Thomas Friedman thinks that “China is not going to rescue us or the world economy. We’re going to have to get out of this crisis the old-fashioned way: by digging inside ourselves and getting back to basics — improving U.S. productivity, saving more, studying harder and inventing more stuff to export. The days of phony prosperity — I borrow cheap money from China to build a house and then borrow on that house to buy cheap paintings from China to decorate my walls and everybody is a winner — are over.”
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Oh btw, get ride of these silly corrupted unions! Union is only useful in a developing country, like China. A high school graduate auto worker should not earn more than a college professor. PhD does mean something and worth a lot more than a high school diploma, even in the USA.
Since I’m on the union, let’s milk it bit more: are they stupid or what, extracting an unrealistic contract for their workers after the union bosses take their lion cut. Do they in their conscious mind, thinking the Big Three could afford them and be competitive at the same time? IF I’m on the negotiating table, for sure I’d like to see that my partner or opponent across the table get a fair deal or share so that they can survive and prosper too. Bottom line, why do I care and support the high school graduates who made more than a finely trained PhD if they get health care and pension? Capitalism only goes so far. The Chinese auto industry will destroy the US’s IF the Jap hasn’t done so.