review of safety issues involving. It's ride service nonconsensual. Touching was the most prevalent type of sexual assault that occurred during or in conjunction with Uber Trips. During the two year period. The report says the during the two years nineteen people died from physical assaults that occurred during an uber our trip including eight riders and seven drivers while the numbers are startling. The incidents represent a fraction of the two point. Three Billion Uber Rides completed during the two year. Study for more head to wsj.com or the W._S._J. APP.

Wall Street Journal General Motors LG assault Charlie Turner Lordstown Ohio Ohio wsj.com South Korea Nevada desert Tesla US two year three billion dollars two years
AP Headline News Mar 06 2019 11:00 (EST)

AP Radio News

05:00 min | 1 year ago

AP Headline News Mar 06 2019 11:00 (EST)

"Lows knows you'll do it. Right. And do it yourself to stay within budget. We're making updates to your bathroom. We do it right to by offering up to twenty percent off select toilets during the final days of our refresh for less kitchen and bath event step up your style. Even more with four tile starting at just forty nine cents a square foot for your next back project. Do it right for less. Start with Lowe's. Offer valid through three six see store for details. US only. I've been head of security for my family and thirty five years Doug years. Yeah. Or deal with all the major threats loud noises. Postman a home insurance takes care of the rest house and contents. But that's just a backup. I've Tony got this. I've got a nose for trouble. And can we home insurance you can came up to three thousand euro without leaving your no case discount? Go to the does. I e who's got ever home insurance covers one came in any consecutive three year period. Acceptance criteria tempted conditions apply airland limited trading. They insurance is regulated by the central Bank of Ireland, eight me radio news. Good morning. I'm Ed Donahue in his first interview since being charged with sexual abuse are Kelly says he is being assassinated all homeless new homeless. I went to not true R Kelly spoke to Gayle king on CBS this morning at times, he cried he wants got up from his chair and started ranting. How stupid would I be to do that? I didn't say that don't they? Guys at into this camera on me. Yes, that's deep. It. Kelly was charged last month with sexually abusing four females dating back to nineteen ninety eight including three underage girls. The recording artist had been trailed for decades by allegations. He violated underage girls and women and held some as virtual slaves. Kelly has denied it. Jocelyn savage is one of the women currently living with our Kelly Jerrell Griggs is her family's attorney. This family has not spoken directly to their daughter in two years. They have tried every single tool available them for them legally to make contact with their daughter interviews with the two women who live with Kelly will air Friday on CBS. Michael Cohen is back on Capitol Hill. President Trump's former personal attorney is back for fourth day of testimony is Democrats in congress move ahead in a series of new investigations of President Trump. This hearing is behind closed doors on Capitol Hill homeland security secretary Kirsten Nielsen is being asked by a house committee. Why President Trump declared a national emergency at the Mexico border explanation in general public has been that he hoped congress would act that it didn't have to come to issuing emergency declaration. If congress had met his request to fund the resources that cbp has requested recently buildings of the university of Glasgow were evacuated as police examined a suspicious package found in the mail room day after three London transport hubs received letter bombs. This is AP radio news after more than fifty years producing cars, the General Motors plant outside Youngstown in Lordstown, Ohio. We'll be idled at the end of the day today nearly seven. Eighteen hundred hourly positions will be eliminated GM is moving towards shifting its focus to making trucks. SUV's an electric in Thomas vehicles. Elissa brookbank is fighting to save her job or not backing down. We're going to fight the good fight to keep GM Lordstown here to keep these families here. Lordstown plant makes the Chevy Cruz. Production will continue in Mexico. Local teacher Tiffany Davis says the GM plant needs to stay open. I had faith Lordstown can rise. Again. I had faith that we will they'll come through for us that family will matter and our community will matter and that they will they will give us a product recently promoted company, president Mark Royce said in January General Motors looking at a diff- a lot of different options for the Lordstown plant, but didn't provide any specifics at Donahue, AP radio news, the iphone ten are is here at T mobile, and there's a whole lot to love like taking those perfect new year new you portrait mode selfish. You're going to share. Nice. It's the best way to stay connected to everyone you'll heart most in twenty nine so get ready to fall in love with by phone ten are on T mobile. The most loved and wireless. Call one eight hundred t mobile to learn more. Visit a store today. The iphone ten are is here at T mobile, and there's a whole lot of love like taking those perfect new year new portrait mode, selfish going share. It's the best way to stay connected to everyone you'll heart most in twenty nine to to get ready to fall in love with by phone ten are on team. Oh, the most loved and wireless. Call one eight hundred t mobile to learn more. Visit a store today.

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1,700 More GM Employees Face Job Loss As Ohio Plant Production Grinds To Halt

