The Big Walk-out
A national GM strike happened today because of job security. The strike was origionally thought to be only just a tool for bargaining, but as the bargain didn't reach where union leaders thought it should, it materialized into a reality according to the Washington Post. The union leaders had stayed at the "bargaining table" until the moment they said they would call in the strike, hoping that his gesture would lead GM executives to reconsider. It did not. http://www.washingtonpost.com/wp-dyn/content/article/2007/09/24/AR2007092400417.html?hpid=topnews
According to the Washington Post, the 1988 strike that lasted for 53 days cost GM billions of dollars.
According to the New York Times, the strike ended and it seems that GM got the last laugh. In a deal that GM cut with union officials, GM will keep 16 plants running through 2011 bu has changed its retirement program. The GM retirement cost is valued at $50 billion, but executives cut a deal to pay the United Auto Workers Union a $30 billion deposite. This will save GM about $3 billion each year from now on.