It appears that noted silly person Jim Cramer has been spouting off about Walmart and the Employee Free Choice Act lately:
“Right now, in Congress – they’re getting ready for what is essentially a referendum on Wal-Mart,” Cramer said. “And the referendum’s name is the Employee Free Choice Act, also known by slang as card check – a bill that will make it much easier for workers to form unions and much harder for employers to get in their way.”
The “Mad Money” host explained just how large of a role Wal-Mart plays in the economy, specifically the American workforce, as unemployment is approaching double-digits…
“For Wal-Mart, which has 1.4 million in employees in the United States – 1.4 million, a company that is loathed by most Bolsheviks, by the Democrats – hey it’s my own party, you’d think I’d be getting the name right by now. It is loathed by the unions, Wal-Mart – like no other company. The stakes of this legislation couldn’t be higher.”
“This stuff – it’s got Wall Street very worried,” Cramer said. “I don’t think the big boys will stop being concerned until card check either fails or is filibustered to death.”
Notice how he assumes, or perhaps it’s that traders assume that when EFCA passes Walmart workers will all vote for the union. Whatever happened to the notion that workers were happy toiling in Mr. Sam’s salt mines? Or to put it another way: If Walmart workers don’t need a union, why is Jim Cramer so afraid?