Market crisis: It is the unions’ fault
Today's Financial News - Posted October 22, 2008
I am no fan of overly powerful unions. They destroyed America’s manufacturing industry and ripped apart Detroit. Now they are setting their greedy sights on Boeing (NYSE:BA).
By Andrew Snyder
Baltimore – (TFN): I did not know it was physically possible until it happened this morning. I actually hate unions and their devastating me-first mentality more than I ever have before.
As the markets tumbled by over 500 points today, I cannot help but think those greedy, money-grubbing groups are responsible for a large part of this nation’s financial crisis… if not all of it.
All I have to do is look at a chart of any of the nation’s major manufacturers, like General Motors (NYSE:GM), Boeing (NYSE:BA) or Caterpillar (NYSE:CAT) and I have to reach for my blood pressure medicine.
If it were not so windy today, I would get out my extension ladder, climb on the roof of my house and salute the abandoned Caterpillar factory just a mile or so down the road. It was a great American icon that was infiltrated by an internal enemy, unions.
Workers picketed and picketed until the company got so fed up with union antics they picked up the assembly line, put it on a couple of dozen trucks, and moved it to Mexico. Now, the old factory sits as a memorial to the country’s greatest days.
Unfortunately, it is too late to salute GM. All we can do is euthanize that poor company like an unwanted dog. Thanks to UAW’s unrelenting power, Detroit is in too bad of shape to fix.
I guess in the eyes of the UAW, no jobs are better than 60,000 low-paying jobs.
Where are my heart pills?
I decided to do a little research today. Did you know that the average GM assembly-line employee’s total compensation package is about 150% more than the average college professor’s annual compensation?
Some guy that is fastening bolts with a pneumatic wrench is making more (over $150,000 per year in total pay) than a doctor that spent ten years in school and devoted his entire life to enrich others.
Oh boy, that makes me mad.
We are in the grasp of one of the worst financial meltdowns in the history of the world and Boeing’s factory workers are up to their same old disgusting stunts.
They are blackmailing their bosses into more money, more benefits, and easier jobs during a time when hundreds of thousands of Americans would knock out their own grandmothers to get that kind of opportunity.
Just this morning, Boeing was forced to face Wall Street and admit it has no idea what its future looks like because it has no idea when or if it will settle with its striking workers. Over one billion dollars in investor equity was lost because of the news.
In other words, because some guy in Seattle does not want to pay the same kind of health insurance premiums the rest of us do, the entire country will suffer.
I hope Boeing executives dig there heals in and give these bums what they deserve… pink slips. There are thousands of willing workers eager to fill every one of those positions they walked away from.
Just like socialism, unions look great on paper. But add even a touch of human greed and the whole system buckles.
Frankly, I do not want either one of the two pillars of evil in my country. That’s what they made Europe for.
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