A Quote by Leonard Woodcock
Now, wages in the automobile industry are made up of two components, what we call base rates and the cost of living factor which is fed in by the operation of the escalator.
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The growth of a nation's productive potential is the central factor in determining its growth in real wages and living standards.... high rates of investment and saving usually have a big payoff in promoting economic growth.
Well, we're just now seeing the reductions in mortgage rates. The mortgage rates are based on the ten-year rate and the Fed controls the overnight or the shorter rates.
No business which depends for existence on paying less than living wages to its workers has any right to continue in this country... By living wages I mean more than a bare subsistence level - I mean the wages of decent living.
I think not in two or three dimensional terms but in five dimensional terms when I consider a novel. There's height, width, and depth, there's the time factor, and then there's the factor which I call the cerebral factor of the reader, the way the reader adjusts to all the other dimensions, which is the fifth dimension.
In my Inaugural I laid down the simple proposition that nobody is going to starve in this country. It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country. By "business" I mean the whole of commerce as well as the whole of industry; by workers I mean all workers, the white collar class as well as the men in overalls; and by living wages I mean more than a bare subsistence level - I mean the wages of decent living.
A study of the history of wages back through the years indicates clearly that when the cost-of-living rises appreciably wages have shortly been adjusted upward also.
And what's interesting about the hybrids taking off is you've now introduced electric motors to the automobile industry. It's the first radical change in automobile technology in 100 years.
Let's take energy, for instance. I understand that in some industries, the input cost of energy is a major factor in whether an industry is going to locate in the United States or go elsewhere. So, when, at Bain Capital, we started a new steel company called Steel Dynamics in Indiana, the cost of energy was a very important factor to the success of that enterprise.
Since education is not a means to living, but is identical with the operation of living a life which is fruitful and inherently significant, the only ultimate value which can be set up is just the process of living itself. And this is not an end to which studies and activities are subordinate means; it is the whole of which they are ingredients.
How is the human race going to survive now that the cost of living has gone up two dollars a quart?
We're seeing the yield curve steepen, that means long rates are going up but short rates are not because the Fed is holding them down and this is usually good for financial stocks.
I don't think it's possible for the Fed to end its easy-money policies in a trouble-free manner. Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets, so there is no reason to suspect that the actual process of boosting rates would be any different. I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.
The Fed has a lot of power in the economy because it has a big impact on the supply and cost of credit, that is, interest rates. It also plays a key role in supervising banks and historically has seemed to take it easy on the banks when it shouldn't have, such as in the lead up to the financial crisis.
In the U.S., you couldn't have job creation with interest rates of 30 or 40 percent. They had a philosophy that said job creation was automatic. I wish it were true. Just a short while after hearing, from the same preachers, sermons about how globalization and opening up capital markets would bring them unprecedented growth, workers were asked to listen to sermons about "bearing pain." Wages began falling 20 to 30 percent, and unemployment went up by a factor of two, three, four, or ten.
I think either party would have seen the wisdom in bailing out the American automobile industry, because one job in ten in the United States is either directly or indirectly connected to the automobile industry. You just could not let these companies go down.
Teams are made up of a lot of components. They're made up of hunger, they're made up of desire, they're made up of chemistry, and they're made up of emotion.