On Point with Tom Ashbrook | Podcasts

48:36 min | 1 year ago

1,700 More GM Employees Face Job Loss As Ohio Plant Production Grinds To Halt

"This message comes from on points sponsor, indeed, if you're hiring with indeed you can post a job in minutes, set up screener questions then zero in on your shortlist of qualified candidates using an online dashboard get started at indeed dot com slash NPR podcast. From WVU are Boston and NPR. I Magnin talker birdie, and this is on point on September twenty ninth nineteen sixty four Ohio's governor and to automotive executives knelt before a plunger box and together. Push the trigger to dynamite farmland behind them. It was the ground breaking ceremony for GM's so-called lucky thirteenth manufacturing plant, then the largest car assembly plant in the world at its peak workers at the Lordstown, Ohio plant pushed more than one hundred cars off the assembly line every hour, but yesterday the very last Chevy Cruz rolled off the line and with it the last seventeen hundred jobs at the plant many more in the surrounding community are at risk. So we're dynamite was once used to break ground on the future. There's now an economic crater in Lordstown. The GM closure highlights growing divide in the US manufacturing jobs are actually on the rise elsewhere in the country, but why is that? Rebound not happening everywhere. And how can we close that gap? So this hour on point lost jobs in Lordstown and strengthening manufacturing everywhere. And you can join us. Why is there such reasonable disparity in manufacturing jobs? Have you seen good work grow or fall away in your community? And how can we better transition all workers to the manufacturing jobs of the future? Join us anytime at on point radio dot org, or Twitter and Facebook and on point radio. Well, we'll start today in Youngstown Ohio Glenn Stevens joins us. He's special projects director and reporter for w FM J television NBC affiliate there, his station produced a ninety minute special that aired last night looking at the Lordstown manufacturing facilities history. It's future. And how the community is going to move forward without those GM jobs. And by the way, Glenn has covered the Lordstown assembly plants since he joined a WFAN FM Jay in nineteen seventy-one Glenn Stevens. Welcome to on point. Are you glad to be with you? Thanks for including me. So first of all Glenn. I wonder if you could give us a sense as to how the community is feeling today now that the plant is officially closed. Well, what I'm hearing mostly we we talked to several workers as they were leaving the plant yesterday for the last time probably and what we were hearing mostly was disappointment. And being let down this plant and these workers have given so much back to General Motors of through the auto rescue phase gave them a quality car, and they just feel this is the way they're being repaid. Well, let's listen to some of the people that you did talk with this is a scene from the documentary. You produced some employers here from the now closed GM Lordstown plant as they left the facility on their last day of work. We believed in this company. We gave it everything that we possibly give this company. And just fell. So let down we're leaving our family. Really, even our friends, and we're leaving everything that we have. Within the last carry that goes down Glenn Stevens, the loss of a manufacturing facility in any community is always a big one. But how central was this GM plant to life and livelihoods in Lordstown for forty five years. This was a major driver and the local economy last year alone, it contribute to hundred and fifty million dollars in income taxes. It has people would just not fathom this plant ever going away. We've had generations that have worked there. And the other thing that you have to consider is that while you talk about the fifteen hundred there were finally left, their let go you mentioned. This is so widespread the impact goes far beyond the walls of the plant. It goes down to the supply chain the company here that made the seats for the crews had to let people go the trucking company that transported the cars out of the. Had to let people go, and then you look at the coffee shop the sandwich shop that all the workers used to stop at the sports bar where they all used to go and watch their favorite teams all of those secondary employers and businesses are going to be impacted the the barbershop the do these shops. Everybody is feeling the impact of losing this major driver. Everybody would want a car manufacturing plant in their community. Creates jobs, it creates taxes, it creates wealth than when that goes away. It's devastating and yet. And yet some of the workers there are holding onto hope that GM might reopen the plant here I wanna play another bit of tape from your documentary yesterday. This is Brenda grooms who until yesterday had a job at the Lordstown plant, but she's not ready to believe that her days working for GM or over. I just believe that we're going to get another car or something has to come to this area. Something's gonna come Glenn Stevens wire people like Brenda grooms holding onto that hope. Well, because we went through this once before when they decided to end production of the cavalier. It was then will we get a new product, and they launched a big campaign called bring it home. Well, right now, there's another big campaign going on locally called drive at home. You see signs everywhere. Children in schools have been writing letters to marry Byara and tomorrow is blue Friday blue is the color they've chosen for the theme and children. In schools throughout the valley are going to be wearing blue. And they just feel that they just aren't ready to accept that Lordstown is gonna turn their back on them. And that they're finally going to the able to tap into possibly the electrification future of Lordstown with GM. They just they just holding onto that hope because they've been through it before. And this plant has been such an iconic employer in this valley for so long. They just really have a hard time accepting that it's going away. So we mentioned Mary Barra there, the CEO of GM, and you're you're exactly right GM has said that they're turning their attention to SUV's, trucks and electric vehicles has Mary Barra said anything about you know, is there a future for electric car production in Lordstown in if so when when they make that decision. Well, that's what everybody here is waiting for. That's what governor Mike dewine is waiting for. That's what the regional chamber of commerce was waiting for. When are they going to let them know our reveal what's next for Lordstown? They feel that the Lordstown plant has the capability of making any type of car that General Motors would come out with the other thing is though that right now EV and hybrids only represented by one percent of car sales. And they're not sure that how long it's going to be before the car driving public is going to be ready to embrace that electric future. So there's just not very much hope that Lordstown is going to be included in that right now the the big factor, of course, is that the national contract with the United Auto Workers bargaining. We'll begin this summer in their contract expires in September. And a breakthrough contract. They feel is the only thing that can save lords down and bring a new product here. Glenn to set a curiosity. You've covered this assembly plant since nineteen seventy-one when you join w FM Jay did you have any family members? Or folks that you'd personally knew who worked there. Oh, I have many friends many friends that have worked at at GM Lordstown, I'm president of a local car club. And so many of the guys that are in the car club and the girls as well are GM retirees. Yeah, I've been to the plan many many many times for new product launches and through the big strike in nineteen seventy two. So not personally haven't had anyone from my family were there. But so many friends that I worked with. I mean, obviously, the the centrality of that of the plant for people's livelihoods reaches into many, many families and friends as you're saying, but Glenn stand by here for just a second. Because I want to bring into the conversation. Crystal Keaton, she's joining us from lucasville, Ohio. She's business manager for Ohio's workforce Development Board area. One and a manager of the Lordstown transition center which opened at the local United Auto Workers hall to help serve those GM workers contractors and spouses who have felt the impact of the Lordstown plant closure. So crystal Keaton, welcome to on point for having me, let me join, you know, so can you tell us a little bit about what kinds of supports are in place or available for workers who are now looking for new jobs. In our center, and they come in for reemployment, they can help with resume building as well interview skills. A lot of them have skills that they don't how to into a resume because they were specifically to the plant. They were helping them to reword those that they can get out into the new private market as well. We're also helping them with free training do dislocated worker dollars in the W. I owe a program which is a workforce innovation Opportunity Act, and while the Trade Act, so we trying to know wrap around them as Mazars if we can for trading reemployment, the traffic, meaning the trade adjustment assistance program. Yes. Okay. And so so that is a federal government program that would cover costs for up to two years of classes to retrain in a different field. Correct. Okay. And are a lot of folks pursuing that or the interested in that. Or is it not realistic for where they are in their lives. Well, currently back in two thousand eighteen we had about fifty. Eighteen hundred people were laid off from the GM or stay on plant. A good portion of them have began trade services and reemployment. Some of them have had to hold off on that. We're looking at about one hundred thirty three workers who are playing to start training back in January of two thousand nineteen but had to hold off on that due to being recalled back to the plant for a short short period of time. So we anticipate those one hundred thirty three members will go on back to trainee as soon as training up hopes up again for them, and we're still waiting to hear back from the partner or about the lay offs that occurred this week, if they will also be those before the Trade Act, we anticipate that we have not got the I guess notification, so crystal let me ask you. I mean, you can offer various supports and programs for laid off workers. But wh where are the jobs for them to go into our to apply to are there are there? Places industries in in the region. That are that are realistic for them that are within a reasonable driving distance. Or is there not enough work in the Lordstown Youngstown area? Well, we're talking about up to four thousand people who have been displaced over the last eighteen months though, in November two thousand seventeen there was about fifteen hundred that were laid off again in June two thousand eighteen and now here just yesterday. So that's a really hard for one community, especially the Youngstown area to orb that many workers into their workforce with open jobs. So we are reaching out to in the commuting pattern to try to find themselves with the commute to we've had these contact us about recruitment, and we're also offering career fair here March twentieth. But we're also looking to retrain them bills. It will be more. I guess than new Konami feature him. So crystal standby here for second. Glenn Stevens hang on with ticket quick break. We're talking about the closing of GM plant in Lordstown, Ohio. And what it says about differing areas of the country in the growth of manufacturing jobs in the loss of those jobs. Why? Why is it divergent from place to place in America? I'm Meghna chocolate. Bardy this is on point. This message comes from on points sponsor, indeed when it comes to hiring. You don't have time to waste you need help getting to your shortlist of qualified candidates fast with indeed post a job in minutes. Set up screener questions then zero in on qualified candidates. And when you need to hire fast, accelerate your results with sponsor jobs. New users can try for free when you sign up at indeed dot com slash NPR, podcast, terms, conditions, and quality standards apply. Hey, it's mighty ENA wholesome host of NPR's USA the podcasts that takes you inside the Latino conversation each week. We'll take you into one story that will fascinate an often surprise you. Listen to let the USA on the NPR one app or wherever you is in a podcasts. This is on point. I Magnin Chakrabarti. We're talking about the closure of GM auto manufacturing plant in Lordstown, Ohio where the fifteen hundred people lost their jobs there. Yesterday. Many thousands more are at risk in the surrounding communities and the big question is is why and how did this happen at a time where manufacturing jobs elsewhere in the nation are actually on the rise, and how to bridge the gap in those regional differences in terms of where good manufacturing jobs are going now in America, and I'm joined today by Glenn Stevens. He's special projects director and reporter for w FM J television. He's with us from Youngstown, Ohio. Crystal Keaton also joins us she's in lucasville, Ohio today. She is a manager at the Lordstown transition center which opened at the local UAW workers hall to help serve workers at the GM plant who now are out of a job. And Glen, let's listen to a little bit more of the documentary that you produced a about the closing of the Lordstown assembly plant. This is Lisa Miller who you. Spoke to she's a waitress at niece county. Cafe in Lordstown. There's not a lot in Lordstown. That's quiet little community. There's not even a grocery store. So if you don't live here where you don't work here, you're come here. Glenn Stevens before the break. You heard crystal Keaton talking about. That it's hard for one community to absorb all the job losses that you're seeing now and how crystal said peep, you know, like groups, and and and officials are looking to surrounding communities to help support the workers who are out of out of work there, can you tell us a little bit more about that about whether or not surrounding communities are able to to do that. Well, I'm sure that yes. Everyone is trying to everybody's trying to step up and help. And I think the transition center at Lordstown has been just a real lifesaver for some of the workers, they're trying to reinvent themselves. But I wanted to point out in crystal may be aware of this other businesses are stepping up is a realtor here that's offering to pay for real estate training for any Lordstown affected worker to get their realtor's license, and they will hire them also eastern gateway community college is offering free tuition to anyone impacted by the Lordstown closing. That's the Lordstown workers supply chain companies family members, they're offering free tuition for them to go to eastern gateway community college and try to achieve either do training or an associate's degree. So a lot of companies are stepping up, but as far as other widespread manufacturing there is a group here in the valley menu. Factors association. They got together several years ago, and that was their main focus is to bring more young people and bring retrain and bring people that have lost jobs into manufacturing. Because as you know manufacturing today is is not the dirty dangerous place. It used to be, and that's what they're trying to reach out to to these to these people, and let them know that there are jobs here, they're offering to to give them training. So that there are jobs there because that's what I was wondering are there. There's not going to be a GM sized plant, I gather, but are there sort of smaller businesses or smaller industries that are looking for for skilled workers like this. Yeah. There's of course with with oil and gas that's going on in the in the shale, boom, it's not as big as they anticipated. But welders I mean, they're looking for they're looking for welders everywhere. They're looking for people that can go out and work on site. So it's just a matter of getting that training what they did with the Mahoning county and Trumbull county and Colombian account. He trading centers, the they actually brought in manufacturers and said look we want to teach what you need who. Are you looking to hire? That's what we want to. That's what we want to teach. We want to teach to what you want. And so that's that's been a big step forward. So crystal Keaton new I'm going to let you go here in just a minute. But, but what more do do workers need to help make them make a health and through this transition as you were talking about to the kinds of jobs that we're seeing in in the new economy are there enough resources for them out there, or do you think does. The state and federal government need to step up more. And if so how are federal government has been the right? A lot of resources for these workers we've been on the ground since November providing services to them and trying to get them enrolled into training, another reemployment, tools, reemployment and retraining is probably the best goal for them skiing retrained into the into advanced manufacturing fields. So like eastern gateway fifty nine with education as well as the other CTC's or community colleges. That's a really good option for them. Well, crystal Keaton joining us today from lucasville, Ohio, she's business manager for house, workforce Development Board area one and managing the Lordstown transition center as well. Thank you so much for joining us, crystal. Thanks for having us having nice day. Okay. So let's go to the phones here quickly. Let's go to Anthony who's calling from framingham. Massachusetts. Anthony, you're on the air. Hi. Thanks for taking my call. I'm a former General Motors employee. We had and if simply plant in framingham Massachusetts that closed in nineteen eighty nine had two small children. And really didn't know what to do for the first year. We have a very diverse climbing me here in Massachusetts. I went back to school. I went to Northeastern University and entered the medical profession, which I just recently retired from but I can tell you I tried to exhaust every possibility. There was retailed didn't work sales didn't work I just had to re educate myself. Fortunately, I had a home to remortgage that hurt that hurt to do that. But because we was able to reenter the economy. So I think people have to be very creative in in what they tried to retrain for right? And as long as Sarge. Can say the jobs there to retrain into right? Yes. So we're lucky here in Massachusetts. That's a very good here. And there's a lot of opportunity, but I don't know the rest out are, you know, one of these plans closing especially in Michigan. I have no idea what this folks are gonna do. Well, Anthony, let me take you back. Your thank you so much for your call. I wanna bring into the conversation now Heather long. She's joining us from Washington, she's economics correspondent for the Washington Post. She's written extensively about Lordstown and the GM plant their most recently an article headlined from twenty two dollars an hour to eleven GM cuts in Ohio Shohada economy is still leaving parts of America behind and we have a linked to that. I don't put radio dot org. Heather welcome to the program. Hi, good to be here. So first of all you've been we're going to get to the big picture here about why there is such a regional differences in terms of the growth of manufacturing jobs, but tell us a little bit about the people that you've talked to in Lordstown who if not this time around in the previous layoffs. The GM has has done there. There. What challenges did they face in trying to retrain for new jobs? Yeah. I haven't been in that area as long as Glenn. But I I did make my first trip to Lordstown in early twenty seventeen the plan has laid off three shifts. And I have kept in touch with a lot of those workers that I met who were laid off in the first shift and then in the second shift last summer because I was wondering what are they going to do? They really have three options they can try to look for another job. And while there are jobs available in that area. GM was paying people close sixty to seventy thousand dollars a year. The lot of people at the plant were running twenty to thirty dollars an hour, and the jobs that are on offer in that area are more like ten dollars sort of eight to twelve dollar an hour jobs. I was I was driving around. I saw sheets was advertising. Ten dollar an hour jobs. So they can look for another job. They can try to retrain. And these workers are offered the marquee government program that treated judgment assistance, which pays for up to two years of schooling. Plus giving them a stipend to go to school. But you know, a lot of these workers haven't been able. I haven't been in school for a long time. And then the third option is is to potentially transfer to another GM plan. But of course, that means up rooting and moving to usually another stay a lot of workers have decided to go to Missouri or to Michigan or to Texas. So some of these places are farther than a day's drive away from home and from family members people have kids in school. They don't wanna up route. So these are not easy decisions and can jump in here because in your reporting, you say that about that marquee federal retraining program only about thirty percent of folks who've lost their jobs in recent years from those GM closures have enrolled in in that program, and you've talked to some some folks who who tried it. But found it challenging because as you said, it's not like they're just jumping back into the economy from where they first entered the job market, right? Like like, what they're retraining for is is quite quite different from the jobs that they may have done. For decades. That's right Magnette. Honestly, there's a huge difference between if somebody is laid off before age forty five versus after and the folks that I met who were laid off in their twenties and thirties, they usually jumped into retraining one of them, for instance, is now a nurse. She's about ready to graduate from a two year are in program in some ways. This was a great for her. She got free education to go into a hot field. But other folks, I met guy named Mike Binoche. He's fifty eight he had a college degree he earned that in the early nineteen eighties. But he hasn't been in a classroom in decades. And he said, look, I I took the government's advice I enrolled in this trade adjustment assistance program. I showed up for the first week of classes to be a CNC machinist, which is our advanced manufacturing type degree. And he I couldn't make I dropped out. After the first week the first day of class. The professor says, okay. Let's get going. You know, turn on the computer put in the flash drive, and he says, you know. I had to ask the guy next to me. What's a flash drive? I just didn't know. Yeah. Okay. Well, let's go back to the phones here briefly. Let's go to to Charlotte was calling from Dayton Ohio to show you're on the air. Are there? Thank you for taking my call. So as you said, I'm from Dayton, Ohio, which is similar to the environment and boards town, but a number of years ago, we also had a GM plant that didn't make cars that made parts for the cars, but that closed down. There was a G E plant there. There was national couch. Register point is Dayton was like a really big manufacturing town for a high. Oh, and as the years went by all of the plants closed and now unemployment in my city is sky high which brings the entire question back to why is there such poor city planning and a lot of these areas where the bulk of the employment or the skilled employment rather is carried out by one employer shouldn't be conversa- fide these markets. So there's more employers on the line. And then the second point I wanted to make was the main reason why there's so much struggle like your panelists was saying that he's folks haven't been in a classroom for so long. But one of their lives are literally on blind their livelihoods their families are on the. Align. Why is there such a large aversion to risk to, you know, sticking it through instead of that week going for a full semester going for a full year taking advantage of all of the assistance that is provided to them in order the better their lives here. I'm going to push back on you with all due respect. And it's it's easy to look back with twenty twenty vision and say, hey, how come these communities didn't diversify the for forty five years? The president was very good for them. I mean, Heather and Glenn of and talking about jobs that were paying sixty to seventy thousand dollars a year for people. And I, you know, look, we should all be thinking more about the future. But I think I don't know I have a little bit of understanding for civic leaders who in the middle of a healthy economy, don't necessarily say we have to prepare for an uncertain future. I mean, it makes a lot of sense that happened in the past. I can see like some of the perspectives you're laying out. But ironically, there's a quote by Eisenhower saying what's good for Jeon is good for the country and that was fifty years ago. Right. So why are we sticking to policies that you know, were great fifty years ago, but with automation coming in the way, it has with technology developing the way it has there's no point in sticking to a job that was defined in an era with technology that is being used to create the next generation of products is already obsolete. So what's GM's responsibility here, though, too shy? They're the ones who've just packing up and leaving maybe the corporations ought to do better and training their workforce for future jobs. What do you think? Well, I mean, yes, corporate responsibility is a pretty big issue here. But at the end of the day, it's not the corporations responsibility to take care of the citizens. Right. It's the city government's job to make sure that they have the right infrastructure in place to live a successful life in their city. And that goes more into a political discussion about what budget priorities already create these programs serve citizens. Well, too shy. Thank you so much for your call Glenn Stevens. Let me turn back to you them. You've been covering the Lordstown assembly plant since nineteen seventy one. What do you make of two showers assertion that laid off workers ought to be less risk averse to stick it out in the through the tough times of job retraining. Well, yeah. But it's it's a new thing for so many of them like you said, the ones that have not been in the classroom for for so many years, but I wanna make one other point if I could quickly the other thing that the the union and the auto workers and the community here, they're saying, you know, what is the responsibility of. Motors on this. They went they went to the wall for General Motors when they were going through the auto rescue and then on the day the very day that they announced they were going to lay off the third shift at Lordstown the very day. They did that they announced that they were opening a new plan to build the Chevy blazer in Mexico. Right. That's what they want to know. I mean, this plant is six point two million square feet. It has its own gate to the turnpike. It's on interstate eighty it has rail service. It has suppliers that were right on the same road that they on. So there was very little transportation to get the parts to the plan. So they're saying this plant has everything you want. Why can't you build something new here? Well on that point, Glenn we have a little bit of tape here from Dave green. The president of the United Auto Workers local eleven twelve they represent workers at Lordstown, and he told. You at W FM J that workers are looking to those contract negotiations that you talked about a little earlier coming up this summer to see what their options are. But Dave green has also still worried about the company pitting plans against each other. We call it whip sign has been a struggle for us across the nation. Right because once one plant gives up so much work agrees to so much outsourcing, then the next plants going to be expected to do it. I don't know that were you know, our members are really excited about making anymore concessions. It's Dave green president of the United Auto Workers local eleven twelve here. Now, how long will the thing that I want to get to you mind, your expertise on here is this bigger notion that we're trying to understand about why the the trajectory of manufacturing jobs seem so different in different parts of the country. I mean in your reporting, you found that manufacturing jobs are actually up. In seventy five percent of metro areas across the country. What are the differences in those metro areas versus the ones where manufacturing jobs are ebbing away. Yeah. It's a huge question in a very good one. Again, just to give some big bigger context from two thousand twenty ten the United States lost just around six million manufacturing jobs. So that's the pain that caller was talking about and places like Dayton, Ohio since that twenty ten Mark. So just after the great recession. We have actually added back almost one point five million manufacturing jobs and President Trump likes to tout his record last year was the best since nineteen Ninety-seven will so Heather standby, and Glenn hang on there as well. We do have to take a quick break. But we'll we'll explore this question more when we come back. We're talking about the closure of the GM assembly plant in Lordstown, Ohio, the massive job love job losses there. But also this be a question about why manufacturing is doing well in certain places in America and not in others in a tale of two economies. And how to bridge those. We'll be right back. This is on point. Hey, it's guy Roz here. And on the latest episode of how I built this has squarespace founder Anthony cuss Alina came up with the idea for a better website publishing tool in his college dorm room and since then built it into a company valued at one point seven billion dollars. This is on point mega truck or bardy. We're talking about yesterday's closure of GM manufacturing plant in Lordstown, Ohio. And what that says about divergent realities when it comes to manufacturing jobs across the United States. Let's listen to what President Trump said at a campaign rally in Youngstown Ohio in July of twenty seventeen. He talked a lot about manufacturing, and he promised those jobs would return to places like northeast, Ohio. I rode through your beautiful roads coming up from the airport. And I was I was looking at some of those big once incredible job producing factories, and my wife Malania said what happened? I said those jobs have left Ohio. They're all coming back won't come. Don't don't tell you. How President Donald Trump at a rally in Youngstown, Ohio, July two thousand seventeen. Now. The fact is that manufacturing jobs have risen more than four hundred thousand added since the president took office. But the issue is day, not they're not having been added everywhere, and especially in places like northeastern, Ohio. So let's go to Frank who's calling from Warren, Ohio Frank you're on the air. Yeah. Thanks for playing Donald Trump. Well, we right now, we're conducting letter campaigns. We bring our children write letters to marry barrel. Please don't leave were wearing blue or having rallies. We're making signs I wanna know did marry there and her children write letters to George W Bush, Barack Obama to get bailed out so many nursing gold. So that they wouldn't go bankrupt. And maybe she really lose her job. No, I I don't think so they took that. And they kept going and now here several years later, and they're leaving us. Well, you know, I wanna know when you're caught with that talking about corporate responsibility. Well, I'm telling you these people are singing, God bless America in different keys in the rest of us are, and I, you know, all the facts and figures about manufacturing jobs, you know, showing up here, and there well this plant going to Mexico. We're great deal. So, yeah, let's let's build a wall to prevent are good corporate citizens when I'm going to Mexico, Frank. I'm gonna take it back from you there. But thank you. So very much for your call. Let's get a call here in from David who's calling from Detroit. Michigan. David you're on the air. Hello. How're you doing doing? All right. Go ahead. David. So I we just had a similar announcement of the GM poll town plant, which is in Detroit and part of Hamtramck. And I'm also an auto worker my self, and we're going to be facing contract negotiations at the end of the year, and you know, the general trajectory of the manufacturing. And really the whole economy is towards, you know, lower-wage more temporary work different cures of work eliminating, you know, benefits and ways of you know, retiring and these plants when they get built they chase tax breaks. They tear up neighborhoods. They pollute the the environment around where they're built they expect handouts from the government to to build these plants. They expect tax breaks. They expect handouts in the form of hope to clean up. The brownfields they make yet they they feel like they can pick up and leave and it's not a case of them not being profitable. It's just that they're not making enough money. And I think they've gotten used to working people just tolerating it. And I think at some point it's to decision we as working people have to make and what will ruin the tolerate right? We are not willing to tolerate this. Then we have to strike, and we have to remind them that there used to be a time when auto feared working people and they need to do. So again, because it's not it's whether it's the politicians that serve him or whether it's the CEO's and stockholders they feel like this is their country. Not ours. Yeah. And David thank you so much for your call. Glenn Stevens with w FM J there in Youngstown, Ohio just want to know what you what your thoughts and reactions are to to those two callers, we just heard well, I think that's that's some of the feeling that you get because so many people have been impacted by the auto industry, you look at data, and you look at at at Detroit there's been so many so many communities that have been impacted by decisions made by automakers and they're they're right. They feel like when they went through the auto rescue everything that was done there to to pool. General Motors back out of bankruptcy. And then the the Lordstown workers that produce a quality car. I mean, even the the auto reviewers in the auto industry analysts will say that the cruise is a great little car. But what they say is they have never seen a shift in market. Like this people have just walked away from passenger cars for the past ten years. There's been this shift or the. The SUV in the crossover and that is dominating the market and people I mean last month alone passenger car sales were down forty four thousand units the year before one hundred and forty thousand. So they say they just have to respond to what the market is demanding. And unfortunately, the cruise was victim of that. And so the workers just feel like what can I do making the best possible car? I can make can I do. So so Heather long on that point. Let me turn back to you here because I'm still very fascinating trying to understand why in places like the rust belt or parts of the northeast. We're seeing this continuing draining away of manufacturing jobs. But as you, you know, you've shown in your reporting, the west coast or what's known as auto alley. I mean, there there are places where jobs are being added. What are the industries in which they're growing? And why are they located in regionally where they are? It's a it's interesting as you mentioned auto the auto industry actually is growing particularly in the Carolinas. And it's resurging in parts of Michigan as well. Some some people make the argument similar to that second caller that there's less unionization in the south and so the wages in the pay are lower. And so that's why autos industries and other factories have been shifting their as opposed to being in states, and in places that have a larger culture of union unionisation. Is that fair is it, right? I don't know. But that's what's happening is a business decision. The other thing really goes to the skills picture. Why is the west coast of all places? I mean, California's expensive everybody agrees on that. How in the heck are they getting those manufacturing jobs there? It's really a story of what you call advanced manufacturing. And that goes back to what I was trying to talk about what that fifty eight year old who was trying to get a degree in a CNC machinist. So that's literally someone who can do a little bit of programming to to set up and run a big huge heavy equipment piece that would manufacture parts by itself. It's almost like a three D printer basically being able to run an industrial three D printer. And but you know, not everybody knows how to do that. And so can you retrain those workers who are in those older respite towns, I'm from PA, western PA eastern, Ohio northern upstate New York, and Massachusetts and Connecticut. Those blue collar workers can they be retrained and is the money there to re re tool those factories. Well, let's go to Bob who's calling from Lincoln Nebraska. Bob have you had experience in retraining for a new industry? Actually, I have it was probably about ten years ago. I worked for a good year in Lincoln, Nebraska. I had been there for twenty years. And at that time, you know, there was the whole NAFTA thing it was taking off and they started closing parts of that plant down and sending bending jobs off to Mexico. They built a new plant in Mexico and started moving things out. And so I I I went into that program, and I chose to leave early before I lost my job. And you know, I I did exactly what you guys were talking about earlier, which was I just didn't have the choice. I had a family, and I there was no way I could make money anywhere else. And so I I went into the program. I finished I went through and I became a respiratory therapist. But you know, I probably make less now than I did then because of the benefits package that those large companies offer. We'll Bob thank you so much for your call. So Heather long respond to that. Because I think this is one of the things that in in your reporting. You also talked to a lot of people who if not directly experiencing this yet are concerned about it that even after they retrain given what the new job market is. And the new realities of cork in America that they're still not gonna cheat. The, you know, the the the level of a living in an income that they had before you're right. That's the biggest fear is that the middle class. Life is over there for a lot of people, and you know, Healthcare's is very much on people's minds. Some of the folks I spoke to I'm sure Glenn has as well who were laid off in the early rounds from that GM Lordstown plant, we're showing me their healthcare bells, and that their costs went from they used to have one of the premium plans at GM where they paid almost nothing for healthcare. And now, you know, their costs are several hundred dollars a month at a time when they're looking for a job that's going to pay less. There is some effort in that area. In earlier caller talked about. Why doesn't the city do more? The town do more to try to bring other industries. I was out there last summer because the trucking industry has become a big hub in that area. The Ohio turnpike goes right by that plant and actually a TJ max is opening a big warehouse facility. So a lot of warehouses and shipping companies. But of course, those jobs are more like fifty thousand dollars or even less if you're a warehouse Mercker more like thirty five thirty thousand dollars a year jobs. Right. So Heather, lemme ask you something about how the places that aren't seeing the manufacturing rebound how how they might get a leg up because I am concerned. Isn't there already such a vast imbalance between these booming metro areas, they're sucking up all the manufacturing jobs because of you know, the access to education the it's easier to maybe boost digital skills there. They have perhaps greater access to capital, there's sort of a, you know, a proximity effect that these bigger metro areas already have that it's just going to be really. Really hard for other regions to catch up. Is that a concern? It's a huge concern. Magna? You've been talking about to Connie's, frankly, I talk about three economies in America. Yes, we have these high-skill jobs in the silicon valley's and New York City's of the world. And Boston's of the world, you know, then we have the mid to lower skill jobs that are in close to those urban areas. And so yes, they aren't paying super well. But maybe their kids have a chance to get into programs or training that might elevate them to the high tech industries that are happening in those cities. But then there's that third America, and that's really in evidence in that Youngstown youngstown-warren Lordstown area in Ohio eastern, Ohio and western PA. And you're right. Those people the jobs aren't there anymore and also they're just not close. They're not close to the top skills. They're not close to the top retraining programs that and that's I don't know. No. I don't know how we change that doing. There's a huge debate in America between dooby need to just pump a lot of money into those cities as that a government function. Or do we need to move those people, you know, to Pittsburgh or to Cleveland or two other places Glenn Stevens your there in Youngstown, Ohio. I mean, what do you think from your decades of reporting on this? What do you think the region might need in order to to get that leg up? Well, I can tell you that the the local government here and the regional chamber of commerce is just a very active group, and you talk to them any day of the week. And the number one thing at the top of their list is economic development that is what they are focused on. And that's what they're doing. They're trying to market the area not long ago. Congressman Tim Ryan from here tw- on two occasions. He has brought in venture capitalist from the west coast. And they've spent two days in Youngstown exploring the city exploring the opportunities here looking at the work ethic. So. So there's there's efforts going on all the time to try to promote that economic development to attract new jobs to attract new new industries to the area and to offer those incentives because again when it comes to businesses looking to locate expand, that's the first thing they want they want the the incentives, they want the tax abatements, but the chamber and local lawmakers here are willing to work with those people to try and bring those jobs here and the Manufacturers Association here, they're saying that the focus was for so long was on that four year college degree, but they're saying is don't be afraid of manufacturing. They bring in classes they bring in. They they do shadow job job shadowing with the college students, and they take it in. And they let them spend the day in a manufacturing facility. Like, I said before it's not the dark dangerous place. It used to be the CNC machines that have it was talking about ego into some of these manufacturing facilities here. They look. Cleaned rooms. So they're just saying don't be afraid of it did anything come of those visits. From those venture capitalists, though, there has been a couple of deals come through. Congressman Ryan has has updated us on those. And I can't recall all the details right now. But I talked to several of those people, and they said that I'm going back to San Francisco, and I'm going to figure out how I can do something in the Mahoning valley. Well, Heather long we've got about a minute and a half left. He I just want him. What your what your final thought is for today's since he's been reporting on this so long it is a little. I don't wanna say depressing. But I, but I hear you saying that it's not an easy answer. In terms of how to help raise up these communities that have a lot of good people who wanna do good work, but perhaps because of structural impediments. It's going to be hard for them to make this transition. I think my final thought would be pivoting off what Glenn just said. I have spoken to to CEO's recently who have both run several different companies large companies over the years. And they said to me, you know, I open a plan or a office in San Francisco or one of them had opened a company in Cambridge Massachusetts. And he's like, you know, there's a little bit of applause, you know, you may make a few small headlines in the local paper. But then one of them opened a facility in eastern Kentucky and up elation and one open one in Memphis, Tennessee. And they were like the people were so grateful. The governors were there. These parts of America wa. Want jobs people want to work hard? And I just wish more CEO's from the coast would recognize that we'll Heather long economics. Correspondent for the Washington Post. We have links to her reporting on point radio dot org. Thank you so much for being with us. Heather thank you and Glenn Stevens special projects director and reporter for w FM J television. He's covered the Lordstown assembly plant since nineteen seventy-one with today from Youngstown, Ohio. Glenn, it's been a great pleasure to have you. Thank you. So very much. Thank you so much for for having me on. It was a it was a very good time and very informative. Well, folks, I'm just want to end with a couple of comments here that we've received online poll Norton says my brothers and machinist and must compete with China. They can produce a finished product for lower cost, and he can acquire raw materials for you need protection for workers from foreign producers who low ball on wages and materials. John Roberts says I've had to change career several times studying at night for years to learn new skills and earn new. Accreditation like evolution. It's adaptive or die. Keep your comments coming at on point radio dot org. I'm Meghna Chakrabarti. This is on point.

