The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Michigan:
Concessions good for wealthy bond holders

Aug 11, 2003

The two bond rating agencies, Moody's and Standard & Poor's, took state of Michigan bonds off their "watch list,"giving them their highest ratings. Their announcement came just a day after Democratic Governor Granholm and Republican leaders in the state legislature together announced their intentions to get 230 million dollars in wage and benefit concessions from state workers.

In other words, Wall Street expects to benefit from concessions the workers give up.

One more reason not to give up a single dime!