What is the main issue discussed in the video?

The video discusses a contract dispute between the International Longshoremen’s Association and port operators, which could lead to a port shutdown if unresolved.

Why is there little mainstream media coverage on this topic?

The issue is primarily being covered by trade publications, and there seems to be a lack of mainstream media attention.

What could happen if an agreement is not reached by October 1st?

Ports along the East Coast and the Gulf could shut down, leading to significant economic disruptions.

How are shippers responding to the potential strike?

Many shippers are moving their shipments to the West Coast to avoid potential disruptions.

What is the government's role in this situation?

The White House has stated it will not use its federal power to force workers back to work, as it did in a similar situation with railroad workers.

Why are the unions demanding better deals?

The unions feel that the wages being offered are unsatisfactory and the public portrayal of the offers is misleading.

Could the government intervene as it did with the rail workers?

Yes, the government could intervene based on the Taft-Hartley Act, though it is politically risky before an election.

What are the potential consequences of a port shutdown?

A shutdown could lead to product shortages, increased costs, and backlogs in shipping, affecting the holiday shopping season.

Who is responsible for handling negotiations on behalf of the government?

Secretary of Transportation Pete Buttigieg is responsible for facilitating government negotiations.

Why might political leaders hesitate to let the strike happen?

A port shutdown could lead to negative political ramifications similar to a government shutdown before an election.

MASSIVE Port Strike Could BLOW UP Economy

00:07:55

https://www.youtube.com/watch?v=ivkpy6AqOfI

Resumen

TLDRThe video details a labor dispute between the International Longshoremen’s Association and the conglomerate running U.S. ports on the East Coast and Gulf. A strike looms as the union and port operators have not reached a contract agreement, threatening a shutdown if unresolved by October 1st. This potential disruption has prompted shippers to redirect cargo to the West Coast and pushed merchants to prepare early for the holiday season in case of delays. The White House has opted not to force labor back to work, unlike previous intervention with rail workers. Political stakes are high since any disruption could tarnish the administration's reputation before elections, placing pressure on government negotiator Pete Buttigieg. Furthermore, there's concern that such a shutdown could lead to product shortages and inflation spikes, echoing economic hardships typical of a pandemic-era crisis. Trade coverage highlights these concerns, stressing the significant economic impact of potential port closures amidst crucial holiday preparations.

Para llevar

⚠️ Potential port shutdowns could occur if no agreement is reached by October 1st.
📦 Shippers move cargo to the West Coast to avoid disruptions.
🏢 The White House is reluctant to force workers back to work before elections.
📉 Possible economic impact includes product shortages and inflation spikes.
📅 Early holiday shopping preparations by merchants to ensure stocked shelves.
💼 Government negotiator Pete Buttigieg faces political challenges.
🎄 Port closure could disrupt holiday season preparations.
📰 Issue is primarily covered by trade publications, not mainstream media.
📈 A strike could affect transportation and critical economic sectors.
📍 Situation echoes previous railroad worker contract disputes.

Cronología

00:00:00 - 00:07:55
A labor strike might occur if the International Longshoremen's Association doesn't reach a contract agreement by October 1st, causing potential shutdowns across East Coast and Gulf ports. Traders are already diverting shipments to the West Coast and rushing holiday stock. Despite potential economic disruption, the White House seems unlikely to intervene using federal powers as it did previously with railroad workers, due to political implications. The situation mirrors a recent political maneuver to prevent a government shutdown over the SAVE Act by a Republican establishment seeking to avoid electoral backlash. Despite the potential political crisis, port workers seem determined to avoid being forced into an unfavorable contract.

Mapa mental

Preguntas frecuentes

What is the main issue discussed in the video?
The video discusses a contract dispute between the International Longshoremen’s Association and port operators, which could lead to a port shutdown if unresolved.
Why is there little mainstream media coverage on this topic?
The issue is primarily being covered by trade publications, and there seems to be a lack of mainstream media attention.
What could happen if an agreement is not reached by October 1st?
Ports along the East Coast and the Gulf could shut down, leading to significant economic disruptions.
How are shippers responding to the potential strike?
Many shippers are moving their shipments to the West Coast to avoid potential disruptions.
What is the government's role in this situation?
The White House has stated it will not use its federal power to force workers back to work, as it did in a similar situation with railroad workers.
Why are the unions demanding better deals?
The unions feel that the wages being offered are unsatisfactory and the public portrayal of the offers is misleading.
Could the government intervene as it did with the rail workers?
Yes, the government could intervene based on the Taft-Hartley Act, though it is politically risky before an election.
What are the potential consequences of a port shutdown?
A shutdown could lead to product shortages, increased costs, and backlogs in shipping, affecting the holiday shopping season.
Who is responsible for handling negotiations on behalf of the government?
Secretary of Transportation Pete Buttigieg is responsible for facilitating government negotiations.
Why might political leaders hesitate to let the strike happen?
A port shutdown could lead to negative political ramifications similar to a government shutdown before an election.

