The AIG debacle is a slap in the face to American labor, which was asked to sacrifice so automakers could survive.
What we're essentially being asked to believe is that employment contracts involving hardworking men and women on Detroit's assembly lines are somehow less legally binding -- less "sacred" in the current rhetorical argot -- than those protecting a bunch of cowboy securities traders living in Connecticut. When Larry Summers, Obama's chief economic advisor, piously tells us that the administration's hands are tied because we all must abide "by the rule of law," perhaps it's time to ask: What rule and for whom?
For years, the smart guys on Wall Street have convinced a growing number of Americans that organized labor is an impediment to economic progress, an unacceptable "cost" in a globalized system of production, a quaint social fossil from the era of mills and smokestacks. If there's a lesson to be gleaned from the current crisis, however, it's that when the chips are down, organized labor is a far more responsible social actor than the snatch-and-run characters who fancy themselves financiers.
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