Heavy Lifting - thoughts and web finds by an economist
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Saturday, December 06, 2008
Actually, I don't know the actual count, but I wonder if we will see more stories like this in the near future:
The union says company officials told employees they were closing shop because Bank of America would no longer extend Republic its line of credit. Bank of America wouldn't confirm that due to confidentiality issues. Workers say the fact that Bank of America received $25 billion in the federal bailout makes this even more unacceptable.
To the point of Ayn Rand's book, the following quote is a bit eerie:
"It's just miserable, everything is up in the air," worker Melvin Maclin said. "We don't know anything, no one wants to talk with us."So, if the company officials are hanging out in the equivalent of Galt's Gulch and they fail to come to the meeting on Monday, does this imply that the government would take over the factory or would sell it for pennies on the dollar to a "do gooder"
I hope this is just a coincidence and not a bellweather of things to come.
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