This should be used for a radio or tv ad for the Shenandoah Valley for the next three weeks...From Webb's fact check page:
George Allen supports lowering taxes for companies who outsource American jobs. [SCR #18, Amendment #210, Vote 63, Failed 40-59, 3/17/2005; S. 1637, Amendment #3110, Vote # 83, amendment tabled 60-39, 5/5/04]
Closings
Week of October 28, 2002
VF to cut 3,000 jobs in closingsGREENSBORO, NC GÇö VF Corp. said Oct. 17 it will close five more U.S. plants and eliminate 3,000 jobs.
The news came as the apparel maker reported record net income and earnings per share for the third quarter.
VF will close plants in Woodstock and Luray, VA; Coalgate and Okemah, OK; and Lebanon, MO. All of the plants manufacturer jeans.
A year ago, VF began a major restructuring program that included the closure of 30 to 35 plants and the elimination of 13,000 employees. Two other jeans-manufacturing plant closures in El Paso, TX, were announced then and will occur in December and next May.
When the closures are complete, the company will have about 18,000 domestic employees and about 36,000 offshore employees.
Restructuring moves are paying dividends, the company said. Diluted earnings per share rose 28 percent to $1.15 from 90 cents in the prior yearGÇÖs third quarter.
Earnings increased 25 percent to $128.6 million from $103.2 million last year.
GÇ£We are extremely pleased with these excellent results,GÇ¥ said Mackey J. McDonald, chairman and CEO. GÇ£With our Strategic Repositioning Program, we took the right actions at the right time, as demonstrated by our ability to deliver record earnings despite very challenging market conditions.
GÇ£At the same time, the increase in marketing investment behind our brands is paying off in the form of market share gains across our major consumer categories, including most of our jeans, intimates and outdoor businesses.GÇ¥
During the year the company has rapidly increased its Asian sourcing capabilities, realized greater efficiencies in its offshore facilities and demonstrated its ability to operate with leaner inventories, McDonald added.
Despite an increasingly challenging retail environment, sales were flat, at $1.4 billion, the company added. The companyGÇÖs jeans and outdoor brands are performing strongly in Europe, VF said.
In the four years since this was written these factories have been closed with devastating effect on these communities. My Mother and sister live in Luray and have seen the impact on the town of the Wrangler Factory closing of its sewing and acid wash facilities, only the distribution center remains (product is brought in from overseas manufacturing facilities and repackaged and shipped, nothing is produced). Wrangler (VF Corp) is no longer the largest single employer in Luray, Walmart is.
Thanks.
Next? :)
All this talk about the "improving economy"... But it is improving *only* for the investor class, not for ordinary people who are trying to house, feed and clothe their family. I never could understand why that little fact isn't thrown into the teeth of the Bush&Co with regularity. And I agree, some digging ought to be done into the possibility of "pay for play" in Allen's voting patterns. Afterall... "Cui bono?" is still something lawyers try to establish as being a valid component of court cases, no?
I was struck by something else. Here's the BOD of VFC:
http://www.vfc.com/s...
At the very least you have a group of folks experienced in the industry or at least marketing. The board at VFC provides SHARP contrast to the board at Dominion.
A comparison indicates that many of the directorships at Dominion have been granted to individuals lacking industry experience or expertise - e.g., Susan Allen and Benny Lambert.
In the case of Susan Allen and Benny Lambert the director positions at Dominion haven't been much more than de facto political contributions worth more than $55,000 per year.
I need a plain map to understand it frankly and or a good overview article.
I know this is what's going on but I haven't tracked all of the ins and outs..
so if this newbie political junkie can't get it, I would imagine there are plenty of others like me.
There is nothing but corporate lobbyists pushing for that tax break. Every economist I have ever read will tell you it's insane, from a macro-economic point of view...
the opinion from labor on this one hopefully is obvious.
Organized Labor, and any family that relies on a paycheck or two pay for food, transportation, housing and college, will be voting for Webb.
The reason I say this, is I don't think many labor activists know this. I don't know that and my "thing" is economics/trade/labor arbitrage so I'll bet most people don't.