Thursday, January 12, 2006


The esteemed Iowa blogger State 29 today has an uncharacteristic economically daft post supporting Harkin and Boswell's attempt to block the sale of Maytag to Whirlpool:

Harkin and Boswell are certainly doing the right thing in trying to kill this deal if all Whirlpool wants is a couple of brand names, a pile of debt, less competition, and eliminating all the jobs here in Iowa.
Poppycock. It's not Harkin and Boswell's company to keep or sell. It belongs to the shareholders, 98% of whom voted for the deal. If they thought there was a better deal out there, they'd have taken it.

Whether the company is bought by Whirlpool, Triton, or the Chinese, the Newton plant will stay open if it can do so profitably. If not, Tom Harkin and all of his union cronies won't be able to keep it open. If Bos-kin kill the deal, they will cost the shareholders millions of dollars without saving the plant

Anybody who doesn't like the deal has had a simple way to stop it: put together a group and outbid Whirlpool. As they didn't, it's none of their business what the owners should do with their own money and property.

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