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Subtítulos

Desplazamiento automático:

00:00:00
let's move on to the support strike Ryan
00:00:02
um speaking of prices speaking of prices
00:00:05
um we can put this first element up on
00:00:06
the screen this is from the load star
00:00:09
usmx in Ila and claims blame game as
00:00:12
strike deadline looms can you break this
00:00:16
one down for us Ryan we're coming a lot
00:00:17
of Ryan Grim topics today which is great
00:00:19
because it's always educational and
00:00:21
enlightening what's happening with this
00:00:24
contract first of all credit to this
00:00:25
shipping trade publication for claims
00:00:27
blame game that's that's funny it's it's
00:00:30
it is New York Post worthy it is is and
00:00:33
you don't see that from trade pubs very
00:00:35
often um the reason we're using a trade
00:00:37
publication article here is because
00:00:38
there's been very little mainstream
00:00:40
coverage of what's going on here uh if
00:00:43
the international long shoreman Union
00:00:46
and this conglomerate of basically D
00:00:49
dudes that run ports don't come to a new
00:00:52
contract by October first the ports are
00:00:55
going to shut down all along the east
00:00:57
coast in the Gulf so as a result of that
00:00:59
all already um lots of shippers are
00:01:02
moving uh their shipments over to the
00:01:04
West Coast uh and as the trade press
00:01:08
talks about a lot of uh kind of holiday
00:01:11
Merchants moved their orders way up like
00:01:14
they're already getting in their
00:01:15
Christmas tree they artificial Christmas
00:01:17
trees and all the other uh junk that
00:01:19
we're going to buy for buy for each
00:01:20
other in the holiday season so that the
00:01:22
shelves will be stocked um
00:01:25
because the uh the business side here is
00:01:29
according to the the union offering
00:01:31
utterly poultry wages and then uh and
00:01:34
then lying publicly about the way that
00:01:37
they're kind of doing the math and
00:01:38
saying oh look at this huge increase
00:01:39
they giving and so they haven't met in
00:01:42
in months and we're at an October 1st
00:01:46
deadline uh the the White House has said
00:01:50
it will not use its Federal power to
00:01:53
kind of force these workers back to work
00:01:56
if you remember that's the same law that
00:01:58
they use to force the railroad
00:02:00
basically force a contract on the rail
00:02:02
workers a couple years ago they could do
00:02:05
that again when it comes to this one and
00:02:07
it seems like uh the bosses here are
00:02:11
banking on the fact that the White House
00:02:12
will do that they're saying we don't
00:02:14
need to negotiate with you
00:02:16
because an October 1st Port shutdown
00:02:19
would be such an absolute political
00:02:21
crisis they're probably right that the
00:02:23
White House will actually does Pete
00:02:25
Buddha judge because it's it's Buddha
00:02:27
judge who's basically responsible for
00:02:29
kind of being the the secretary who is
00:02:34
in between this and trying to get to a
00:02:35
deal does Buddha judge want this to be
00:02:38
his thing so the unions meanwhile are
00:02:41
like just give us a decent deal and
00:02:42
we'll come back to work lots of Leverage
00:02:44
now one thing they could possibly do is
00:02:47
kind of force them back to work until
00:02:48
after the election which is sort of what
00:02:51
they did with the rail workers if you
00:02:52
remember um and then and what you can do
00:02:56
is you can force them into
00:02:57
mediation so I tend tend to think
00:03:01
that they're not going to let a strike
00:03:04
happen October
00:03:06
1st but according to their current
00:03:08
statements they are now well I don't
00:03:11
know what kind of brinksmanship that is
00:03:12
or not um but the the workers are do not
00:03:17
seem like they're in a position to get
00:03:18
rolled over here and what can
00:03:21
so actual question here what Biden's
00:03:24
power hypothetically would be in these
00:03:26
negotiations it probably look similar to
00:03:28
what we saw to the rail it's pretty
00:03:30
serious power um because it involves the
00:03:33
transportation and the and the
00:03:34
Cornerstone economic interests there as
00:03:38
the Taft heartley act yeah yeah that
00:03:40
allows um you know significant
00:03:43
intervention from the US not just allows
00:03:45
but sort of incentivizes for the federal
00:03:48
government in case of sh and and the and
00:03:51
the bosses have relied on that for you
00:03:53
know since the 40s or whatever to say
00:03:55
you know we don't you can't go on strike
00:03:57
because the government's going to come
00:03:58
in and stop you um
00:04:00
but I think they took they took a lot of
00:04:03
heat for that um for for for you know
00:04:05
forcing that contract on rail workers
00:04:08
