"Wages are sticky downward": American car workers are still trying to fight gravity, i.e. globalization's effect on wage rates. Denninger think that if it's anything more than a bargaining ploy, it will finish most of the US car industry.
And after them? Who else could have their work outsourced? White-collar workers should not look on unconcerned. Save money while you can, while wages are still ahead of minimum spending requirements.
Meanwhile, up in the clouds, a hedge fund manager has (allegedly) admitted his business was a fraud, losing $50 billion; more than three times the car-makers' bailout fund currently under discussion.