GM Glenn Stevens Ohio Lordstown Youngstown GM Lordstown General Motors America Heather long Crystal Keaton Michigan United States United Auto Workers president lucasville CEO NPR Mexico projects director Lordstown transition center
October 19, 2019: A public memorial is set for Atatiana Jefferson

5 Things

06:43 min | 1 year ago

October 19, 2019: A public memorial is set for Atatiana Jefferson

"Today's show is brought to you by net suite by Oracle the cloud based business management software that gives you the visibility and control you need to grow net suite is offering the free guide seven key strategies to grow your profits at net sweet dot com slash five things according to a tweet from family attorney s Lee Merritt Reverend Al Sharpton is scheduled to speak the vandalize memorial for slain civil rights icon Emmett till started a funeral will be held on Saturday for Tatyana Jefferson who was shot and killed in her home by Fort Worth Police officer earlier this month while she played video games Johnson will rely on votes from other parties and independent lawmakers and the three main opposition parties have pledged to vote it down Northern Ireland is also at the center of the any sibling will be proud to call her sister any employer will be proud to call her and employees neighborhood will be proud to have her as a neighbor and amy seating would be proud to have her as a citizen officer Aaron Dean was arrested on Monday on a murder charge before he was freed hours later on two hundred thousand dollars Bond Dean allegedly shot twenty eight year old Jefferson through a bedroom window place just outside of her district AOC's endorsement could help the sanders campaign which has recently lagged in polls amid the rise of Massachusetts Senator Elizabeth Warren and we'll be replaced with a bulletproof sign in a ceremony on Saturday the move comes after public outrage over a photo of Three University of Mississippi students posing with with her nephew Jefferson sister Ashley car spoke earlier this week of how proud she was averse sister in parents will be proud to call her daughter while responding to a neighbor's call that her door was open late at night the public is welcome to attend the service which will be held at the Potter's House in Dallas at two PM local time it all male jury in Mississippi acquitted two white men accused of the slang memorial sign has been a frequent target by vandals since it was put up in two thousand eight King of the blocks leaders but Johnson's ruling conservative party doesn't have a majority in Britain six hundred fifty seat parliament which means in order to win support for the brexit deal wrote Boris Johnson may have to rely on the Northern Irish Democratic Unionist Party or D. U. P. for success and they have said they will not be able to support a deal as John's in front of the marker full of bullet holes the new sign will be placed at the spot where the fourteen year old's body was pulled from Tallahassee River and will be open to the public but protest weekend Nina Turner who is the current Sanders Campaign National Co Chair said that Oh Cossio Cortez is returning the favor for the groundwork sanders campaign lead in two thousand sixteen since the outbreak of World War Two sit in the House of Commons on a Saturday they will debate prime minister Boris Johnson's new deal to leave the European Union that won the to buy a gates and security cameras according to the Emmett till memorial commission to was fourteen when he was tortured and murdered in nineteen fifty five and an old next up is set to endorse Bernie Congresswoman Alexandria Ocasio Cortes plans to endorse the Vermont senator appearing with them at an event chins about sanders health following a heart attack British lawmakers will do something very rare this weekend so rare in fact that it's only happened four times chance British law expert Joel Grogan told the Associated Press there's no certainty on how politicians will vote important at that this with me in Sanders promoted this weekend's entering Tuesday's debate and it will take place in Queens New York Oh Kazuyo Cortes district includes part of Queens though the rally will take on and only now whether or not she can convince enough. MP's to support that will be a very significant question because the DUP have said they are not support GM and UAW reached a proposed tentative agreement on a new four year contract on Wednesday after a month of a nationwide strike and the union the steel is very similar theresa May's I steal the difference is a Northern Irish protocal so that special arrangement for northern again it takes northerns little bit away from the UK custom system and creates a lot of extra burdens on Northern Irish system so Georgetown Assembly plant in Ohio for that reason Lordstown workers say they will vote against the deal a reminder you can tweet us at USA Today podcast appears to have one on a number of its goals including a path to permanent employment for its temporary workers bought the biggest loss for the union is the continued closure of the line that will get enough support is the big question and last up united automobile workers are set to send a deal with General Motors to workers for a ratification vote on Saturday. You have any thoughts about these stories or just want to chat in general Andrew tweet might be featured on the show that's at USA Today podcast and you can catch new episodes five things Monday through Saturday on apple podcasts and wherever else you get your audio that includes the Google home and Amazon Echo you could also you need to grow with net sweet you save yourself time and money by managing sales finance and accounting orders and HR instantly right from your desktop loosing net suite by oracle the business management software that handles every aspect of your business in an easy to use cloud platform giving you the visibility and control other for sales and other for inventory and so on it's just a big inefficient mess taking up too much time and too many resources and that hurts the bottom line injury describe for free and leave us a rating interview if you'd like five things as part of the USA Today podcast network five things is brought to you by net sweet if you oppor phone that's why net sweet is the world's number one cloud business system and right now net suite is offering valuable insights with a free guide seven good morning I'm Taylor Wilson and this is five things you need to know the weekend of October Nineteenth Twenty nineteen I know your numbers you don't know your business but it can be nearly impossible for

USA Today Oracle the cloud Lordstown Ohio GM UK General Motors Georgetown Assembly plant UAW theresa Taylor Wilson Andrew Google apple Amazon two hundred thousand dollars twenty eight year fourteen year
AP Headline News Nov 26 2018 17:00 (EST)

AP Radio News

04:30 min | 2 years ago

AP Headline News Nov 26 2018 17:00 (EST)

"The holiday tips and wine stories from Paul Kristen and Dexter at total wine and more my top tip. Not all gifts have to be for others, treat yourself. Chris whites. Like, a floral Soviet-bloc pairs, perfectly, shrimp, cocktail and other light appetizers. Now. That's how you kick off the holiday meal, most adults smile and average of twenty times a day. Make that Twenty-one for someone you love with the perfect bottle from total wine and more. Whether you're entertaining or just bringing the wine, we'd love to share are always low prices and ridiculous election with you this holiday, total wine and more. Cheers. AP radio news. I'm Ed Donahue. General Motors is restructuring it means cutting jobs, and possibly closing plants the AP saga megani has reaction from the White House. One of the plants is in Lordstown, Ohio where the president told people last summer not to sell their homes, noting all the jobs are coming back. He says he told GM chief Mary Barra. He's not happy with the plan potentially shutting down better. Get back in there soon. That's Ohio the Lordstown plant makes the low selling Chevy Cruz, which won't be sold at all in the US after next year. The president says fide vehicle that will sell. I have no doubt that in a not too distant future. The put up the house. They better put something else in saga megani. Washington. President Trump is in Mississippi for two rallies for GOP Senate candidate Cindy, Hyde Smith, who's in a runoff tomorrow against democrat. Mike SP Hyde Smith has been seen in photos wearing a replica hat of a confederate soldier. And in a video praising supporter for saying. If he invited me to a public hanging. I'd be on the in the front row fell very badly. She certainly didn't mid that had you know, his taking a certain way, but she certainly didn't made it and as I understand it. She's already apologized send very strongly the three hundred mile road trip is over for Nasr's insight. It landed on Mars to the delight of NASA folks on earth, a pair of minisatellites trailing insight since their may off provided practically real time updates of the spacecraft supersonic descent through the reddish sky, a Monday comeback for stocks global stocks rose after taking big losses. Major tech companies had a big comeback as well. The Dow Jones industrial gained three hundred fifty four points Ukraine's parliament voted to impose martial law in parts of the country to fight what its president is calling growing aggression from Moscow after weekend. Naval confrontation in the disputed, Crimea, peninsula. This is AP radio news. News. The first and only black Republican woman in congress Utah's Mia. Love talked today for the first time since her defeat about harsh words about her from President Trump the president. Towards me made me wonder what did he have to gain by saying such a thing about a federal fellow Republican? It was not really about asking him to do more was it or wasn't something else. A day after election day. President Trump grouped love with other embattled Republican incumbents who fail to fully embrace him in their re election bids the president said she gave me no love and she lost. Kennedy. Cousin Michael Skakel, urged the supreme court to refuse to hear an argument and appeal by Connecticut, prosecutors who want to reinstate his murder conviction in the nineteen seventy-five killing of his teenage neighbor, the Connecticut supreme court had overturned that conviction. I'm Ed Donahue, AP radio news. Holiday tips and wine stories from Paul Kristen and Dexter at total wine and more my top tip. Not all gifts have to be for others, treat yourself. Chris whites. Like, a floral Soviet-bloc pairs, perfectly, shrimp, cocktail and other light advertisers. Now. That's how you kick off the holiday meal, adult smile and average of twenty times a day make that Twenty-one for someone you love with the perfect bottle from total wine and more. Whether you're enter -taining or just bringing the wine, we'd love to share are always low prices and ridiculous election with you this holiday, total wine and more. Cheers.

president President Trump AP Dexter Nasr Chris whites Ed Donahue Paul Kristen Ohio White House AP Mike SP Hyde Smith Lordstown General Motors Connecticut supreme court Washington NASA Chevy Crimea
AP One Minute Headlines Mar 06 2019 14:00 (EST)

AP Radio News

01:00 min | 1 year ago

AP One Minute Headlines Mar 06 2019 14:00 (EST)

"Border crisis. I'm Ed Donahue with AP news minute. Homeland security secretary Kirsten Nielsen is explaining to a house committee. Why President Trump declared a national emergency at the Mexico border projections or dire? The agency is now on track to and more migrants crossing illegally in the first six months of this fiscal year. Then the entirety of f- lie seventeen until the lawmakers. The crisis was not manufactured a second federal judge in San Francisco ruled the Trump administration's decision to add a citizenship question to the twenty twenty US census is illegal last month. The supreme court agreed to review an earlier decision out of New York. A General Motors plant near Youngstown Ohio will be idled at the end of the day today affecting about seventeen hundred workers workers, they aren't giving up. We're not backing down. We're going to fight that fight to keep TM Lordstown here to keep these families here. The last Chevrolet Cruze is expected to come out the assembly line in Lordstown Ohio later today. I'm Ed Donahue.

Ed Donahue President Trump Trump administration Kirsten Nielsen Youngstown Ohio Lordstown Ohio supreme court Homeland security AP General Motors San Francisco Lordstown secretary f Cruze US New York Mexico six months
The business of predicting the box office

