General Motors bailout comes at a price - chicagotribune.com
On Twitter I've had a back and forth wit the UAW apologist @Public_D. It boils down to this. The union with the backing of the government gets to dictate a contract with compensation unjustified by the value of the product. They load it down with a medical and pension plan that kills the company and explodes over time into a perpetual liability. They then use the power of the government to extract wealth from the creditors, bond holders and equity owners of the company to cover the unfunded liability. Now they are selling the stolen property to China with the US government acting as their fence.
Saturday, November 20, 2010
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