[Guest post by DRJ]
Didn’t we just go through a mortgage meltdown because government forced mortgage lenders to loan to people regardless of their credit status? It looks like Illinois learned nothing from that experience:
“Illinois will no longer do business with Bank of America until the bank restores credit to the shuttered factory here where workers are continuing their sit-in, Gov. Rod R. Blagojevich announced Monday.
Executives at the plant, Republic Windows and Doors, which is on the city’s North Side, have said they need the restoration of their line of credit, which the bank canceled last week, to enable them to pay workers severance and vacation time owed to them.
“During these times of economic turmoil, we must ensure that workers’ rights are protected,” Governor Blagojevich said. He said the Illinois Department of Labor will file a complaint if negotiations between the factory’s owners, the workers’ union and Bank of America officials, expected later this afternoon, are not resolved rapidly.”
Barack Obama has already weighed in in support of the workers. They have my sympathy, especially if they are owed money for lost wages, but I’d like to hear
both all sides of this story before I choose sides.