Marketplace with Kai Ryssdal

27:25 min | 1 year ago

The business of predicting the box office

"This marketplace podcast is brought to you by well frame, their digital health management solution connects people and care teams through a patented platform so healthcare organizations can give people the support they need when and where they need it. Learn more at well frame dot com. This marketplace podcast is brought to you by. Indeed, are you hiring with indeed you can post a job in minutes set up screener questions than zero in on your shortlist of qualified candidates using an online dashboard get started today at indeed dot com slash marketplace. That's indeed dot com slash marketplace. Honestly, when I saw the jobs report this morning, I thought they had dropped a zero what twenty thousand new jobs tells us about this economy from American public media? This is marketplace. In Los Angeles. I'm KAI Ryssdal. And his Friday today, the eighth of March good as always to have you along everybody. It is a rare Friday indeed when the first item on this program is not five or maybe six minutes of analysis of the big economic stories of the five days gone by it is also a rare Friday though, especially in the last couple of years when we get an economic indicator like the one we got this morning one that makes you go. Wait, what we speak here, of course, about the unemployment report for the month of February during which this Connie added just twenty thousand jobs one hundred and fifty thousand fewer than the experts had been guessing and we've been adding just for some context here ten times that number on average past couple of months, so marketplace's Mitchell Hartman spent some time today on this question. Just weird data or economic end of days. Here's Mitchell the economy added more than three hundred thousand jobs in January in February job creation, basically flatlined. It was like employers hid under a rock. My initial reaction was wow. This is terrible. What went wrong Brad McMillan at Commonwealth financial network. It raises the fear that businesses of all of a sudden decided that things are not as good as they've been and they really need to cut back on hiring. Except McMillan says there aren't huge economic problems that could make the job market tanks. Suddenly, so he thinks more likely this one bad month is a statistical blip Betsey Stevenson at the university of Michigan says, these monthly numbers can be volatile and February will likely be revised up the right number might be something closer to seventy thousand jobs on the positive side of this report unemployment is down to near fifty year low and wage hikes are accelerating says Kate Bonn at the Washington center for equitable growth. That's sort of exactly what we want to see is tightening labor market workers having more bargaining power and being able to command higher wages. Many companies are now starting workers at fifteen dollars an. Hour or higher says Michael Britain at the workforce development agency in Louisville Kentucky, a hub for manufacturing construction and e commerce. There's a lot of competition where people are stealing folks from one another with modest pay increases. And here's the thing this seemingly contradictory best of times worst of times at the same time picture of the labor market. Brad McMillan says it kind of makes sense maybe job growth, really is swelling down from an economic standpoint. We don't need job growth to be white hot to have the economy do. Well, economists estimate we only need about one hundred thousand new jobs every month to absorb new workers entering the labor force. I'm Mitchell Hartman for marketplace. Okay. Now, we get to the five or six minutes of analysis of what the heck happened this week Linette Lopez is at business insider, she's in our studios in New York City Brady is it politico. He's done in Washington. Hey, you AK so city. Let me start with you. And. Test premise here a glitch in the numbers or economic end of days, what your gut well anyone who follows KYW's job day obsession. That's an obsession on Twitter knows that there's a margin of error involved in measuring labor market of this size. And so the jobs numbers really could have been more than one hundred thousand different either direction who really knows look if this were how it all ends of this long expansion goes down. Both surprising. And and it would be unprecedented to see something like this. We've heard repeatedly that expansions. Don't die of old age is usually some kind of shock doesn't mean there's going to be a loud bang, but it'd be unusual for us to not have a shock or something. Some more obvious kind of trigger. Now that said it has been a bit of a puzzle to see job growth, so strong for so long this late in the Nick, and I'll make expansion nine years and eight months into this expansion you thought it would slow down by now. So maybe this is an early hint that it's just going to slow down to a longer term more sustainable pace. Well, first of all, I it's at KYW result on Twitter limited. You just get the plug in. If you're gonna if you're gonna plug my Twitter account. Let's get it right at KAI Ryssdal. So there's that but Linnet look as he was talking about this economic expansion hits ten years come June. We just passed the tenure anniversary of the low in the financial crisis for the markets. Here's here's a hypothesis. Right. Talking about a shock. No. It's not gonna be old age. But maybe just maybe trade wars and tariffs and pulling back from the international global economy as the president is doing is the shock. Maybe. Yeah. Maybe all the things that we said were bad are actually bad running new right now. You know, I think it's very interesting that the two largest economies in the world had both really bad indicators in the last twenty four hours China had a horrible trade data. And so, you know, we're looking at a global slowdown, and why would the US not be affected? I know that you know, we've always had a very insular economy. But at the same time, you know, we've never had a doubt. Downturn in a in a world as global as our world is right now with China as of such a powerful number two in such a powerful force in the global economy. So perhaps it's the US feeling earnt the feeling what the rest of the world is also feeling and just a brief detour here to Europe the European Central Bank either yesterday the day before frankly, it's all a blur said, oh my goodness. We're going to keep on with quantitative easing lending money to banks, and we're not going to raise interest rates. Yeah. There are parts of Europe that the are still wondering where the expansion is. They are they're expanding. Slowly, they're just not in the kind of boom. And most of the world isn't hasn't really seen the boom. You would have expected this this bar into an expansion. And it's kind of a Downer around the world to have the Europe the the Chinese and the Americans already talking about this when they're like. Yeah, we never really got off to the right start with our expansion. Policymakers are having to respond everywhere to that. I it so interesting limit that. He keeps the city. He's using the word boom when. Really? That's not what we had. Right. We've had slow steady. Two percent growth. We had the the taxes the tax plan fueled high in in this economy to get us to three percent. But two percent is the new normal. I mean Yellen told me that Janet Yellen told me that ten days ago two weeks ago. As someone who graduated from college in two thousand eight. Yeah. I'm also wondering where the boom. Where was that? No. I, you know, guests this is long in the tooth. Yes. We've had indicators that have shown that things might not be as rosy as the Trump administration. Have you say, you know, the housing market has been shaky. This is why our Federal Reserve has said that it's going to continue to remain vigilant. This is why our policy is not started just hiking rates. All the sudden this has been in the data, and it just hasn't been in the jobs data. There has been creaky data for the last year and a half here in the United States return from from macro-economy to politics for just a second year. I want to touch on Elizabeth Warren plan that came out this morning to to break up the big tech companies to to break up Google's in the Amazons. She's obviously running for president twenty twenty one doesn't no one does kind of know where this plan is going to is going to go in the long run. But what do you make of this this claim she's sticking here? So yes. It's the fight for the liberal base is getting really kind of early for in all this. The good thing about seeing something like this in a wide open campaign is we really do get a full airing of ideas and some people legitimately scratched their heads wondering. Whether it's a good thing for Facebook to also own Instagram and what's app and for Amazon to control not just every consumer product you buy, but also all the buji food. You got you get. At whole foods. And so people who are old enough to remember the debate about Microsoft, two decades ago or see some hints about it about whether there a real risk to competition when giant companies glob gobble up everything around them. So there's nothing wrong with the spirited debate about all of this. But it has to happen in the context of what is the right thing for competition and for consumers long run at Elizabeth Warren has has that in mind in in raising this. But obviously, it's not gonna end up the quite the way the detailed way, she's outlined. It is it political and it Lopez at businesses under. Thanks you too. Thanks. Have a nice weekend on Wall Street today traders really did not like that jobs report. And then they decided they were okay with it. Actually. We'll have the details when we do the numbers. From the marketplace desk of having so much money. It's almost a hassle vis an amount of Norway this week that country's trillion dollar sovereign wealth fund is going to sell off some in the key word here being some of its oil investments, which is an I grab ING headline for big oil producing country in a fund built on those oil revenues, the vestments like this have of course, Bennett talking point for environmentalists for years, and they certainly did applaud the announcement this morning as they have when college endowments and other big investment funds did the same thing. But this being capitalism Norway's decision was really less about climate change than it was about dollars and cents as marketplace's Tracey Samuelson reports as the saying goes, it's never good idea to put all of your eggs in one barrel. Voile? Yes, you're Guinea's with the research firm energy aspects, if you are an economy that's already heavily impacted by the price of oil. Does it make sense to continue to make an investment in equities? That will also be impacted by the price of Wales last year. Norway got about twenty percent of its revenues from oil. So it's government said today it wants to reduce its Filner ability to a permanent decline in the price of oil misses an investment decision. First and foremost adheres teaches energy economics at the university of Houston. Oil and gas stocks have been the laggard across twenty industries over the last three months. Six months. Two years. Three years five years ten years investing one, oh one diversify. Norway will eventually sell its holdings in one hundred and fifty oil exploration and production companies. That's only one point two percent of the fund's holdings in it'll still invest in large integrated oil companies like BP, an Exxon Mobil. So this won't have a huge impact. But it will let Norway tout some green leadership says Sony. Kapoor managing director of the. Think tank redefine Norway has increasingly been called out in international fora, but what is seemed to be very hypocritical stance pretending to be green while continuing to pump ever increasing amounts of oil still he's as Norway wouldn't be doing this. If it didn't make economic sense, which we see Samuelson for marketplace. Might have seen the picture in your social media feeds this week or maybe on an actual news site of that car rolling off the assembly line at the General Motors plant in Lordstown Ohio that one with the American flag draped crossed the windshield. It is the last Chevy Cruz GM is ever gonna make in Lordstown. The company says it does plan to invest in other plants that are making more profitable trucks. And as UV's part of that big restructuring, we told you about back at the end of last year, but for the fifteen hundred or so workers at Lordstown who are about to be out of a job. Those other investments will pay the rent from the marketplace hub at W C P N in Cleveland Adrian mom reports the GM plant looms large and Lordstown multiple buildings in a complex that spans almost nine hundred acres as workers left their last Chevy Cruz shift some gathered across the street to protest. Some health signs urging GM to save their jobs. One of them was Melissa Tonkin soon. She says the last few months since Jim announced the layoffs have been hard. I go through stages of severe anger. I go through Syr stages of hurt. But my reaction has physical consequences on my kids. So I've had to sorta like try to do the best. I can do with it GM says it's not shutting the plant down. Instead, it says the facility will be unallocated, which essentially means the lights will stay on. But no cars will be made their Jim spokesperson, she'll McCarron didn't want to do a recorded interview. Though. She says anyone who wants a job and is willing to relocate will have one but David green who's president of United Auto Workers local eleven twelve says that puts his members and their families in a tough position. So people don't know what to do do they transfer? Do they stay in? Wait it out. It's a pretty big amble any says, it's sad to see what's happening to the plant given its proud history here. Nineteen sixty six could be the beginning of a new quiet. Crossroads community of Lordstown, Ohio from GM promo film for the Lordstown plant, not long after it opened five thousand new jobs. It says a once in a lifetime opportunity with the demand for new automobiles. Increasing General Motors is determined to. Facilities to you. Also, get that sense of history talking to John Davies junior a minute. The union hall a couple of hours after his final shift growing up in nearby Niles, Ohio. Davis says he always dreamt of job building cars. My mom always laughed about it. When you talk the kids, and you hear him say when you're little they want to be a fireman. They want to be a police officer. They want to mine I wanted to work at GM. He finally got that job in two thousand seven and spent most of that time since helping to assemble the crews on Wednesday morning as the final cruise roll down the assembly line. His supervisors told him he could leave. But instead he lingered following the car as fellow workers. Put on the finishing touches. We didn't say goodbye, we say, we'll see you in. We'll see again because we're all having hoped that we get another product. So nobody wanted to say goodbye. So it's I'm choking up now. Sorry, but it's it's hard. It's real hard. Davis says he's applied for unemployment benefits. He doesn't want to transfer because that would. Mean commuting a few hours and spending the weekdays away from his wife and daughter, the local union says on average workers at the plant earned about thirty dollars an hour, and until the plant's future becomes clear the union is helping workers like Davies apply for jobs or enrolling training programs, and Melissa Toncontin who's fifty seven and was at the plant protests. Maybe one of them for now, I'm going to sign up to go to school and maybe start a second career and getting a position where I can just walk away. What would be your second career? You're gonna switch. I will tell you. They won't have a darn thing to do with cars. The UAW is currently suing GM the union says the company's violating a bargaining agreement and wants a judge to resend the company's decision to unallocated the plant GM says the suit has no merit in Lordstown. I'm Adrienne Ma for marketplace. Coming up, you need to see data over a number of months to to really get a feel for what's going on you got data, and then you got data. But first, let's do the numbers. Oh, look the fifth straight day of losses on Wall Street for those keeping track down dust off twenty two points less than a tenth percent today. Twenty-five thousand four fifty the NASDAQ declined thirteen points about a tenth percent, seventy four eight the S and P five hundred fell back five points. Two-tenths percent on that index twenty seven and forty three for the week the down the S and P both down two point two percent. The NASDAQ aloft off two and a half percent Costco, found five percent after beating estimates on quarterly profits in gross margins. They will get some of my money this weekend. The company said same store sales jumped six point seven percent online sales up twenty five percent national beverage flattened fourteen point six percent after the maker of qua- mcroy the qual-. I don't know. If you tell me sparkling water reported poor quarterly earnings the CEO offered e- explanation that investors considered strange Nick Caporale blamed quote injustice in his earnings report. You're listening to marketplace. Marketplace podcast is brought to you by Amazon web services. Do you ever wonder how we're streaming millions of movies on? Manned or doing our banking from the beach and how we're watching a live mission from Mars smart business minds dreamed, these ideas and Amazon web services is how they built them with the broadest functionality and the most experience leading enterprises trust the AWS cloud to build the next big idea. Are you ready to build it? Learn more at AWS is how dot com slash podcast and resume when you use zoom every day is a little better zoom. Video communications is the web's best reviewed videoconference service. It's used by millions to meet one on one or hundreds at a time with zoom video conferencing, you can connect face to face with anyone across town or around the world using flawless video clear audio instant sharing of files video anything and you can connect through any device desktop laptop, tablet smartphone or conference room system. Zoom videoconferencing zoom rooms zoom video webinars zoom phone put state of the art tech at your fingertips and lets you do business at the speed of zoom. If you're not using zoom. Video communications the only question is why not they make it super easy for you. Visit zoom online and set up a free account today. Try the most affordable and most reliable video communication solution on the market meet happy with zoom. This is marketplace, I'm KAI Ryssdal. You got your economic forecasts. Right. We talk about them all the time on this program. Governments make them companies do to also on a day that Marvel's big new and hopefully for them blockbuster, captain marvel movie opens movie studios in theaters make them to box office media, which is a company that projects and then tracks opening weekend numbers figures, captain marvel could bring in more than one hundred and sixty million dollars the next couple of days. Margaret blazes Renata sago explains. How they know before anybody says foot and if eater. You can't do this. This trailer for captain marvel features Samuel L Jackson, one of Hollywood's most bankable actors alongside Academy Award winner. Bree Larson, top dollar talent. Daniel Lereah editorial director with box office. Media says talents one consideration in predicting how a movie may do on opening weekend. But there's more it's a little bit like guessing, the weather Lauria says data crunchers also look at what time of year the movies coming out and what else is opening that weekend. Also, how many screenings theaters are planning and how much social media attention. The film is getting Twitter looking at follows on YouTube and Facebook, but a big part of the projection game is balancing that data with a smart marketing strategy, Jason squire is editor of the movie business book. He says movie studios, keep their internal revenue projections to themselves and often share a more modest figure with the public because if the movie's actual. Grosses are blow the studio announced estimates that is a bad signal, but it's becoming harder to project. How much movie will make says date Hayes New York business editor at deadline, especially since audience tastes are changing. And a lot of times. It's those younger skewing films that are really difficult to predict sounds like studios and data crunchers might need some superpowers to get a handle on that. I'm not to say go for marketplace. Getting your movie picked up by major theater chain can be pretty challenging in and of itself, we take a look at how exactly that process works at marketplace dot org. Ladies and gentlemen, we give you once again, the American housing market, and we do show because it's just a huge chunk of this economy right specifically today, we are talking about an indicator known in the vernacular as housing starts that is construction of new homes, which was up in January on a seasonally-adjusted basis more than eighteen percent from a month earlier. And now, the you know that forget you heard it because housing has more statistical indicators than maybe any other slice of this economy. And they don't all tell the same story. Marketplace's Amy Scott explains how to make sense of it all if you follow the business and financial news. You hear a lot about which way the wind is blowing in the housing market, including on marketplace. Data on new home sales out tomorrow rising interest rates are making houses, less affordable. New numbers from the case Schiller home price index out this morning show that wildfire hearing out let all these numbers mean can be so head-spinning even one of the biggest. Homebuilders recently looked at the housing market and shrugged. Stuart Miller executive chairman of Lanar told analysts the company wouldn't give a forecast for the year. We've been careful not to give too much guidance looking ahead because there's uncertainty and plenty of it takes the latest new home sales figures from the census bureau out earlier this week sales rose more than three and a half percent in December much better than analysts had expected, but get this sales figures for November. We're actually worse than originally reported a lot worse so rule number one for interpreting the data mind, the revisions Christopher Thornberg is with beacon economics or always hearing about the current number. But we hardly ever hear about the revision. Of course, revisions where the interest is for communists. Sure. But the news business wants to know what's happening now who cares about a fresh take on the housing market in November when it's March. Well, maybe we should care Thornberg says it's not. unusual for housing starts. The numbers out today to be revised by as much as twenty percent because they're based on small samples of home builders, and even though economists work really hard to get good samples often the date is just not that clean in the month to month basis, you need to see data over a number of months to to really get a feel for what's going on. And that's rule. Number two, one month's data. Do not a trend. Make trends over several months though are worth watching and not just for those of us who follow the housing market as chief investment strategist at CF are a Sam Stovall is watching for clues about the direction of the overall economy. He says one of the big clues is housing starts not because construction is such an important aspect of the US economy. But rather consumer confidence is who would risk buying a brand new home investing in their greatest asset. If they were worried about losing their jobs turns out a big decline in housing. Instruction has proceeded every recession since nineteen sixty economists Susan walked or teaches real estate and finance at the Wharton school along with housing starts. She follows the case Schiller home price index which compares sales of the same properties over time. But she also watches something you might not expect birth rates as a sign of future housing demand. Wachter has ruled number three look at the big picture in combination. All of these data sources have significantly more power than if you just look at them one by one to summarize it's worth following all these fluctuations with a healthy dose of context. Economists Chris Thornberg says it's no wonder people are hungry for any signal of where the market is headed because anybody who owns a home has constantly making a mental calculation as to what is my home is worth in. What does that mean for my family finances, and anyone who doesn't own a home maybe calculating? If they ever will in Denver. I'm Amy Scott for marketplace. This final note on the way out your remember how I said yesterday that if you're planning a trip to Europe anytime soon, you're in luck the continent's economic troubles that went into deep, and I were talking about have driven the euro to a two year low. And if you don't remember me saying it, well, I did. Anyway, the economy might favor you, but politics and global security is most definitely not the EU announced today that starting in twenty twenty one American citizens are going to have to have a visa to visit. It's an online application thing. Probably not too big a deal in the overall picture. But I guarantee as somebody who's going to get off the plane in Paris or Rome one day a couple of years from now and be in for really big surprise. Are we gotta go. The Dow off twenty two points today lesson at ten percent. The NASDAQ off thirteen that's about a tenth as P five hundred fell back five points two tenths of one percent for the week. Not two percent down cross board made me a little bit more. Our theme music was composed by VJ Liederman. Marketplace's executive producer is Nancy for golly are executive editor is Evelyn the Rubia. Deborah Clark is to senior vice president and general manager, I'm KAI Ryssdal. We will see him on everybody a great weekend. All right. This is APN.

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From $22 an hour to $11: What the GM layoffs mean for workers

