There have been 6 plants so far that have rejected Ford’s request concessions on their contracts in order to match the terms at Chrysler and GM.

I understand it. If I were a worker on the Ford shop floor, and I had already made major concessions about 8 months ago, I’d want to make sure that the shareholders, including the Ford family, were wiped out before I would give anything more:

[UAW Local President Tom] Spears, who backed the contract changes, said in an interview. “The membership did not have a warm reception to additional contract modifications. We did this in ‘05, ‘07 and in February and now they’re back at us again.”

Of course, you will doubtless hear how these guys are being selfish and stupid, and have to give back more, but if you go through those same papers over the weeks before and after, you will find them defending the outrageous pay and bonus contracts as sacrosanct.

It’s kind of like the Droit de seigneur, where of the local lord in the old days had the right to deflower any new bride, only with the banks, we all get f#$@ed.