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I am not aware of any law of physics that says that a 20 % reduction in output must be accompanied by a 20 % reduction in payroll. Since there is unemployment, that's purely a distributional question: Who gets to take the haircut. So far, it's workers and - to some extent - equity holders. Management has been exempt, as have bondholders.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Mar 5th, 2009 at 04:21:24 PM EST
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