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Steven Rattner on the UAW Strike and the Challenges of Bidenomics | Odd Lots
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September 22, 2023
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51:15Now PlayingWhen the US auto industry needed a restructuring or bailout in 2009, the Obama administration tapped former banker and investor Steven Rattner to lead the effort. As the government's "car czar," he helped shape an agreement that saw the United Auto Workers accept significant concessions in order to preserve the financial stability of the big three American carmakers. Now the UAW is on strike, with an aim of reversing many of those concessions and gaining new benefits for their workers. So what can the UAW reasonably accomplish? How plausible are their asks? And can US industry remain competitive with higher labor costs? On this episode of Odd Lots, we speak with Rattner to get his take on the negotiations, the challenge of the energy transition on the incumbent automakers, and the goals of Bidenomics more broadly, as the administration seeks to boost domestic manufacturing in areas like EVs, batteries, and semiconductors.
Intro -- 0:00
Concessions made by auto workers in 2009 — 3:35
Negotiating with the UAW during the auto rescue — 6:33
Labor tiering in the auto industry — 9:03
Why can’t the car companies meet the UAW’s demands? — 10:25
Labor issues in the transition to EVs — 13:00
Why manufacturing is unusual — 14:41
The labor market, deglobalization and Bidenomics — 20:03
Other pressures on US carmakers — 24:40
On semiconductors — 26:06
Boosting manufacturing and the deficit — 31:22
How to get more capital into important manufacturing — 35:13
How he thinks the UAW strikes will end — 38:52
Most memorable moment as car czar — 44:37
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Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.
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