Reeling and punch-drunk, The Boston Globe was just saved by the bell. The Globe's predominant union approved a package that slashed wages and benefits to enable its beleaguered owner -- The New York Times -- to sell it.
Labor and management had battled over a contract since April, when Times management told the Globe that the paper would lose more than $80 million in 2009 and was on track to be shuttered.
Fascinating: Econotards like Paul Krugman insist that unions are good for the economy. Just not for the health of his company.