"Many big businesses aren't interested in getting the economy back on track by creating jobs. They've shown during the past 30 years that they're more interested in rewarding shareholders by cutting jobs."

The above quote comes from James P. Hoffa. These words, and other of Hoffa's rhetorical quips, appeared Friday, November 14, 2008, in The Detroit News. In his blog post there, Hoffa raises the banner of change, though perhaps not the typical organized labor banner that we're used to seeing. For the most part, Hoffa's words show me just how out of touch with the rank and file he really is. They also show how tightly tied to liberal fiscal politics he is.

On the one hand, James P. Hoffa claims that big businesses reward shareholders by cutting jobs. However, he neglects to acknowledge that in today's economic climate, cutting jobs is sometimes an essential ingredient in a business's very survival. He also seems to overlook the fact that those shareholders he's talking about are the exact same people he is talking to. I'd think that the president of the Teamsters would understand where pension funds and retirement portfolios tend to keep their money invested. The fiscal health of American retirement strategy is directly reflected in the fiscal health of Wall Street. You can tell J.P. Hoffa, that I said so.

Now, Hoffa is calling for the government to step in to save the auto makers. The implication here is that a government bailout will help to save auto industry jobs. What I believe he's really saying is that he'd like the reins of our auto industry handed over to the government. How convenient that would be for Hoffa and his organization. It would be especially convenient, when given how cozy Hoffa has become with the incoming administration.

Continue reading James P. Hoffa voices contempt for Wall Street

James P. Hoffa voices contempt for Wall Street originally appeared on BloggingStocks on Sat, 15 Nov 2008 16:40:00 EST. Please see our terms for use of feeds.