Post Reports

26:47 min | 1 year ago

From $22 an hour to $11: What the GM layoffs mean for workers

"From the newsroom, the Washington Post. I need this is Tracey John Kelly from the post. Washington Post reports I'm Martine powers. Friday Marci today in uncertain future for laid off autoworkers by terrorists in the US are rarely charged with actual terrorism and along weeded superhero. Watching the news and stuff in hearing them say, you know, how sad it as GM don't care for their place is true. The business were numbers doesn't matter all the bags and please for this community not gonna make a difference last November General Motors announced that it would cut fifteen percent of its workers and shutdown five plants in North America. Including one in wards town, Ohio. Of big companies data care, unfortunately, they don't care tear aggress is one of about forty five hundred workers that have been laid off from that plant in Ohio in the past two years. Fifteen hundred of those workers were laid off after the plant closed this week. I wouldn't say this is one hundred percent accompanied town. But let's say it's eighty percent and company town Heather long covers economics for the post, and she spent some time in Lordstown. And she says that the reason why the towns tiger GM plan is closing all comes down to one car. They made a car called the Chevy Cruz. Literally ticked all the boxes that is a small sedan markets for kind of fifteen to twenty thousand dollars and that was super popular right after the great recession the latest Chevy Cruz is much more than a cheap domestic people were short on money gasps expensive. They were looking for that cheap economical gas efficient option and the crew was a pretty darn good car for that. It got pretty good ratings. But after the recession a lot of people went back to buying less cost efficient cars, like SUV's and trucks. Basically, the United States auto industry thinks they're not making enough money on small sedans, and they're all getting out of it. Even though the economy is doing better, the manufacturing sector has an improved equally across the country and a quarter of metropolitan areas, including in Lordstown, it's on a steady decline, and that means that there aren't many options left for auto workers. Like tara. They can try to get another job in town usually for less pay or. Few worked in the GM factory. Not I the player you have the possibility to transfer or the third thing is retrained on. Third plant. I came from Mansfield. They shouldn't have plant. Now, Tara is thirty seven years old and she's worked at GM for nineteen years like seven hundred other workers at the plant. She says she's going to try to stick with the car company. But thirty percent of the people laid off at the Lordstown GM plant have chosen a different option. The trade adjustment assistance program. It's a federal grant the covers two years worth of classes and provide a weekly stipend on paper. It's a good opportunity. And that's what everybody in Washington DC or my friends on Wall Street. Always like what's wrong with these people? They just need to retrain. Well, that sounds really easy till you're forty five or fifty five and you haven't been a classroom in years, and you've been working this factory. And suddenly, you gotta go back to school Heather spent time with some of the people who chose to retrain. The one that sticks in my mind is a fifty five year old name, Mike Binoche, and he's a really smart guy. He got a college degree in the early nineteen eighties. Tell you about any stat about the Chevy Cruz, but at fifty eight when he was laid off last summer, he followed the state's advice, he took the retraining money. The grant he enrolled to become a CNC machinist, which is an advanced manufacturing job sorta like being able to three d print something you can sort of set up the machine, and then get it to actually make parts and make cool stuff like a three D printer. And you know, he said I lasted one week. I he sat down the professor says. Okay. Let's get going fire computer and put in the flash dry. And he said, I didn't even know what a flash drive was. I had to turn to the person next mean say what's a flash drive? That's how far behind he was you know, again, he just didn't have the computer skills for other people many of the folks at that plant. Had maybe just a high school degree or some of them didn't even graduate from high school. And so again, they they haven't done math at a pretty high level in years. And you know, you need that even if you're going to go try to retrain to be a dental assistant or an certainly an RN nurse degree. So even though it sounds like in this case, the state of Ohio had set up a grants for helping people to retrain, and there are other federal programs that are are trying to get people from no longer exists manufacturing jobs into different kinds of jobs that those programs aren't helping in the way that they were intended to. That's right. These GM workers here in Lordstown, Ohio had what we called the Cadillac retraining offer they receive money from the federal government the state government for fully paid two years of classes at pretty much any program, they chose. He can't go do it for art class. But you know, any program that would have been leading to some sort of job. So welding CNC machine is. Nursing dental assistant trucking and on top of that they would get paid to go to school. They would receive basically unemployment insurance or little bit run. So a couple hundred dollars a week as long as they continue to be enrolled full time showed up to class. You can't get a better deal than that for retraining in this country. Even with that kind of an offer on the table only thirty percent enrolled, and even fewer have graduated and what really sticks with me, and my big takeaway if somebody is older or younger than forty five in the people, I met who are in their twenties and thirties who were laid off, you know, GM's going to be a footnote in their life story. They were like sure I'll go retrain all move to another state. You know, a lot of times they don't have family don't have mortgage their little younger more money to try. But the ones who were over forty five who are in their fifties in their sixties. It's harder to get rehired. What is someone higher you versus the twenty year old? You haven't been in that classroom for a while. So it's hard to retrain. You've got a mortgage you've got kids or elderly parents taking care of you got roots deep roots and someplace, and it's just so much harder for those people over forty five. And this is true. Not just in Lordstown, but and other places across the country. It is an all the places that I've seen and I've traveled a lot through Pennsylvania. It's my home state through Michigan. Wisconsin through Kentucky. So yes, I'm confident enough to say, yeah. That this is a huge factor. What's going to happen to these people who don't end up being successful at retraining? A lot of these people are going to end up taking what jobs are available and our story opened with Scott maze. Peso, great Italian American heritage. And at the moment, he has gone from working at magnum one of the big GM suppliers maids making seats he had worked his way up to the top wage of twenty two dollars an hour with great benefits there today. He works. Time and pizzaria, and he loves the people, but you know, eleven dollars an hour with no benefits part time. What he's on right now. The handful of jobs he's been called back for have been ten eleven twelve dollars an hour jobs for these workers who you talked to about this experience, where do they stand politically this county for years called Trumbull county in Ohio has voted democrat. This is your union town that supported Democrats since Nixon and in twenty sixteen it's one to Trump does that mean every person voted for Trump. No does that mean every person blames the president for this? But the president understood this he showed up early in his presidency in the first few months, he made a trip one of his rally trips to Youngstown Ohio, which is really close to where this Lordstown is. And he told the people there don't sell your house, though. So. Not sour. We're going to get those values up. We're going to get those jobs coming back and Wigan fill up those factories or rip them down at Bill brand new ones. And this whole seems kind of surprising and counter intuitive. Because I feel like all we're hearing right now is that the Connie's doing so. Well, and that this is actually a really good time to be doing business in America. And yet for the people in these particular manufacturing jobs. That's not the case the best way to describe it is this is a good economy. Probably the best be seen since two thousand maybe longer. But there are pockets of pain. We've actually added a decent number manufacturing jobs back. Last year was the best year for manufacturing growth since nineteen ninety seven seventy five percent of metro areas in the country have been adding manufacturing jobs since the great recession a quarter have been losing. They still been shedding jobs. So guess what's in that pocket of pain eastern, Ohio word this Youngstown Lordstown areas, western Pennsylvania or north of Pittsburgh? Upstate New York. Connecticut, Massachusetts, these types of older rust belt communities. Many of them have not seen that pickup in manufacturing jobs. So maybe the issue isn't that America is no longer a place for manufacturing. But that these towns these parts of the rust belt's, they're no longer a place for manufacturing. I think that's that's pretty true. Can they become and reinvent themselves for advanced manufacturing? That's what they would like they would like to be the new three D printing hub. But again, the companies are weighing could should they stay in Ohio where there's a strong union presence. Should they go the Carolinas where there isn't much union presence? Or should they stay in these areas and invest tens of millions of dollars in retooling or should they just build a new factory somewhere else? So is it fair is it, right? Is it just probably not? But that's the kind of decis. Seasons that are in the thinking that's going on. And why we're seeing growth in manufacturing in a lot of parts of the south. And I'm bizarrely surprising to me in the west coast. Because that's where more of that tech advanced manufacturing skilled labor is perceived to be. Thank you so much. Thank you. Heather long covers economics for the post on Friday. The Labor Department announced that the US economy added twenty thousand jobs in February which is significantly less than the one hundred eighty thousand new jobs that some communists anticipated Heather said that these lackluster numbers may signal a cooling off period in job growth. It's so stark that the fact that they're seeing in the court filing, the defendant is domestic terrorist. And yet they're not charging him with terrorism. Last month. Federal officials arrested S Coast Guard Lieutenant and self-proclaimed white nationalist, Christopher p Hasson the uncovered a massive stockpile of weapons in his home. The details were chilling. She had created target lists of TV journalists and politicians that he apparently wanted to attack. They kept extensive notes on how much violence he wanted to inflict. And how he wanted to do it. He was inspired by a very violent. Norwegian man who in twenty seven murdered dozens and dozens of people in an awful attack that was basically done for white, nationalist reasons, and they say, and they say Lieutenant hasn't is himself a white nationalist. And who believes that worldview given all of this? It might be surprising that Lieutenant Hassen was actually charged with gun and drug offenses, not plotting terrorist. Attack. My name is Devon it. I cover national security and law enforcement for the Washington Post Devlin has been reporting on the surprising ways that terrorism charges are applied. And why terrorism is charged that we're seeing less and less in general, one of the corks of federal criminal law is that there are a number of terrorism charges that you can bring against someone who is inspired by an overseas terror group, say Al Qaeda or Islamic state, those sorts of groups if you act in a way inspired by them. There are a lot of things you can be charged with when it comes to what they like to call to Mesic terrorism or right wing terrorism. There's actually a smaller indifference set of charges that usually apply and those are found in what people generally to his hate crimes. If you are engaged in hate crimes planning violence of some kind. You can be charged with that. But those aren't terrorism statutes Devlin says that the reason for that distinction has to do with the history of where those loss came from the. Laws that address hate crimes actually came out of the civil rights movement. The problem the FBI confronted if you think back to if you remember the movie Mississippi burning that case where three civil rights workers were murdered and local police local authorities didn't want to do anything about it. They didn't have any interest frankly, in investigating those cases very much. So there became a series of laws that were built up around the civil rights statutes, and so those federal laws and those federal investigations grew out of a very particular problem, which was essentially violence to defend segregation that local officials were not going to investigate and prosecute or not reliably investigate and prosecute. So the FBI essentially in the Justice department took a lead role in saying, okay, fine. If we cannot trust the locals to investigate these cases fairly and bring killers to Justice, we will do that. And so that's where that. Body of law comes in. But that doesn't really get at you know, some of the behavior you see in the seventies. For example, when people start hijacking planes and killing passengers on cruise ships, for example for various international, Tara groups. So a different set of laws is basically put on the books to say, okay. If you are acting on behalf of a group that is a designated terrorist organization by the State Department that is a federal crime. And that is terrorism we will pursue punish that essentially. These are two different approaches to what seemed at the time like to totally unrelated problems. But think about what the problem in America is now a lot of this violence is a person buying a gun and walking into a building and shooting everyone he sees. So for example, what is the moral distinction? You can make between the pulse nightclub shooting a horrific event by any measure and the Pittsburgh synagogue shooting. A horrific. Vent by any measure. I think a lot of people who want to change the law. Look at it and say these are fundamentally the similar awful act. We should be the law should treat them the same. But the truth is law, doesn't I think this disparity of charges is really frustrating for people to see because what it ends up being is that if someone is Muslim if someone is Brown that they get charged with terrorism. But then when you have right wing extremists white nationalists who are planning terror attacks execute terror attacks. It's not deemed terrorism, and it seems like there's a real disparity there right in a lot of the debate. In the last let's say year has been about are. We are we giving in some way extremist white wing violent people pass by not calling them terrorists. If you walk into a synagogue and shoot a bunch of people how is that not terrorism compared to if you rent a truck and mowed down a bunch of people on the west side of Manhattan. That is called terrorism. I think than average regular citizen can look at that. And say, I don't understand the distinction you're drawing here and the truth is a little complicated. The truth is that there is a distinction in the law in how these crimes were were written up in the first instance, but there's also in some ways less of a distinction because when we were able to look at internal FBI data. We actually saw a set of numbers that suggests these two things are treated more similarly than you would think, but that's still doesn't that still has an address the underlying question of should they just be treated the same? And that's a question for frankly, congress to decide if they want to change the law. What do you mean that those two things are being treated as the same? So as we've been having this debate about domestic terrorism versus Islam, ick international terrorism. One of the criticisms that's been made of the Justice department is that you know, you charge Islam international terrorists with terrorism. You charge white Ray. Racists terrorists with hate crimes or gun charges? That's not fair. And what we found when we got the numbers is that in fact terrace of both kinds are are very rarely charged with terrorism offenses at all. So for example, in the twenty seventeen budget year FBI was part of about one hundred ten arrests of people who were part of international Islam conspired terrorism cases, yet of those one hundred ten only thirty were charged with actual terrorism. Crimes. So that means eighty of those folks, the large majority of those folks were never facing terrorism charges at all they were charged with gun crimes are drug crimes are fraud crimes or immigration crimes and in the following year twenty eighteen the disparity was even more clear because that year there were a hundred people charged arrested and of those only nine faced actual terrorism charges. And so what you see is what the F B I is doing on. Day-to-day basis with terrorism cases is they're processing they're handling. They're investigating and arresting whole group of people that they internally view as terrorists, but they are not publicly labeling terror suspects. Devlin says that part of that has to do with the fact that sometimes it's easier to prosecute a gun charge or drug charge than terrorism charge. And if you're law enforcement, and you think that somebody is dangerous, and you just need to get them off the streets before they hurt someone going after those lesser charges might make sense. But part of it also might be political. So if there's a sense that there's something wrong with our legal definition of terrorism. Is there a movement to actually change that is some current and former law enforcement officials have been begun arguing in the last six months to a year that it is time to change the law that for the purposes of sending a message to the public, and frankly to the bad guys as well that killing people is wrong. No matter what. 'cause you claim to be doing it for. You're just doing something horribly wrong, and we should call both of those whatever your 'cause we should call it terrorism. And that effort is underway. I think it's going to be. Heavy lift to get congress to embrace that. Because I think there's some political ramifications of doing that. But I do think it's it's a very interesting and intense debate, even among law enforcement, what would be the political ramifications of broadening this definition of terrorism. So one of the reasons why there is not a domestic terrorism charge in the federal code like there is for example, material support for ISIS material support for ISIS is a thing you can charge someone with in the federal criminal code is constructed if you were to make a material support charged for domestic terra group, you would then have to label the government would then have to label ex groups as terrorism groups, so the obvious ones to think of right out of the gate would be we'll do we do that for the Ku Klux Klan, do we do that for, you know, white Aaron there's a bunch of groups that I think would be pretty high in the list of candidates, and I think the obvious. The answer would be easy for a lot of politicians on some of those groups, but what you would probably get very quickly is pretty intense debates about other groups that for example, maybe the southern poverty Law Center, believe should be included on the list of terrorist organizations, but some far right political nonviolent entity or group of people think should not be included in is that somehow now are we now somehow in first amendment area. So there's a lot of gray area that people would be wary of waiting into. I think that the challenge that a lot of people have noted to me just just talking to law enforcement people to challenge a lot of folks noted to me is that if you pass such a law, you would create a gray area in their minds. They think there would be a lot of fights over that gray area. So if the legal standards don't change d you expect that we'll be seeing kind of fishing terrorism charges less and less frequently. I think part of what you're seeing now is. That federal officials are more inclined to publicly call someone for example, the Coast Guard Lieutenant a domestic terrorist, even though they're not charging them as a terrorist. I don't think it's a coincidence that in in this suspects. This person's court hearing last week the prosecutors called him a terrorist and in their court filings. They called him a terrace. I think they're doing that. Because they're trying to make a point that there is an even-handed administration of this. There isn't even handed application of this to the suspects. They're dealing with. But I think frankly, one of the things they're struggling with internally is that if you don't charge people with terrorism the wider public is going to have much less information about how you're doing these cases and how you're proceeding. So I do think there is a push now in the Justice department to call a terrorist a terrorist, even when they are not charged with terrorism. Devlin Barrett covers national security and law enforcement for the post. And now one more thing. Captain marvel the first female lead superhero movie from the marble, cinematic universe. TB clear there have definitely been female superhero films before this graphics reporter, Shelley ten who spends a lot of time thinking about pop culture. You know, I think I recognize the costume. There was super girl a couple decades ago. Jumps around. What should we call was cat woman? And of course, most recently there was wonderman used to one to save the world. Which did really well at the box office. But all of those properties are DC comics properties, captain marvel on the other hand is the first one to come out of the marvel cinematic universe. Knocking war? I'm going to end it. So I am very avid comics reader, I originally got started. Let's see when I was seven years older. So and that was mainly just because my parents would drop me off in Barnes and nobles when I was a kid and just let me sit in a corner for two hours, and I found the comic book corner, and I never quite left. I really love reading and otherwise consuming media that tells either my story or the stories of people that don't commonly get their stories told and stuff like that is the reason why I got into reading captain marvel. And I think what's really exciting for me for captain marvel is that she's eating his ample of female superhero that really grew into what she is. Now, she debuted as love interests, she became a superhero called miss marvel for a while. But that unfortunately, had seven BB ethic lows involving tropes humil- characters and occur years to finally become captain marvel as we know her today. And so to kind of sum up that overall volition fifty years after her debut was a love interest. Carol davir is is now the most powerful marvel superhero in their film universe. Noble warriors heroes noble warrior here as I think who movie is going to have an impact on the future of the marvel cinematic universe. She is the first solo female superhero to have her own film, here and matters a lot considering how big of a player marble now is in the industry. Shelly ten is a graphics reporter for the post, captain marvel is officially out on Friday. That's it. For post reports. Our executive producer is madly Cassica. Our senior producer is not collect. Our producers are Alexis de out Rena Flora's. Lena Muhammad, Maggie penman, Jordan, Marie Smith and Ted moldy who composes original music and sound design for the show. The post director of audio is just all. I'm Martine powers will be back on Monday with more stories from the Washington Post.

Ohio GM Lordstown Washington Post FBI Devlin Barrett America Heather long US Justice department Captain marvel Cruz Tara Manhattan Pennsylvania Tracey John Kelly General Motors Youngstown
NPR News: 09-19-2019 3AM ET

NPR News Now

04:55 min | 1 year ago

NPR News: 09-19-2019 3AM ET

"Live from NPR news in Washington. I'm Shay Stevens. The Federal Reserve tried to give the US economy a boost Wednesday by cutting its is key interest rate by another quarter point. President trump says the fence should have done more. NPR's Scott horsely reports Fed Chairman Jerome Powell described the rate cut as a kind of insurance insurance policy to keep the economy growing in the face of weakening exports and sluggish business investment president trump wanted a deeper rate cut blasted the Fed tweeting the pal and his colleagues have no guts or vision the Fed chairman brushed aside the president's criticism. The independence of the Federal Reserve from direct political control has served the public well over time and I assure you that my colleagues and I will continue to conduct monetary policy without regard to political considerations. The stock market initially dropped dropped on news the rate cut but rebounded during Powell's news conference both the Dow Jones Industrial Average and the S. and P. Five hundred end of the day in positive territory Scott horsely. NPR News Washington Asian stock market shares are mixed after the Federal Reserve's re cut by more than forty nine thousand General Motors workers is now in its fourth day. The walkout has prompted GM to temporarily lay off twelve hundred workers at a plant near Toronto as Amil shelter reports. It's also creating challenges at an assembly assembly plant in Lordstown Ohio which has fewer than a dozen workers. GM ended production of the Chevy Cruz and shuttered Lordstown in March the International U. A. W. Oh you has made reopening the plant and negotiating priority but a thousand local. UAW members and union leaders had to transfer to other plants around the country so when it came to setting up picket lines when the international called the strike Sunday local vice president Bill Adams had to rely on volunteers no gladly do they want they they want GM the no we're not we're not going away without a fight. We will bigger. GM has floated a proposal to build electric vehicle batteries near Lordstown. It's also negotiating associating the potential sale of the plant for NPR news. I'm M. L. Solti in Canton Ohio nine. Va employees have been reassigned after a die in Vietnam veteran was found uncovered an ant bites at a nursing home in Georgia the story from NPR's Quil Lawrence family members of a Vietnam veteran near Atlanta say they discovered him in his bed covered with ant bites lights the vet was seriously ill and later died of cancer and the incident sparked outrage now via officials in Washington have removed the southeast regional via director and and chief medical officer and seven others pending review an NPR investigation had found the southeast region had the highest number of whistleblower complaints relative to the number veterans served Congress passed a new law aimed to make it easier to fire officials in two thousand seventeen but the department is also chronically understaffed with tens of thousands of empty positions in the Veterans Health Administration quil Lawrence NPR news. You're listening to NPR news a suicide bombing in southern Afghanistan's Zabul provinces as killed at least sixteen people and injured more than ninety others at our hospital. The the Taliban is claiming responsibility for today's bombing. They've carried out almost daily attacks since peace talks with the United States collapse nearly two weeks ago. The violence comes as Aghanistan Aghanistan prepares for presidential vote later this month Secretary General Antonio Gutierrez says U. N. experts or head into Saudi Arabia to investigate the attacks on key the oil installations there Francis also sending an investigative team. President trump says he'll impose economic sanctions on Iran which the US blames for the attack Secretary Secretary of state. Mike Pompeo is in Jeddah to discuss the matter with Saudi officials prime minister. Justin Trudeau is apologizing for twenty year old photo of him wearing Brown face at a party as Dan Carpenter reports. His political opponents were quick to take advantage as the leader are well into a national election campaign pain. A couple of party leaders have already responded calling the incident deeply saddening and insulting the photo published by Time Magazine Shows Trudeau at an annual dinner in two thousand and in one for the private school in British Columbia where he was a teacher. The dinner had an Arabian nights theme. Trudeau says he's disappointed with himself for the incident and has apologized for doing it. Dan Carpenter reporting Toronto social media executives say they're getting better and faster at detecting and removing violent extremist contents from their platforms. The officials testified before the Senate Commerce Committee. Yesterday in wake of mass shootings fueled by hate. I'm Shay Stevens. NPR News in Washington this message passage comes from NPR sponsor. Comcast Business Gig fueled network solutions that help businesses go beyond the expected to do the extraordinary comcast business beyond fast learn more at comcast business dot com.

