....we’ve been living in the twilight of the great post World War Two industrial America...people can’t believe it’s ending....there’s a mass denial going on....this week at the cafe I was eating lunch with a buddy....I said “are you worried about your Mom’s pension from GM?”....he said “hell no, that pension check is guaranteed!”...I didn’t say anything back to him....but I know with GM trading around $3.00/share nothing of theirs is ‘guaranteed’
I predict a resurgance of manufacturing in thenext few years as waqes hit a realistic level and automation proceeds a pace.
Unions are on their last legs; there is no rationale for their salary/benefits/retirement schemes.
Management will also have to do with much less as stockholders will demand a better return on their investment.