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.
In case you are not familiar with the Twinkies story, please consider Hostess to Liquidate if Bakers' Strike Continues Through Thursday; End of Twinkies Hours Away?
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
http://globaleconomicanalysis.blogspot.com
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