Oh, by the way, in what should be a correction in a post, but is wrong only because it didn't cover the entire sorry picture at GM. In my piece of two days ago which praised the new Corvette to the sky, I should have included the disaster at Delphi, the former GM parts producer. The latest "proposal" to the workers include a pay cut of nearly 50%, a reduction in the starting wage to $10 per hour, and no guarantee that GM will be around. This could really be the end. It's nearly impossible to get a work force to accept a pay cut from $27 per hour to $16 per hour plus benefit cuts. This ain't funny, folks. Most of the 17,000 employees interviewed were willing to take pay cuts from the$28 per hour to around $22 per hour, but it's a long way from what Delphi has to do to remain open. So while the new Corvette may be a hell of a car it's not enough to keep GM from the toilet.

The other sides of this dispute include the fact that UAW workers are the last of the labor middle class. They have been able to buy homes, send kids through college, take vacations in fairly nice places, and have fueled the economy for three decades. If every laboring person can only look for a $10 per hour job then the system will be destroyed. This is a very serious situation.