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Old 03-13-2008, 10:19 AM   #1  
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Default How much is that $2700 LOA Stipend Worth Now?

I see a moderator moved my original post to "Money Talk" when this deals directly with the FDA's and the LOA. Maybe my previous subject line was misleading. I will try again.

The US dollar is in a freefall. I saw on the news today that we fell below 100 yen for the first time in 12 years. We've had a 20% drop against the Phillipeno peso in less than a year. I've seen the dollar go up and down for many years but it held steady against the Phillipeno peso. The dollar dropping so much in so little time against a much weaker currency should get your attention.

Recently the US dollar went through the psychological barrier of 1.50 against the Euro and is now trading at 1.5411 today. This is the bank rate in 1 million dollar blocks. Add in your bank and ATM fees and you are looking at 1.57 or better.

This will not bode well for those who bid the FDA's. On 06/27/07 when the LOA was released to the crewforce for review, the $2700 offered was worth 2005.79 Euros. Today that same $2700 has eroded to 1751.99 Euros. That is a loss of 253.8 Euros or $391.13 US dollars per month. Who is going to absorb that loss? We don't even have aircrews over there yet. It's business as usual for FedEx. They have a signed LOA.

Last edited by machz990; 03-13-2008 at 02:11 PM.
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Old 03-13-2008, 04:22 PM   #2  
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Sarcasm on

I'm not sure what your point is??? The LOA was approved by more than 2:1. It was good enough for the 68% that voted for it so your point would seem to be moot.

Sarcasm off
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Old 03-13-2008, 11:17 PM   #3  
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Default Excellent Points.

You're absolutely correct. I defy anyone in in our Union hierarchy to deny your point. I'm sure you'll hear crickets chirping, but no MEC responses. I made such a stink about how short-sighted that LOA was prior to the voting that I was shown the door from my voluntary position at the Union by the Big Mustache and his crew.

Had a jumpseater on my flight the other day tell me he had called the Union to offer his expertise and was told 'No thanks, we've got it covered'. After all, what could he possibly know being from France and having just moved back to the States?

When the Big Three go, I'll considered giving a crap again. Until then, my bag tags will say "My MEC speaks for themselves and old guys"...
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Old 03-14-2008, 07:05 AM   #4  
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When the CDG awardees look at their upcoming budget, I wonder how many will decide to sign the letter and go...
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Old 03-14-2008, 07:20 AM   #5  
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Quote:
Originally Posted by av8rmike View Post
You're absolutely correct. I defy anyone in in our Union hierarchy to deny your point. I'm sure you'll hear crickets chirping, but no MEC responses. I made such a stink about how short-sighted that LOA was prior to the voting that I was shown the door from my voluntary position at the Union by the Big Mustache and his crew.

Had a jumpseater on my flight the other day tell me he had called the Union to offer his expertise and was told 'No thanks, we've got it covered'. After all, what could he possibly know being from France and having just moved back to the States?

When the Big Three go, I'll considered giving a crap again. Until then, my bag tags will say "My MEC speaks for themselves and old guys"...


Can we get some new tags made up with this slogan!! It is so true
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Old 03-14-2008, 01:19 PM   #6  
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If guys are still willing to sign that letter (and yes I was against this thing) then we really don't need to worry about them on the next contract - as they will have proved to us all that compensation is not a concern. Accepting a job with a housing allowance that fluctuates with the currency (not up above 2700 dollars - but down) is reasonable only if you really don't need the allowance as it is an unreliable sum from month to month.
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Old 03-14-2008, 07:10 PM   #7  
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If guys are still willing to sign that letter (and yes I was against this thing) then we really don't need to worry about them on the next contract - as they will have proved to us all that compensation is not a concern. Accepting a job with a housing allowance that fluctuates with the currency (not up above 2700 dollars - but down) is reasonable only if you really don't need the allowance as it is an unreliable sum from month to month.
Sadly...if you think about this logically, it's true.

If only current Capt's could bid the left seats, how many seats would they have filled?

Folks are using their pay increase to Capt, wideboy FO or narrow body FO (from the backseat of the Boeing) to offset the lack of a COLA, adequate housing allowance or education allowance.

I guess it's true --- those that don't learn from the lessons of the past are condemed to repeat them

Last edited by DLax85; 03-14-2008 at 07:13 PM. Reason: Further clarity
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Old 03-15-2008, 02:07 AM   #8  
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"Can we get some new tags made up with this slogan!!"

Even better would be tag with a picture of a cheesy moustache and the international sign for no over it! I bet it would cost me a hell of a lot less than VEBA and I would get a hell of a lot more out of it!
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Old 03-15-2008, 01:01 PM   #9  
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Quote:
Originally Posted by av8rmike View Post
When the Big Three go, I'll considered giving a crap again. Until then, my bag tags will say "My MEC speaks for themselves and old guys"...
Took my bag tags off long ago...
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