Despite what we've been reading in the press, life is good in Detroit. According to the Detroit News today, "General Motors Co.'s hourly workers can expect some of the largest profit-sharing checks ever, when the automaker pays bonuses for the money earned in 2010, a top union official said Monday."  It's appropriate that the announcement was made by an official of the United Automobile Workers Union. After all, they run the company. The Obama administration made that possible when GM was bailed out by American taxpayers rather than being allowed to go through normal bankruptcy proceedings. Under traditional bankruptcy restructuring, General Motors would have gone through an orderly process resulting in its eventual ownership by new, willing investors. Labor contracts would have been invalidated. Instead, Obama and the Democrats in Congress awarded ownership of GM to the unions which helped get the company into receivership and to the government which cannot run a...(Read Full Post)