There is plenty of blame to go around, including untenable wages and benefits, leveraged debt, untenable management salaries etc.
However, the enabling factor behind the debt is loose monetary policy by the Fed coupled with fractional reserve lending. Factor in unions and corrupt management and there is no way the company could make it without huge concessions from the union.
Still, it is difficult to have much sympathy for those who vote to have no job in these trying times.
The union will likely see pension benefits slashed by 50% or more when handed over to the Pension Benefit Guarantee Corporation (PBGC). The PBGC is of course US taxpayers who should not have to pick up any of this tab at all (but they will).
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