NPR News NPR Federal Reserve GM Justin Trudeau president Washington United States Shay Stevens trump Lordstown Dan Carpenter Scott horsely Jerome Powell Lawrence NPR comcast Toronto Aghanistan Aghanistan
Fast Money 08/03/20

CNBC's Fast Money

47:58 min | 2 months ago

Fast Money 08/03/20

"Are. You still using your trip for the rest of your body landscapes law more three point zero was specifically the to make manscaping. Patriot fans, gifts they technology. Won't make our snack water waterproof up resistant so you can train them in south. Over the mass. Gay. Dot Com they get yourself the law more three-point use code audio toward a limited time. Get a free pair of racing free travel bag if free accelerate sippy. I listened Leeann. This is. Tonight. Trader lineup. Guy. Tim Seymour Karen, Feinerman and Brian Kelly tonight on fast a summer sizzler stocks jump. As we kick off a new trading month the Nasdaq closing at a new record high will break down what is in store for your money in August straight ahead plus a spat attack another easy maker announcing plans to go public will super the CEO of Lordstown Motors and later a bitcoin blitz why vk says the CRYPTO currencies about to? Head you guessed it even higher but we start off with the deal that has got wall. Street. Washington, and the World Talking Microsoft dying and acquisition of Tiktok in this comes after president trump threatened to ban the video sharing APP here in the US over security concerns the president then made an about face and gave Microsoft the go ahead to proceed with the deal shares of Microsoft rallying today. Let's get to Josh. Lipton with the very latest Josh. So Melissa President trump also weighing in here. Take a listen to what he had to say today. Would have closed down on September fifteenth unless Microsoft or somebody else's able to buy it and work out a deal inappropriate deal. So the Treasury of the. Really, the Treasury I guess you say of the United, states, gets a lot of money. So, why is Microsoft interested in Tiktok? Well, it's a wildly popular APP with one hundred, million users already here in the US engagement trends are strong and stuff that users already spent over an hour a day on the APP Tales. Patrick at emphasizes too broad reasons why he says this could make strategic sense argues Microsoft is relatively weak in consumer services with the exception of xbox live gaming service. So Co a delicate immediately become a much bigger player in consumer technology second this is a potential moneymaker in delicate monetize that big pool of fans to advertising business that the company well understands but they are. Real risks to Microsoft's history and consumer focused acquisitions is mixed from Nokia's handset business to mixture. It's live streaming service. There's also the question of focus here and Adela has concentrated on the enterprise market analysts say that has served his company very well and kept him out of that Regulatory Spotlight Melissa back to you Josh. Thank you. Josh with the latest on Microsoft tiktok cloud plowed his business that got Microsoft to where it is today. Guy Me. So if you Microsoft goes down this road of buying this business while it seems like it's the hottest property around in social media does that do Microsoft shareholders? Well? Probably Yeah I mean the market today told you absolutely yes and a lot of people say it style drift and could lead them down a bad road but you know what are we talking about in terms of price tag your I haven't seen anywhere from forty to fifty billion dollars. You probably know better than I and it's it's it's basically rounding. For Microsoft Number One and number two, the move into stock more than paid for the deal. So it's hard not to like. This Mike Real question is clearly I missed that day in college when the US Treasury gets investment banking fees on deals that are done between two companies I don't know how I missed it, but clearly, I did what? What? Exactly? How does the US Treasury come into this equation? I guess it's somewhat of rhetorical question but you know this whole thing is fascinating to me on a number of levels. But the answer, your original question I don't think it's negative Microsoft and the market today told you it's positive. I mean the order to divest is one interesting aspect of this whole affair. Then there's I mean when I read it, I immediately thought like brokers fee Harkening to Donald Trump's real estate days I don't know if he thinks he gets twenty per treasury excuse me gets twenty percent or what exactly the Treasury is GonNa get out of this whole thing Karen on one can only imagine. I have no idea. Maybe one has got. To be in this situation. It really is crazy I don't love the precedent at all. I feel like we're just sort of taunting. China to. have some sort of reciprocal response that I would imagine. We really won't like very much. So I I'm. Kind of perplexed by the whole thing and I mean I don't know what the right Fi is a. The whole thing is. That part is so crazy he did. Trump say either to Microsoft or someone else I don't know I mean. Microsoft can compete with anyone in terms of price. I don't know if there is a possibility of someone else, but I get also Microsoft which sort of want to give it a try why not money is free to them practically, I mean they have cash but if they wanted to do with dad, it's practically free to them. So I know the woman Tiktok doesn't make money, but I still think it's interesting for them to do and clearly guy pointed out the stock market or the Microsoft holders. It. bakes. Well there's two things here on the big kind of geopolitical. If you don't think that the global economy is fracturing at least into pieces than you're not paying attention because that's what the deal the precedents of this deal is number two on the Microsoft Front. I personally. Don't understand why Microsoft would want this the only thing that makes sense if they can get it at a discount because bike dances forced to divest it but I'm not sure I mean again Josh. They don't have a great history on the consumer side. I mean I'm sure guy still remembers the Zun I still have one of those that was an abject failure. Don't know what this does for them. I do it. You know you you lose focus. So for me I don't really like it but you know what? I'm not the stock market and the stock market like ten. This is exactly Brian San Love Brandon Guy. This is exactly why Microsoft wants it because they're not here because because everyone else first of all, that could be a buyer of this is is in Washington under the scrutiny of the government in terms of their social platforms or too big. This totally makes sense I mean think about the business that they just told you about in gaming an xbox and even azure and the fact that ninety percent of the market. Cap Probably is enterprise. That's the whole point. That's why you'd be going after this year to me. This is this makes a ton of sense because they're probably the only guys can step in and buy it at least with this type of ability to navigate both Washington navigate the financials and yes, they are getting it at a beaten down valuation. If you're getting this anywhere from I, don't know seven eight to ten times. Where these guys are in terms of revenue, that's Eba dos gives me e extraordinary and I think it's actually been proven to be. We've talked about on this show why facebook is running scared of TIKTOK. So why wouldn't Microsoft running towards talk? It makes a lot of sense I like it. All right. Let's get more on what this deal could mean for. Microsoft let's bring in is jared Weiss fell jared great to speak with you. You also think this deal makes a whole lot of sense. In terms of the synergies across the consumer business think this deal could enhance for Microsoft. I think at the end of the day, the biggest takeaway should be from Microsoft perspective when you have the ability to go ahead and integrate a lot of the capabilities that tic TAC. TIKTOK has you think about the technology stack that TIKTOK has and it's incredibly sophisticated. So you can then leverage that and marry that with some of the internal capabilities that Microsoft already has on Azure with the second largest cloud service provider the on the planet I think the the capabilities are dramatic. Tiktok knows what you. Want before you even know that. So when you the leverage that with the capabilities of absorb, I think it makes a lot of sense and then to the earlier point that was brought up I think that's actually key. If you then have the ability to leverage that and bring it into gaming, bring that into Cortina the digital search engine, bring that into being I think the the possibilities are significant. So it it certainly makes a lot of sense obviously, the stock market rewarded Microsoft today and you've added more than. The top valuation in Microsoft's Market Kaplan. Is. There a risk though that that tiktok is the next snap in that snap has run into user growth issues and monetization issues or is finding a home in Microsoft good to going to sorta bypass that possibility is outcome. It's a fair point, but you almost have a free call option if you're searching. You have the ability to go ahead and acquire the asset potentially on the cheap, and if you think about it, you've got one party Microsoft, which is potentially the only party that's available to acquire something of this size with with with regulatory concerns, and if you've got tiktok on the other side there, obviously desperate from a seller perspective. So valuation short plays part of it, and then strategically if you think about the ability to go ahead and integrate. Integrate technology into the Microsoft Stack statues getting a free look at not only can potentially accelerate growth drivers of his existing business. He then has a free call option on expanding the total addressable market to go ahead and think about competition versus facebook getting snap. It's ever we swiped at the idea that China could retaliate a for the US forcing by dance today is that a concern of yours as you look out across some the tech companies that you cover that operates in China That's a really important point and there's a global chess match that's occurring right now. It's just not China, versus the US, as it relates to talk versus Microsoft, you've seen the the US can trump administration from wally perspective get get pretty entangled and. Trump has certainly made his. His priorities clear as the global global footprint set that stage with with if you cross trump's line on way, you're effectively going against the US and you're seeing that China as well. Right now with. With Softbank, which is Japanese entity, which is trying to go ahead and potentially up or sell arm. But then there are complications with the JV and That's sitting in China. So I think the I think the China implications are real I think that the potential taliation is real. So it does have to delegate in the context of the geopolitical sage because that is absolutely consideration within technology. Are there certain sub-sectors that you think are most most vulnerable excuse me To China forcing some sort of action. Is, software perhaps, an area that is most at risk and if so why isn't there any sort of discount evaluation these names Actually. Probably one of the best positions from a geopolitical perspective when you think about when you think about tensions with China, just given that a majority of revenue is actually derived domestically here in the states to the extent that tensions flare up again between the US and China from a political perspective, it's the semiconductor industry that usually comes under under a lot of attention. You saw what happened when when we added. Wall way to the list and the implications associated with that. So I would say to the extent that that tensions flare up you should absolutely keep on on the semiconductor sector and the potential implications there. Jerry. Great to speak with you. Thanks for your thoughts. Appreciate it. Thank you so much. Jared Y salt of. His Guy. Dhabi. Lady said You bring up the point? Again, listen clearly, the market does not care about this I understand, but this is just one more salvo in this whole us China situation and I understand this is probably not going to be a great analogy or great sort of comparison. The Chinese wake up and say you know what? Apple every apple store in China you have to sell otherwise we're closing shop you don't think that's a possibility I mean maybe that's a little out there on the curve but given what we've seen over the last six months I don't think anything's possible. So again, Tim spot on in terms of Microsoft it makes sense I'm not discounting that my comment about style drift is exactly that that's been a concern, but it doesn't mean it's on the right move and again the move and Microsoft today more than paid for this deal but I think to your. Earlier question. I, think this has far broader ramifications. In terms of this US China's situation there have been reports that the administration will announce measures against a broad array of Chinese own software companies Tim Seymour is this a concern that the markets are are just looking past a little bit too much I mean we didn't think that we would get here with while maybe we did with by dance and Tiktok but maybe we're not taking seriously enough the possible retaliatory measures China could take against US companies, which which could really be I don't WanNa say devastating, but it could impact valuations for sure. Well, if you think about the companies that that, we would be thinking about here that have the most exposure to China it's really apple has guy pointed out but I I'm not. I'm not so sure that the valuations of Google and facebook really reflect a significant amount of China so so you know I'm not terribly concerned about that I think the the the bluster and the focus on China and the common enemy and the things that first of all make a ton of sense and I think are fair but then also the dynamic of just the political salvo that's attached to this i. think that's what it is again. I think it's a case where if anybody Microsoft benefits from this and the stress around this and by working with the White House making it very clear doing a public show of we will make sure whether it's the capital markets revenues need to be allocated or or not but they're very clear. We will solve these issues with the government before we move forward or there's no deal I mean, what what more can you do and what more I think in this environment should they be doing and I? I like the tactic. All right. Let's get to the latest developments in the coronavirus relief bill Kayla Tau she has been following them all stuff news details Kayla. Was the top negotiators from the trump administration and Democrats in Congress met today at Speaker Nancy Pelosi's Office for about two and a half hours and afterwards said that the purpose of the meeting was to go painstakingly through each dollar in each side's proposal, the Republicans one trillion dollar proposal Democrats three trillion dollar proposal and figure out where each dollar went speaking after the meeting. The top Senate Senate Democrat Chuck Schumer said, there was still going to take a bit longer to reach a deal. He did say that there was some urgency to the effort. We are really getting an understanding of each side's position. And we're making some progress on certain issues moving closer together. There are a lot of issues that are still outstanding but I think there is a desire to get something done as soon as we can. So, what are those outstanding issues I mentioned the total price tag just a moment ago but also the money for state and local government. Democrats are proposing a trillion dollars president trump today said, that is still a nonstarter for him. They disagree over the amount of money that unemployed workers should get as a supplement to what states are paying, and they also disagree on how schools should be able to spend federal funding they advocate. About, a hundred billion dollars in their respective proposals to schools for Republicans believe that the large majority of that money should go to schools reopen for in person learning despite the fact that Senator Schumer says, there has been progress made Melissa. We don't know exactly what that progress is to. We await the details, which is where the devil usually live back to you. Kayla. Thank you Kayla Tau, she weathering the tropical storm in. Washington DC. For, more on how the stimulus bill could impact socks. Let's bring in. Emily Rolling. The CO chief investment strategist. John Hancock Emily Welcome back to you. I'm Melissa. Thank you haven't made the market seemed to be impervious to the delays that were having in coronavirus relief package being passes. This means that you think. That this is not a catalyst, in fact for stocks hasn't has not been the the new, the new bill that is or that the market just simply complacent about eventually getting past. Our view fiscal stimulus as a catalyst really saving at this point, and really with the markets focused on as a solution for the virus itself in the form of a cure or vaccine or treatment in order for the economy globally to really get back on its own two feet here, and we think that creates a pretty challenging investing environment There's more volatility associated with it. We almost think. Of the markets trading like biotech stock and in which when there's good days investors maybe reaching for risk and then we get a pullback in terms of the timeline for a vaccine or in terms of you know the path towards development and investors may get whipsawed on days like that. So we actually are very focused on really making sure that investors are staying disciplined in this environment we think. A balanced portfolio is a huge advantage right now, there's been a lot of ink spilled as of late on sort of the death of the sixty forty portfolio. We think it's alive and well, right now, and so we think that having that balance in that discipline should allow investors to refrain from making. So some of those mistakes that can easily be made when the market trades on on one. Specific driver as it is right now in our view, what are you recommending in terms of tech exposure because I mean it's really the biggest stocks in tech land that are making the new highs that are pulling the Nasdaq up to new highs that are dragging the S. and p. five hundred along with it So do you say to balance away from those names or embrace that move? We've actually been overweight technology as a sector for over five years, John Hancock Investment Management, and we certainly recognize the great run that mega cab tech has had, and we certainly also recognize the concentration risk. But one of the biggest arguments out there is that this part of the market's very expensive and if you look at forward p e ratios right now, the tech sector trading at about a sixteen percent premium to the S. and P. Five, hundred that premium over times actually been closer to twenty five percent said we're nowhere near tech bubble levels right now you know text trading about a twenty five times forward pe ratio right now am I jumping. Up and down and getting excited about that. No. But we're not excited about much right now as as most things across the board or looking very expensive. The other element here is we're just not seeing that kind of level of irrational exuberance creeping into the market as far as investors go today, you're not seeing really excessive optimism. There's pockets of it. Of course, when we talk about the rise of the sort of day, trader robinhood accounts, that's there. But looking at fun slow data investors are still sitting on a big pile of cash if we're just not seeing that yet. So we still like tech. Okay Emily. Great to speak with you. Thank you. Emily Roland in John Hancock Brian Kelly you've long said that the biggest rest of the market is the fiscal fiscal stimulus package not passing here we are. Is, that risk I. I still think it's a risk. I'm surprised that the market is kind of shrugging it off. My best guess is that people are thinking well, okay. A couple day delay is not going. To, matter that much. But I just don't know what incentive the the Democrats have politically to really give in a lot here. So I think go on longer than we expected at some point maybe the market cares I think that's the big risk I mean if you look at what's going on in the common, we talk about what's going on with tech but something like the senior loan officer survey came out and it showed that the big companies you got all the money want but the smaller companies lending is tightening. So if that continues to happen. And you get people that are getting evicted and they no longer have six hundred dollars a week extra to spend. That will eventually hit earnings in the S. and P. Five hundred. But until investors care about it, I guess it's a non event but I still think that is you WanNa call it the blocks one the big risk whatever it is I still think that's the biggest risk this marketplace why do you think the biggest risk Karen? We just went through the first thirteen minutes the show talking about China and possibly China retaliating against US technology companies Yeah, I think that's a risk I think that's a reasonably high risk, but we've seen in the past the market sort of shrugs off some of the tensions between we've been in this for what two years now of various you know. Shots across the bow from each side, and so that's I think that will happen. We will see something like that I think to me the biggest risk is probably an upside risk of a vaccine quicker than people expect. That's the sort of Black Swan. I guess to the upside people are discounting maybe be anything by the end of this year on a broad scale but if it happened sooner than that, I, think that's upside I think that's that's a really interesting risk that I have not heard many people elaborate on and I'm I'm just trying to think in my head obviously, the reopening trades would probably rip higher but what happens to tech leadership? In that scenario guy do we have a sort of a sell off in sort of the quote unquote defensive names that Gus year? History would suggest that but I tell you the upside risks traded something attempts talked about for awhile. So people put it out there. Tim specifically you know with that said I mean just think about quickly in two trading days apple added close to three hundred billion with a B. dollars market cap, which is just a number. Until you realize that think they're only twenty two companies in the sap hundred, a market cap that big in the first place. So you know we throw around these numbers like they're nothing anymore and I heard what emily said about tech only being sixteen percent higher valuation-wise period five hundred. Which is true except at the p five, hundred in my opinion is that a ridiculous valuation? So I get what's going on here clearly to answer your question does a vaccine 'cause I have no idea but also to take into consideration that in order for a vaccine in my limited knowledge to be effective, I think seventy percent of the population has to take it and every poll I read suggests that forty percent of the people at least who said, they won't take it. So there's just a lot of things out there that the market doesn't seem to care about any layer on a the the idea that even if you do take it, Tim, will you change your behavior? I don't know if the first batch of people who take that vaccine will change their behavior enormously enough to spark renaissance hotels and flying and all that stuff. I agree and and therefore those new normal trade. Sorry Guy. Now you hate the expression but I, think they're here I think they're here for a little bit longer and I would just go back to you know and we talked a little bit also just about the sixty forty split today Google issued ten billion dollars of debt from five year out to forty maturity's their tenure work fifty-eight over treasures. I mean you know do you WanNa be diving into the debt market at these levels I don't know Japan maybe this is a great place. To buy one of the best credits out there the other good news out today