It’s a red-letter May Day, as working comrades in the UAW are taking over Chrysler. By the looks of things, they same fate may befall GM if they cannot work out a deal with their creditors.
Some analysts feel this is a good thing – reasoning that the union would have to abandon a single-minded quest for higher wages to think about the company’s broader needs. But in the era of bailouts and government safety nets, there really is no incentive to do that.
Jim Eltringham 