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Delphi reaches deal with auto workers, GM


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"The buyouts could help Delphi avoid a strike, which would be crippling both to the supplier and to GM. Troy-based Delphi has asked a federal bankruptcy judge in New York for permission to void its union contracts so it can reduce wages. UAW members have overwhelmingly authorized the union to call a strike if the court grants permission and the company takes such a step.

Both the company and UAW officials have said they prefer a negotiated settlement to any action by the court. Buyouts are seen as a way to provide a “soft landing” for more Delphi workers."


RELATED STORY: What will it take to fix the U.S. auto industry?


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There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises

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Obviously there are no easy answers here, but I am glad to read that the Union and the Manufacturers are working out a compromise that everyone can live with.


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