Those looking for late Sunday evening humor can certainly find it in this short YouTube clip of New Jersey governor Chris Christie.
Link if video does not play: Chris Christie on Twinkies
At a recent news conference, Christie was asked a question about Twinkies. He responded ...
"Really, seriously, you're not asking me about Hostess Twinkies are ya? What's the next question? I'm on Saturday Night Live enough. You think you're getting me behind this microphone having me talk about Twinkies? This is a setup man, I know it. You people are the worst. This is a setup. I am not answering questions on Twinkies. No, no, no, no, no, no. It's bad that I even said the work Twinkie from behind this microphone. You are not getting me to do that, no way."
That is so obvious, it almost appears as if Christie was trying to make the opening skit of Saturday Night Live.
The bottom line is the union would not give into demands and the company filed a motion last Friday to liquidate. Shutting down the company will mean the loss of 18,500 jobs (less any jobs picked up by buyers of brands Twinkies, Ding-Dongs, Wonder Bread, Ho-Ho's etc.)
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).
Mike "Mish" Shedlock
TownhallFinance.com makes available to the viewer a variety of independent sources that offer trading and investment advice and related services and products.
TownhallFinance.com does not itself offer, verify, sponsor, or promote, directly or indirectly, any investment or trading advice, or information or any product or service offered by these independent sources.
Every investor or trader should consider all advice and all offerings of products and services on their own merits and for suitability to the individual's personal needs and circumstances. Before using this site, please read our complete Terms of Service by clicking here.
Make TownhallFinance.com your premier source for stock market and financial market information. Individual investors enjoy our worldwide investor seminars and trading seminars. Our investment advisor seminars keep financial advisors up to data with CEUs, and this site provides investors, traders, and advisors with the latest stock market analysis tips, information and research tools. Be sure to be a part of our options day trading tips and picks from professional day traders and various trading, investing and advisor Webcasts and financial podcasts.