Tuesday, July 21, 2009

Globe saved by the bell

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.

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