Hostess has been in existence since 1930. The company is going through its second bankruptcy in ten years and announced today that it will shut its doors for good.
No more sno-balls, twinkies or ding dongs. The owners have given up because of unsustainable union pensions and benefits. They decided to close after a workers’ strike which they warned could be the end of the company. Thirty percent of the work force ignored the warning and went out on strike anyway.
That prompted union thug Richard Trumka to come out with his most unbelievable story that it is the fault of venture capitalists, Bain and Wall Street, the usual fall guys:
“What’s happening with Hostess Brands is a microcosm of what’s wrong with America, as Bain-style Wall Street vultures make themselves rich by making America poor,” Trumka said in a public statement. “Crony capitalism and consistently poor management drove Hostess into the ground, but its workers are paying the price.
Trumka, self-confessed socialist, and his buddy Obama are what is wrong with America. He is the crony socialist. Obama is promoting crony socialism and union welfare. The only people going out of business are small businesses, not the large corporations.
The workers don’t seem to mind losing their jobs because they are standing on principle. Of course, their principles are foolhardy at best. 18,000 people are out of work.
Goodbye Twinkies, goodbye Wonder Bread, goodbye America.