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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Broken_Clock who wrote (52340)2/5/2006 8:01:53 AM
From: Rarebird  Read Replies (2) of 110194
 
>>The parts supplier, Delphi, is on the ropes and cutting thousands of jobs, wages, benefits, and PENSIONS.<<

More and more corporations, from automakers to airlines, walk away in stages from their pension obligations to those who worked for them. All these corporations had in the past made themselves into miniature welfare states. In effect, they had become miniature collectives. Now they are being swept aside by companies that have no such obligations, or very small ones, to the people who work for them. The costs born by these companies are much lower so they can sell at lower prices than the US corporate welfare state companies. They gain the market share while Ford and GM close plants and lay off workers.
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