was that ISM number especially, the new orders component blew away all expectations I realize it's one data point But when you WANNA look at manufacturing activity, which we know is not the backbone of economy anymore things have gotten a whole lot better. So I right now I think with or without stimulus this market has enough from the Federal Reserve to cold ground member. We're within ninety points now of all time highs in the SNP and we're talking about. Whether the stimulus plan is something that's going to we, we've been debating the stimulus this next round for the last three weeks to a month in the market continues to make higher highs exactly coming up on a thick of earnings season, and we've got our eye on a couple of big big ones after hours. We'll dive into the results from take two and Virgin Galactic plus big point starting to its highest levels of the year. How much higher can it go from here? We'll get some answers when fascinating return. Are you still using your beard trimming for the rest of your body mass gapes law more three point was specifically designed to make mass gaping. Patriot fans they technology tremor won't make us name waterproof AESOP resistant. So you can tremendous out that over the mask dot com, they get yourself the law more at three point. Oh use code audio tour ever limited time get a free pair of boxer briefs a free travel bag if free accelerate SIP. Welcome back to fast money we've got a pair of earnings alerts for you take two and Virgin Galactic both on the move after reporting results frank. Collin to standing by Virgin Galactic but we start with Josh Lipton on take to Josh. So most I checked him with Michael Pact rover Wedbush covered this name in this industry for a long time to get his two cents a pack there would certainly point that seventy five cent bottom line beat cue to guidance. He would call very strong. Yes. Guidance revenue they expected to be down sequentially pastor says that's likely ultimately prove conservative seal stras Zelenik on the call says the results will driven. By a few key franchises NBA two K. achieved one billion in net bookings. Since the out engagement increasing grand theft auto five, he says continues to exceed expectations. It is sold in one hundred and thirty five million units grand theft auto online. On track you establish a new net bookings record sonic says the company has the strongest development pipeline. Its history it is doubly says, what was five years ago? And he says to preparing for, of course, this transition to a no console cycle that'll be better platform. He says for audiences. Finally, he was asked by analysts about the lasting impact of this pandemic, the lockdowns, the environment we're in zone exciting it's hard to predict, but he thinks that consumer this has intensified the shift to new interactive entertainment people have come back to video games he says there will. Be a long lasting increase in demand. There are only a few companies including take to that can really capitalize on that. He said Melissa all right Josh thanks, Josh Lipton where the real standout full your guidance obviously coming in ahead of expectations also helping the stock here guy do you buy that that line of thinking that consumer behavior that consumers will stick around even after the lockdowns and still game? One hundred percent and this is you know Tim mentioned. I generally don't like new terms but new normal one of those new terms and this is that and by the way you know take to as name we mentioned pre pandemic and what's happened over the last six months it's just accelerated some the things that we thought might happen you know I. Think we've been pretty steadfast and turns to take two electron arts. The number was very good I. thought this take to number this quarter notwithstanding I think the full year guidance in the fact that operating margins. Now north of thirty percent of people encouraged and I think despite the move the stock is head I think it continues to go higher ten. I thought I love this doc. I love ATV tomorrow again, this number today, these net bookings grew one hundred and thirty six percent net revenues up fifty four percent the guide coming into this why the reason the stock is popping nobody expected this guide. So the guy's very strong NBA two k. live. This is what ESPN was showing. You know NBA players playing playing this game I mean this is what else have we had to do this haves and have-nots. Tomorrow I think if you look at all of these gaming stocks and these interactive gaming stocks, it's been a two year kind of basing and grinding, and now we're seeing a lot of these starts start to break out. This take to chart really I mean this is this is what you've been waiting for and I think you're buying the breakout. All right. Let's get Virgin Galactic. Now that stock is falling after its earnings. Frank Collins, got the details, Frank Melissa's Virgin Galactic falling sharply after hours. If the company announced a plan offering of twenty million shares expected to generate as much as four hundred and sixty million dollars that virgin galactic says will be used for general corporate purposes, things like working capital and cap backs also the space tourism company announcing a lost EPS but really that was widely expected. Another key metric did show improvement Virgin Galactic one small step program that's qualified. Prospects that have paid a one thousand dollar deposit that grew seventy five percent sequentially from four hundred prospects and Q. One to about seven hundred Q to even losses also basically flat your ear before the Bell Virgin Galactic, announcing a memorandum of Understanding with Rolls Royce to develop a supersonic plane for sub spaceflights can hold as many as nineteen passengers. Still space is the top priority Virgin Galactic says, it's planning to more test launches from spaceport America. If those go well keyword if Virgin Galactic says in Q. One, twenty, twenty, one plans are for founder Sir Richard Branson to actually take a spaceflight key date for this company back you franken forgive my space ignorance but. When you mentioned the the qualifications program that astronaut per around how is that different from the reservations because my understanding is that the number of reservations has stood at six hundred since September of two, thousand, nine, hundred, ninety to this most recent report. That's actually a very important metric right there. So the reservations are people that have actually paid and the company has about eighty million dollars in their bank account from people about six hundred people who have paid to take that flight when it really happens we're we're talking about our prospects people who say they're all put down a thousand dollars for the opportunity to be on one of those flights eventually after those six hundred people get their opportunity. It's a big difference between a thousand dollars nationally. Up The rest. Frank Thank you Frank Malan. On Virgin Galactic I duNno Karen. What do you? What do you make of this? Whole Story. It's a story stock. Let's be clear. You know. Definitely and I mean they're they're they're happy with where it's trading so Using the opportunity to sell another twenty million shares which is good for them. They're going to need it. I mean I, you can't. I couldn't pay enough money to not have to do this space flight but the mach three, this sub space extremely quick air travel is potentially very interesting. All having been said that this this story stock, I don't know how to model story stocks and this would fall squarely into the story stock section. Yeah. I mean Kudos to three eighty six who's been on space for a long time and has loved the stories like but I mean it's really gonna be the benefit became of this whole sort of easy futuristic slash back room the confluence of too hot areas in the markets right now. Yeah it reminds me very much of Tesla several years ago you've got kind of a fantastical idea that if and when it works, it can actually change how we do things. You've got a charismatic founder and leader and you've got people that say, well, you know it doesn't make money nobody cares if this company makes money, it's venture capital deal and what I mean by that is. You're buying the idea. So for me on this selloff with twenty million shares being sold, you buy the stock, you put it in your drawer five years from now you're going to be able to buy yourself one of the last night. So this because that's what this is drawer bearing with Tessa so that taxpayers getting crowded it's got Tesla in their three D. printing. Dylan there became. These are all. The ball factory in a box topped Khanna trades. I don't guy what do you think of? vk top-drawer. I think a lot of things about because you know what else I think mel is terms of space real quick. See where they prices secondary and trade against that and Kudos to Steve Grasso. As you mentioned number one, number two, there's certain teams in baseball the mets, for example, that need to do certain things to bring. The stadium. Bobblehead these. Nights are a big thing but I gotTa tell you that became bobblehead night i. mean if you look over his right shoulder, that's probably the greatest giveaway that the mets ever did it Shea Stadium Kudos to day. The laugh track electric hands the funniness of the whole joke know what to say. Coming up to more retailers, join the companies going bankrupt this year. But are there even more? You names that should be on your radar but first, we're getting ready for the latest electric vehicle maker to enter the market -clusive. Interview with Lord Sam. Motor CEO Steve Burns. Fast money returns. Still using your beer trim for the rest of your body. Law More three point was specifically to make manscaping. Advance gets. SAFE technology best drama won't make snap waterproof shock resistant. So you can trim in the South Bend over the Mass Gay. Dot. com. They get yourself the law three point use code audio twin for limited time. Get a free pair of boxer briefs. A free travel bag have free accelerate super. Welcome. Back fast money electric vehicle stocks racing higher today, and there's a new player that just got their ticket to ride. Our Filipo joins us now with the Lordstown Motors CEO Steve Burns. Making Melissa. Let's bring in Steve Burns who is the founder and CEO of Lordstown voters joining us from the company's facility that they're still working on in. Lordstown Ohio Steve. Just bring the audience up to speed you guys announced a SPEC IPO deal today with diamond peak holdings valued at one point, six, billion dollars. Are you expected to close in the fourth quarter? How did this all come together and how long were you guys in talks with diamond peak so to speak. we started looking at specs. Covert kind of put the brakes on some of the private funding we were talking to. So we started talking to specs maybe three months ago we interviewed four or five of them I did find out that all-spanish are not created equal, and you've got to find one that's a good fit and diamond peak their CEO Really melted with Our our vision and our team. So took about two and a half months to get get to this point. Did you see greater urgency. Once you saw the reaction that the market had to what's happened with Nikola. Now you have fisker, they've announced their own SPEC, a did you see a greater urgency to say, let's get this done as quickly as possible. Well. I have to be honest. It does seem like Wall Street goes from thing to thing, and you know peaks and valleys, and if we going to do it, we wanted to do it while it was The appetite was there and we really felt like we differentiated ourselves from the others to come out. You know we have a factory and prototype we're marching towards production, and so we thought it was a suitable for for us back and and to be up on the. Nasdaq. What's your reaction when you hear critics and near on our air there were a couple of today who were saying look this is a frenzy that's going on when it comes to these ev related specs, and at the end of the day, the investor is going to get burned that there is just not going to be the kind of return that many people may be expecting from these spats. Well at the end of the day, we have to make a great truck if we make a great truck and we have happy customers, no matter what our financing facility is we will be successful. So. Look. This is capital intensive business. We we bought a full functioning factory from General Motors two thousand robots. Think you can see some of them behind me here the prototypes run. Great. We've got a great team. So you know we can't really look at. How others are doing, we just have to march towards our. Our production date we got twenty seven thousand orders. We got customers really really wanting to truck. You know there is no electric pickup truck out yet so. There needs to be one. And that behind you I think is that the endurance behind you a prototype or we're looking for now of the prototype of the endurance it's on schedule. For Production to begin next year my correct, and then when do we actually see deliveries begin where somebody who puts down a deposit and can buy an endurance electric pickup truck. the deliveries to customers are just about a year from now almost exactly. Steve on that note I wanted to ask you if you if you get a sense as to. What consumers intentions Armenia you hope that the to take delivery that pickup truck but you you opened it to reservations at a unique time. In that there are a lot of other pickup trucks that are not yet on the market. As you point out that are also taking reservations. People might have multiple reservations have no, no Desire to take all all the pickup truck. So In terms of how you stack up, where do you think the endurance stacks up versus say the cyber which looks like it has a greater range than the endurance of or that the Badger from Nikola which saw, which is the joint, which is the hybrid e hydrogen fuel cell truck. Right good question really, and this is really hard to do in modern modern automotive world to have your lane where you're all by yourself is almost impossible but all those folks you're talking about really aren't in our lane we are full sized pickup trucks, Nikola Arabian, those are mid size. I think they've classified themselves as luxury adventure we are working truck. So we are for fleets we are priced the same as a competitive. Internal combustion truck we'll save. Save a fleet twenty, thousand dollars over five years if they own are chuck versus a comparable internal combustion. So we saw economics I mean the the missions free is great, but it's got a pencil out for our customer. So nobody is catering to fleets the Cyber Chuck. Do you talk about I'm trying to? I'm not sure. What market they're catering towards, but it's really not the working person we don't think. And see real quick. Are you worried about the electric f one fifty because let's be honest they caters to a lot of fleet customers. You know I think this is a case where the incumbents are not going to bring innovation income niche really are saddled with pickup trucks are number one number two, number three vehicle in the United States. So they are very high volume, very high margin. So imagine. Ford coming out with Ford one fifty. They're not likely to say by this electric one, fifty, dome fire gas one, it's It's spoo- stuff out the tail pipes at the back. So they're really kind of compromise. So I I think a singly focussed, we have one mind to bring emissions free pick trucks to the working. People, the world, and and our price point. I don't think anybody's GonNa touch it even even forward. Steve Burns, the founder and CEO of Lordstown Motors Steve Thank you for joining us coming to us from the Lordstown plant there northeast Ohio Melissa. I can't wait to see that plant. I've been there when it was the GM plant and now they're retooling it to make electric pickup trucks. At some point we'll get out and about and finally get into some of these plants again. All right. Phil thank you very much. Thanks for the interview Philibeaux along with Steve Burns of Lordstown By the way workhouse we we showed that coming into this interview workhouse was up at twenty five percent today workhouse owns about ten percent of of the company of Lordstown voters. What do you think Tim I mean they actually have a factory the guy was in the factory, they're going to make trucks. I think I think it's interesting and I think it's interesting based upon the economics that have to work otherwise, they don't really have a reason for being. So I think it's a very interesting story. I think the other part of this story that also getting some attention as as nothing to do with them and to be clear this whole focus on. specs is important in this marketplace because spags again, the acronym is special. Purpose Acquisition Corp. have become a very popular funding vehicle or a back door where if you companies to list I, see it in cannabis there's a ton of specs doesn't mean that they're bad it just means that this is a liquidity of the moment kind of a of. But The entire space is been as we follow the the retail investor trends. Alive and well, look at that performance look at neo the they're going to deliver thirty, five hundred vehicles and expected that they can increase production for the third quarter they announced numbers next week I mean, it comes down to profitability at some point, but we've been through this with Tessa all the way through these are story stocks, but there's no question that the business model needs to make sense in many cases. They need to have a truck that someone can drive tomorrow diamond peak by the way to the to the point of this these blank check companies latching onto whatever's hot it launched initially with the intent of going into finding some sort of real estate related targets. Obviously, this is a little bit of a shift which the is fully entitled to do as a blank check company but Guy Dummy I know that you like to keep up on automotive news on Sunday's edition of Automotive News Elon Musk actually had an interview and said look at the cyber truck is too. Weird looking futuristic I. Forgot what he what term used. We'll we'll sell normal copycat. E pickup trucks. We'll just shift gears, we won't sell that. Totally. Out of out of this world, some sort of looking pickup truck, we'll just make regular one. He's in his own right now I mean certain times in life I've never happened to me but sometimes people get in his own whatever they do. They do wrong and that's where Elon Musk and tesla is an I. Listen I've said it I'll say it again I, attribute a lot of it go back to the interview that president trump had with Joe Kernan. Davos, ever since that day when they mentioned Elon Musk are geniuses and the people that created the wheel that stock is only gone straight higher in terms of neo real quick is to mention it. July delivery were three hundred. Twenty two percent year year totally get it. The stocks had a nice bounce but just go back and look at the note that Goldman Sachs put out I think two or three weeks ago. I think they have a celebrating on the name with a seven dollar price target. You know there are two sides of all these stories and the other side sometimes needs to be spoken about as well. Coming up we're getting ready for earnings from Disney, but will it be a fairytale report for the Magic Kingdom? We'll break down with traders expect for this crucial quarter when fast money returns. Welcome Money Lord and Taylor filing for bankruptcy today joining a growing list retailer slammed by the coronavirus pandemic that includes names like Neiman Marcus gnc Lucky Brand J. crew JC penney, and many others. Cairns been doing some digging spotted a couple of names that could be added to this list Karen what are they? Well one is sort of a perennial one that we talk about which is game stop and you know as you can imagine the sort of secular change. But now you can see what's happening the stock in the bonds and that's where I always look and these bonds aren't giving you a whole lot of confidence that they're going to survive years. So that's one and then the other one is party city who started the downward trend where they ran outta helium in. At Halloween and it's gotten a lot worse than you saw today. Phil Murphy from New Jersey saying cutting down the size of parties from one hundred to two, thousand, five. That's bad for party city they're trying desperately exchanging their dad tried to stay alive but it seems like a restructuring is definitely in the offing here so sad for both those yeah. Brian Kelly I know that you know you don't need as many streamers if you've got twenty five people versus one hundred. Exactly I bought a Pinata in. and. So I can see why party city's not doing. Well you know I think that's I. Unfortunately I think party said he's going to have a really rough time and then on game stop really interesting we were talking about take two and how people are moving away from the console that might actually be a problem for game stop as well. You know it's funny. Brian Kelly mentioned peanut because he actually brought up Pinata. For the team we we have a fast money Pinata, which is I believe at the Nasdaq Navy still hopefully. So it's funny that you specifically slept. Anyway up next Disney out with earnings tomorrow will the quarter of your beauty or beast. We'll dive into the office market bring you that trade much more straight ahead. Mark Your calendars next Wednesday joined the CNBC small business playbook virtual summit with facebook's Sheryl Sandberg Goldman Sachs's Margaret on a duke plus. Entrepreneurs Kevin O'Leary and Gary. Banner check is all about providing small business owners with resources to survive today's crisis and provide a path tour Dr. tomorrow. GO TO CNBC EVENTS DOT COM slash small business playbook to register but up next dizzy earnings on deck is losing its magic here that trade ahead class monies back right after this. Welcome back Disney ended with earnings tomorrow after the bell let's to my co at the options action Mike. Melissa significantly outpace calls today and ultimately created about two times. The average daily put in over eighty thousand contracts and right now, the options market is implying a move of about five percent a little bit larger than the two point two percent. It is typically averaged after earnings in the most active options contracts where the August one fifteen puts part of a one, fifteen, one, zero, five put spread to trade that Tony Actually. Outlined on options action. Last Friday seems retail traders are making bearish bets that Disney can be a little bit disappointing earnings. All right. Thanks for that Mike from options action. Be sure to tune into the show Friday five thirty PM eastern time up next final trades. Time for the final trae that's around the Horn Tim Seymour. Disney. The story I think is well known delays and Moulin Park throwing out slower the stock has been sideways since the middle of May and I think you've actually seen the consolidation stay long into this number chairwoman. Yes from my very small risk, our book Tiffany, they're plugging away at all the regulatory approvals and I think be retelling. He's GonNa Close. Brian Kelly. Well for me I'M GONNA. Put My money where my mouth is and say by Space Virgin Galactic can literally say going to the moon on that one and into became top shell. Guy. That's right. top-drawer. Those those became bobbleheads. It on the Oetzi the PK bobbleheads of flying off the shelf number one, number two we have the great Tom Rogers Onto Marta breakdown dis number two and number three toll brothers who make run to that February high. All right. Thanks for watching. See back here tomorrow by fast baton money with Jim Cramer starts right now. Today. Every answer matters more than ever before because whether it's about health deliveries or finance some things just can't wait. That's why IBM is helping businesses manage millions of calls, texts and chats with Watson, assistant it's conversational is designed to help customers find the answers they need faster no matter the industry Let's put smart to work visit IBM DOT COM Slash Watson Assistant to learn more.

