You've probably already seen this L.A. Times opinion piece by
David Lazarus, but just in case you haven't, take a look. He bemoans the drastic concessions now being made by auto workers in order to keep the U.S. industry alive.
...a bailout's a bailout, at least as far as taxpayers are concerned. So why are we holding blue-collar workers to a different standard than their white-collar kin?
Testifying before a Senate panel Thursday, the UAW's Gettelfinger laid it on the line. "I believe we could lose General Motors by the end of this month" unless Congress approves the bailout, he said.
Why was there no pressure on workers at Citigroup, insurance giant American International Group Inc. and mortgage behemoths Fannie Mae and Freddie Mac to make similarly team-spirited pitches for their respective employers?
Why was no gesture of humility required from the white-collar crowd, even something as relatively minor as a 5% pay cut until their respective companies return to more solid financial footing?
"It's completely backward," said Eve Weinbaum, director of the labor studies program at the University of Massachusetts at Amherst. "There's this perception that the people who make things with their hands somehow count for less than people on Wall Street who sit around thinking up things like derivatives.
"You could argue that an economy doesn't need derivatives but does need manufacturing."
Yes. Yes, you could indeed make that argument.
Anglachel adds:
From my perspective, this is another sign of the fault line in the Democratic Party and is indicative of where and how the power elite is going to spend their political capital.
I would add that Obama favored the Wall Street bailout but ruled out, from the get-go, any direct aid to homeowners facing foreclosure. That tells us where his sympathies really lie, even though he may mouth words (
just words) supportive of laid-off workers.
Incidentally, Lazarus wrote an
earlier column which includes this noteworthy paragraph:
My proposal is this: Any U.S. automaker receiving bailout funds must produce a workable blueprint for an affordable 100-mile-per-gallon car within two years, with full-scale production to follow within five years.
50 mpg will suffice, but let's push up the schedule.
Lazarus (and the interview subjects he quotes) are too quick to condemn GM and Ford for making gas guzzlers. Until quite recently, American consumers
wanted behemoths; the gas hogs carried a higher profit margin.
Should all blame goal to the pusher? Shouldn't some blame go to the fellow sticking the needle into his arm?