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May 12, 2003
Evening Gloom and Giggle

Reading the Wall Street Journal, I read that LTV Corporation is a steel company, current reorganizing and considering liquidation or filing bankruptcy.

So far 40,000 retired employees have lost their health insurance coverage. 200,000 more retired employees and dependants are probably going to lose their benefits.

International Steel Group bought the assets of LTV Corp but naturally not the liabilities. That means the jobs, and benefits, of young workers are safe, but retires who expected the pensions and benefits promised by their employer to, well, be there when they retired, are out of luck.

A similar situation awaits the retires of Bethlehem Steel Corp., National Steel Corp. and others that are now becoming parts of leaner, stronger competitors - which buy their assets but abandon promises made to former workers in better times.
This is part of the aging of the Baby Boomer generation. I don't really see why corporations who can afford $10M or $50M annual salaries for their CEOs (and, no doubt, similar salaries for other high-level executives) should be allowed, now, to cry poverty, sell their assets to themselves under a new name, and leave the workers in the gutter.

Is this country ever going to learn that the country is the people? How can we show them that corporations and the economy exist to serve the people, and not vice-versa?

In other news:

The oft-repeated liberal charge that Joe Lieberman is Bush-lite is correct in at least one respect: The stronger the president looks in the general election, the better the Connecticut senator's chances in the Democratic primary.

If Howard Dean, the kindly Vermont doctor, is the candidate of Democratic fantasy, Sen. Lieberman is the candidate of Democratic desperation, the centrist of last resort once all other scenarios for regime change have been exhausted.

I was going to get all wound up about the potential that the Dems might actually field Lieberman, then I found myself laughing.

If referring to a "regime change" from the current Administration has hit the staid pages of the Wall Street Journal (not the less-illustrious Opinion version, but the real one), then it must have really settled in to public consciousness.

Regime change in '04!

(Can't provide links, sorry. I was reading the dead tree version of the paper. For reference, it was the Monday, May 12 edition.)

Posted by AnneZook at 09:13 PM