Workers of Detroit, unite!

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.

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