Richardcyoung.com

The Online Home of Author and Investor, Dick Young

Unions Killed the Golden Goose in Detroit

By

It was the unions that killed the golden goose in Detroit.They should be de-certified and dropped in a shallow grave never to again see the light of day. It’s really only a matter of Outcome Analysis. The Wall Street Journal lays out the grisly details.

United Auto Workers President Bob King, speaking publicly on the Detroit bankruptcy filing for the first time Monday, said he is outraged at how the city’s 20,000 public-sector employees have been treated by the governor and the city’s new leadership.

“I know how bargaining can work in difficult crisis situations,” Mr. King said. “In the auto industry, labor with management, the community and government, we all worked together and look at the industry now.”

Al Garrett, head of American Federation of State, County and Municipal Employees Council 25, said the city didn’t try to bargain with unions in good faith.

“Part of this is to create a narrative that people say there is nothing else they can do” but file for bankruptcy, Mr. Garrett said, referring to comments by Messrs. Snyder and Orr about the dire state of the city’s finances. “We say there is something they can do. They can sit down at the bargaining table.”

The following two tabs change content below.

E.J. Smith - Your Survival Guy

Preparing your investments and family for when disaster strikes.
E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.