and they certainly would rather not have
00:04:10
the political Optics of being
00:04:13
anti-un right in October before the
00:04:16
election yeah well and you know it's
00:04:18
funny because this is sort of a parallel
00:04:20
situation to what Mike Johnson was
00:04:22
facing this week with a government
00:04:23
shutdown on the eve of the election that
00:04:25
he knew Republicans were going to be
00:04:26
blamed for which is why he and sort of
00:04:29
Republican establishment ended up siding
00:04:31
with uh the siding with Democrats and
00:04:34
brokering a deal on the save act and
00:04:36
doing this three-month stop Gap that
00:04:38
would end in December which is certainly
00:04:40
going to Res result as Freedom caucus
00:04:42
types are saying in a big spending
00:04:44
package right before Christmas nice
00:04:46
little Christmas present because nobody
00:04:47
wants a shut down over Christmas um
00:04:50
we've seen it before of course but
00:04:51
nobody really wants it and Mike
00:04:53
Johnson's logic explicitly was that we
00:04:55
are not risking a shutdown shutting down
00:04:57
the government As Trump wanted over the
00:05:00
save act which is basically creates
00:05:02
protections so that you can't have
00:05:04
non-citizen voting in federal elections
00:05:06
shutting down the government over that
00:05:07
would not be politically viable
00:05:09
politically worth it so basically The
00:05:12
Leverage was with the people who were
00:05:14
saying like Freedom caucus had no
00:05:16
leverage in this situation and the
00:05:19
billionaires that are being called out
00:05:20
by these union leaders don't really have
00:05:22
leverage in this situation because all
00:05:25
the money in the world that they can
00:05:26
give to Joe Biden isn't going to offset
00:05:28
uh how ious the threat to the election
00:05:32
would be if we remember back to the
00:05:34
rail uh the rail
00:05:37
Uprising after what happened in East
00:05:40
Palestine this was the the level of
00:05:42
political crisis for Biden and Buddha
00:05:44
judge was incredibly high and to have
00:05:47
that literally weeks before a
00:05:49
presidential election I mean they have a
00:05:51
pretty good case going to the Biden
00:05:53
Administration here it's an interesting
00:05:55
test for mayor Pete uh secretary Pete
00:05:58
see if to see if he can get a get a deal
00:06:00
here one reason I wanted to cover this
00:06:01
even though nobody else is is that
00:06:04
there's no they don't pay any price uh
00:06:06
by forcing workers back to work uh if
00:06:10
nobody knows it's happening in the first
00:06:12
place like if if nobody if nobody's
00:06:14
talking about it then the White House
00:06:16
can actually much more easily just uh
00:06:20
Jam them and say you know what nobody
00:06:22
nobody's looking just go back to work
00:06:24
well so Steve Lamar the president and
00:06:26
CEO of the American Association of
00:06:28
Footwear and apparel makes a very very
00:06:29
very very good case to Biden he says our
00:06:32
members if they can get their product to
00:06:33
Market at all during the critical
00:06:35
holiday shopping season will only be
00:06:36
able to do so with massive delays at an
00:06:38
exorbitant cost exporters particularly
00:06:41
agricultural exporters will literally
00:06:42
see their product rot on the docks or in
00:06:45
the Rail Yards and just when inflation
00:06:47
has started to come under control
00:06:48
American families will face a surge in
00:06:50
prices and product shortages not seen
00:06:52
since the pandemic it would be a
00:06:54
disaster yeah absolute disaster no doubt
00:06:56
about it and uh they say that for every
00:06:58
day
00:07:00
that the ports are shut down it takes
00:07:03
about five days to clear that
00:07:05
backlog so even if there was only a
00:07:08
10day strike you know then you're
00:07:11
talking about a two-month backlog and
00:07:14
exactly just as the Federal Reserve is
00:07:16
cut it's already a problem yeah oh by
00:07:18
the way I was gone so I didn't get to do
00:07:20
my Victory lap I was correct on the half
00:07:22
point cut I know I saw that right away I
00:07:24
was like this is perfect it's why I
00:07:27
didn't guess but you know it was trading
00:07:30
in the market a great call yeah you
00:07:31
could have um I'm sure that there were
00:07:33
predicted bets on that well the whole
00:07:35
Market is a predicted bet that's true at
00:07:36
this point again it's all Vegas it's all
00:07:39
Vegas all the time hey if you liked that
00:07:42
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00:07:47
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00:07:50
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Etiquetas

Labor dispute
Port shutdown
Longshoremen union
East Coast ports
Government intervention
Strike
Holiday shipping
Economic impact
Pete Buttigieg
Inflation