Microsoft China US Donald Trump Tiktok Virgin Galactic facebook Tim Seymour Karen Frank Melissa Tim Josh Lipton Washington Steve Burns president Treasury CEO Lordstown Motors
When a G.M. Plant Shut Down in Ohio

The Daily

30:45 min | 1 year ago

When a G.M. Plant Shut Down in Ohio

"So sabrina tell me why you went to lordstown ohio so lordstown is in the northeast corner of state dinner mechanical trumbull end it is famous princely for one thing general motors eleven hundred acre farm right where ellsworth bailey road crosses ohio doing it has a very very large car plant that we've opened by general motors in nineteen sixty six the groundbreaking ceremony last year that we expected to go up to around five or so which is really defined by this car plant just a tiny little town we got about four thousand people but since the nineteen sixties this plant that's been economic engine of the count me in really the whole area has been building cars in lordstown for fifteen years and hunting valley takes great pride in being home of the cruise for the last several years the lordstown plant it's me this little sedan called the ship chevy cruz they should be all new chevrolet cruze fuel efficiency standards event planning employed about five thousand people building just this one model the cruise don't just drive you prove and then something happens oh there's going to make america great again campaign of twenty sixteen starts up end right over there these are going to go right over there for mexico donald trump is out there talking about manufacturing jobs and how you know a lot of people in areas like ohio has been left behind by an economy by democrats lose his job you're losing your job you're losing senior factories going china they're going to mexico japan is telling us what their cars panned after mr trump gets elected president the day after literally november ninth twenty sixteen general motors is cutting two thousand hourly workers at two of its plans jam starts announcing lay off a one in lordstown ohio other winning grand river in lansing michigan hit announces that third shift were closed thursday inventory growing for the chevy cruz why because americans are buying fewer sedans people are buying smaller size cars anymore you're buying suv's and trucks and how much will be left in terms of course production at that plant will still have to shift last year they sold about a hundred ninety thousand cars put people in lordstown which is making them nervous but they don't imagine this plan would close they've had this happened before i think we're gonna be okay in the long run this just a road bump which happens speed bump which happens you know in the business cycle but april twenty eighteen the second wave of layoffs take a look at shares of general motors the company announcing within the last fifteen minutes that it is cutting several hundred jobs edits lordstown ohio plant it is eliminating won't have to shift so these layoffs have started end even as they're going on trump is talking about the plants i said those jobs have left ohio they're all coming back he comes to lordstown and says hey you guys out there don't sell your house is outside your house don't these manufacturing jobs they're coming back they say chevy cruz is not selling well i say well they're just somebody get a car that is selling well let's put it back yes he goes to great politically links to talk about the plant publicly so they'll put something else i have no doubt that it is not too distant future they'll put something else they better put the plant linter long for another period of months and then shortly after thanksgiving in twenty eighteen general motors said today it is cutting closed at fourteen thousand jobs including fifteen percent of its salaried workforce the company announced last jobs will be eliminated general motors will stop making six under performing sedans by the end of next year idling plants in ohio michigan maryland in ontario canada that's all five thousand jobs at the plant the president now threatening just slash government subsidies to gm tweeting very disappointed with general motors in their ceo mary barra for closing plants usa's general motors in business the things we get so i saw this news in i thought this is a major event politically because this is a place that's unusual trumbull county that's where lordstown is located voted for donald trump by a really substantial margin is the first time the county voted for republicans since nineteen seventy two and then this really true blue union place place real democratic party stronghold so what does that mean you know what is it mean that a place that one for trump substantially where trump said specifically these manufacturing jobs are coming back in the very day after his election they start going away and there's gotta be some political fallout from this what is v consequence for trump in the scenario and i wanna understand that i wanna do report on that so that's why i went to lordstown people like brian my low thirty six he voted for obama in twenty twelve and then he voted for donald trump in twenty sixteen dean and then he was laid off in who's brian milo so brian is a young guy who's worked at the plant for the better part of ten years he and his wife lives in a house in a rural part of northeast ohio chicken david schick stone and he has a little daughter abby who he picks up on the school bus preschool and what was his job at the gym plan to do a lot of different things of josh i did it's a major things i did airbags installed airbags ending in the car stalled instrument clusters radios kind of a jackofalltrades there at the plant there's nothing i haven't done only inside of that car specially does he likes the job he liked a lot over what as making and the benefits of forwarded to me it afforded me this lifestyle so appreciative for this thing he liked the most recent he actually earned a wage that really bought him a truly middle class life we were working so much overtime approves a cell is so great you wrote drunk ticket on overtime they took vacations they saved they renovated house i mean i wasn't working out there making money i wanna have this property this whole there's no way i could have been able to afford that he's working in thinking that probably this is the rest of his life come illinois how not to work this is a strange hell really that i've always worked out of what is it feel like right now oh weird you know just just weird like it's i feel selfish i guess in a way that i'm not really contributing to society society right now in the workforce so after brian laid off the second shift the final communication he gets from gm is a letter that says so it says you must contactor hourly employee office by three pm on march twelfth to accept her decline in this job offer if you did not respond by the deadline you'll be considered if you want you have a job in once they'll missouri but it starts in ten days and if you don't say yes immediately and we don't see you you don't have a job at general motors anymore this isn't even signed by anybody seven hundred of these out ten years for a company that's what you get that sounds horrible he's thinking okay have this house we built my daughter has the school my wife works in the healthcare industry it's free here i don't wanna miss out even know if i can certainly can't in ten days time they gotta figure something else out what's you're next now you're healthcare your vision dental all of its dawn because i don't wanna pick up and go seven hunter slow over the who doesn't go what about your original question about the ramifications of all of this politically president trump said brands reaction was i thought pretty interesting team he's no no this is the it kinda annoys me when people think that you know he's part of them closing miss and company decision you gotta put blame words do he said it's not a company in what if deciding to do an i'm really angry at this company you know it's funny i feel these signs of trump's face about how bad things are here lordstown where's where's this mary's face on it this is her company trump don't sign my paycheck trump didn't send me this letter there's nothing on her about trump industries right i guess says g m general motors that's where the blame lies i know this reaction very well from my own reporting people feel like when you ask them about the political ramifications of something like their plant closing their response is often you know you're whittling down my experience of loss to this one thing that's important to you but that's not necessarily what's important to me that's exactly right that's exactly what he was saying he's it's like look this is a huge problem for this community this is a huge issue from my life in like all you wanna do is come here and like ask me about trump right in fact when i talked to dave green he's the head of the auto workers union in lordstown he really spotted this right away he's like a reporter early new york assay about trump a chart what what i still like trump to do another company more what is it about trump full areas but i was like oh man oh yes my number yeah he saw you common but did you get m the answer the question i think a big piece of it is you know elections have consequences so dave you know continue to he is a democratic credit clutter and he was a democratic voter in twenty sixty in an he'd get why people voted for trump doesn't like it but he gets it people continue to elect politicians are not gonna do the right thing by people before gonna continue to suffer but he also so in a lot of ways really frustrated because he started in a country in a state that had a strong union and where people who were workers understood that it was through that union entering politics that they get a good deal for themselves and if that's the way it used to be you know walter route they're one of the big founders of this organization right the ballot box is connected to the breadbox box he preached that i think people understood that that the politicians we elect are gonna give people usually opportunity to earn a good living or not they're gonna put money in the pockets of corporate america or the pockets of working america a so you better elector right people because it's gonna have a huge consequences on your livelihood but you know dave those things have really changed that's not the case anymore and it's really hard to get people to see the connection between politics and their wives understand that they're both have consequences they can hold politicians accountable but if they do you think they're sick of in their life the connects each each will be right back here's the headline your pay more to rent then you would actually own dc residents you're paying double in rent compared to the average mortgage end it lana folks your average rent increases three to five percent every single year i know it's shocking as real tours were experts who do more then buy and sell properties we advocating for communities and we won't stop until everyone has a place to call home that's what we do because that's who we are real tours are members the national association of realtors hi i'm any brown and i'm one of the people who makes the daily one of my favorite piece of tape we've had on the show was from an episode we made with times reporter francis row bliss who was investigating the death toll of hurricane maria in puerto rico and she sent us back this file where she's standing in this group of reporters who are barrage being be officials with questions and she asks and again and again how can not acknowledge that these people were killed by the hurricanes and you want her to get to the bottom of it i think the reason why i love the tape that are reporters send back to us so much is that we get to see how hard the reporters at the new york times work work they're trying to pick up facts that are buried for a reason that nobody wants to know francis is gonna keep asking those questions and she's gonna keep sending take back to me were gonna keep putting it on the air because we think you deserve to know the answers to the question that francis asking and if you think that's important the best way to support us is to subscribe to the new york times sabrina what explains that rift for people where they they're not feeling a connection between their plant closing and the politicians they put in power so i think in order to understand it you have to go back israelis the nineteen seventies the campbell ohio steel mill youngstown sheet into this is the big manufacturing area in the nineteen seventies there were huge number of steel plant workers at the campbell works for third generation employee in a lot of very good paying jobs but what started the happen for various reasons including economic change globalization wisdom these plants starting to close in there is a very famous closure in september of nineteen seventy seven in lordstown ladies and gentlemen the news we've received this morning from youngstown sheet in two is the worst possible news about ten thousand people lost their jobs they have a name for the day disaster struck they call it black one day everybody remembers everybody working for so many years of already believe that we're put out on the street and don't know what we're gonna do i put in thirty four goo jews from are three four years so satisfied my human where politicians and in all of this it was very much in those days the time of the democratic party in labor being absolutely hand in hand in glove so v democratic politicians would be fighting these closures and they would really be seen by workers in many ways as the guys who had their back eventually named a special task force which came up with some recommendations to help the steel industry as a whole the democratic party was the party of workers in the united states in dots who those workers were voting for but in the nineteen nineties v usa government starts to have negotiations over a trade agreement known as nafta with mexico and canada to lower trade barriers that's easier for companies to do business across those lines it started by republicans but it's really finished in a big splashy way hey by the democratic party when i fix my signature of the nafta legislation a few moments from now i do so with this pledge to the men and women of our country who were afraid of these changes bill clinton it's one that signs on the dotted line at the end in the nineteen nineties the games from this agreement will be you're gonna needs to end at first workers i talked to in moorestown they didn't really understand the implications of that but as the nineteen nineties war on and then into the early two thousands thousands things actually started change supply chains shorted springing up in mexico there were a lot of outsourcing that's starting to happen automation what's happening is well technology is changing manufacturing so many things were going on end people started to notice that the jobs were disappearing one worker i talked to start in the paint shop in the mid nineteen nineties and it started with thirty eight workers and when he left the paint shop in the early two thousands there only for wow he described it as this almost kind of invisible hand kind of racing things behind him as he went it could be coming for any of us it's the sort of foreboding how does that affect the community are there other changes the start to happen so the jobs they're real multiplier 's and by that i mean it's not just the gm job it's the suppliers it's departs guys the window makers it's be restaurant nearby that has waitresses and hostesses has a really big factor when these things start happening and what happens in large parts of northeast ohio in ohio more generally they're starting to be social problems that come along with this economic decline men don't have jobs or the jobs they have are not paying enough to support a family end and you know there's this feeling of worthlessness there's an increasing drinking and drugs the rise of single parenthood released stores so you have really in a lot of ways the breakdown of the family that kind of follows like a wave this economic change okay i'm gonna ask you the question that dave the union leader made fun of you for which is what the political implications of all of that did the democrats pay a price what did the democrats pay a price so what ends up happening is these workers see that at first first joan immediately understand it because it's all kind of out of focus and in confusing but later realized oh my god that was her own party that basically gave away the farm why did they do that there is a sense of betrayal among workers that actually the democrats aren't that different than the republicans so from that point on that union vote it becomes a little less reliable for democrats and it's not just nafta of course culturally things are starting to shift shift in the democratic party it starts field alien too many blue collar workers by the time two thousand and eight comes around it's getting dicey they end up going for obama but more because he was a change guy then becomes a democrat you auto workers were happy he bailed out gm by the end of his second term their life hasn't really gotten any better so by twenty sixteen there hedger basically in this place it's you know will try anything end for trumbull county that was donald trump i'm like you know what is the wildcard you know we need something the shake it up are country is a business he's a businessman yeah i mean in i liked the fact that you know he he made crazy attempts like trump steaks on trump college like crazy right like looking back at night like that's nuts but i applaud him for it because at least you're willing to put it out there on the line and try and worst you're the greatest mastermind the list and if it fails will feel there's crazy anyway but if you okay so i guess it sort of makes sense that a guy like brian is not necessarily gonna blame trump for this plant shutting down because 'cause he voted for trump because he's a wildcard he's not super surprised unnecessarily disappointed that this didn't work out because it was a hail mary in what the hell else what's he gonna do yeah that's exactly right you see democrats republicans is different you know in terms of freight and right now they're just just falls is just it's just politically being there's no red or blue in it for me how are you making sense of of all of this this feeling the people like brian have the the two parties on all that different i think for someone like brian you know the important thing is that these process these these have been happening for a long time in they've been wearing way the community where he lives for a long time so these things they're just much deeper than you know the most recent political slogan her the way the you know the republicans and the democrats are gonna message this year it's about the sort of fundamental bedrock of are alive as it is is just has changed changed you can't just graduated from high school and go out and get a job and pay your rent it's not enough money that feels like a real betrayal people it's a set of unmet expectations that i think he's causing real political change everything we have is disposal everything's made sheep and disposable and i think that trickles down into daily alive i mean you see marriage success rates are down you know things are disposable even on a human level i mean love i'm unemployed i'm disposable they oldtimers you know my dad's era my grandfather's there they fix things you know you had toasters that lasted you have refrigerators the last because people will fix something happened we don't throw away your marriage is what seventy years because people would fix the broken you have people that would people who have went striking have died on the picket lines further companies you know am i wanna lay my life on the line for the company that will send me a piece of paper and telling me what to do my life no concern from my family situation she says it's all broken it's like you're asking them who are you gonna vote for at the ballot box in twenty twenty and they're asking you how am i going to make a livelihood in the future when being tire foundation of how i thought this is gonna go i can no longer count on that the rug it's been pulled out from under me i don't really wanna talk about politics exactly what would you hold would be different if it were me i would hope the big companies would cease to exist because once you get so big you forget where you came from and the little guys who make it possible for you to have you're giant company and you're million dollar salaries they're just a number two you replaceable and we're reminded that in the play it all the time if you like what what's going on clip there's thousand people so take this job tomorrow on the other hand i have to ask whether people like brian whether the people you spoke to are hearing the canada it's this time around the twenty twenty candidates were speaking directly to some of these issues that he cares so much about are they being heard so the short answer is at this point not yet but it is a really interesting political time because for the first time in a really long time a a lot of the candidates on the left are questioning some of these basic things i mean the functioning of american capitalism that is kind of you know a topic of conversation duke and how all growth you want it doesn't doesn't mean anything if all over new income in wealth is going to the top one percent this economy really working for that's great giant drug companies it's just not doing great for people who were trying to get a prescription when capitalism comes in detention with democracy which is more important to you i believe democracy is more important and when i feel very strongly about you need to check the corporate consolidation and let the free market work and it is interesting right brian isn't this group of voters the democrats know they need to win the election he is really coveted these people want to win him over that's right but he's also release skeptical in he's really sick of the political class in the united states end he he's been burned by both sides at this point he doesn't trust any political leaders held him and the consequences is a political system but still disconnected in pretty unaccountable people like brian i think ryan's gonna vote he's patriotic and he feels a sense of civic duty whether he puts any faith in the person first thing he chooses that's another question they're gonna have to work really hard to convince them they should be sabrina thank you so much you're and then will be right back this is your wakeup call from dan certainty in frustrations of waiting for a liver transplant it's time to wake up demand a better way and get off the waiting list today instead waiting months or years while you're liver disease worsens a living donor transplant at you pm see in pittsburgh allows you to take action now this is your wakeup call stop waiting and start living visit life changing liver dot com com slash you pm see to learn more here's what else you need to another day on thursday a major earthquake struck southern california starting in a relatively secluded area of the mojave desert and shaking structures of two hundred and fifty miles away the quake registered six point four on the richter scale and set off eighty seven aftershocks making making it the most powerful tremor to hit the region in two decades as of thursday night new deaths were reported but there were damaged homes roads and water across the region two hundred and forty three years ago our founding fathers pledge their live their fortunes of their sacred honor to declare independence and defend a god given rights president trump presided over a sprawling and controversial celebration of american independence delivering a speech in front of the lincoln memorial surrounded by armored vehicles including tax and with military jets flying overhead presidential rally drew thousands of supporters as well as hundreds of protesters the daily is made by field elk andy mills lisa told rachel questar lindsey garrison amy brown claire tennis getter each count michael simon johnson brad fischer louis anderson wendy door chris ward jessica jump alexander sandra lee up jonathan lisa channel eric corrupt more george lucas vander undies you get kelly bryant julian longoria hindu neon someone in jasmine in audio or theme music is by jim bromberg and ben lands of wonder special thanks to sam don't mchugh shark stella in julie assigned i'm michael she this is supported by rocket mortgage by quicken loans within award winning team of mortgage experts obsessed with finding a better way to make the home buying process moved there for you with a history of industry leading online lending technology rocket mortgage

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