Markets and economy

OK, GM and Ford are now officially junk status. Everyone everywhere knows that these companies may be on their last legs. Everyone everywhere knows that the UAW, which is at the very least a partner in the inefficiencies plaguing both companies, will do nothing other than demand their "promised" benefits. And here is the rub: we are looking at the biggest union in the U.S., one that hasn't ever hesitated to go the violence route, and who may start their own mini-revolution. Almost all are gun owners, have been involved in some violence, (UAW is a notorious hiding place for people on the lamb from law enforcement)---I was a skip tracer and the UAW was the hiding place for at least 20% of the skips, only the teachers union locals were worse---so this really bears watching. Should either company collapse, their union work force will demand that the government honor their pensions, medical care, and other bennies. Folks, this is very important and nobody in media or blogdom---other than the really good financial blogs---(forgetting the pathetic "Carnival of the Capitalists") is talking about this. I don't think you can afford to remain ignorant. Blame won't cut it. Unions historically don't give back anything unless their feet are already on fire and by then it's far too late (check the airlines).

As an aside here, the main reasons the people in the new car plants built in the south rejected the UAW was that management did a hell of a job telling their workers that they would end up supporting each and every GM and Ford worker's pension and medical care. The young work force looked at the reality and rejected the UAW.

Repeat: this is serious.