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Threat of card check legislation sends Wal-Mart stock rating down

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By Michelle Malkin  •  March 12, 2009 09:14 AM

Way to go, Democrats and President Obama: Carrying Big Labor’s water caused Wal-Mart’s stock to be downgraded:

Citigroup downgraded Wal-Mart Stores Inc (WMT.N) to “hold” from “buy” saying the proposed card check legislation would increase labor costs and could be a significant drag to earnings for the world’s largest retailer.

“We believe that WMT would be the primary target if EFCA/card check were to be passed,” analyst Deborah Weinswig wrote in a note to clients.

If theunions are successful, the company would have to concede higher wages formore seasoned employees, increase employee benefits significantly, and would experience diminished workforce flexibility, the analyst said.

She cut her price target on the stock to $48 from $53.

“Saving” the economy by strangling it. It’s the Obama way!

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God help us. It all comes down to Turncoat Caucus member Arlen Specter again:

Right now the GOP is gaining the upper hand in the Senate by drawing moderate Democrats toward their camp, potentially depriving labor of the 60 votes it needs. The Democrats know President Barack Obama cannot afford a big defeat, so they are starting to talk compromise. “I wouldn’t be supportive of what’s introduced, but I’m keeping my options open to see what amendments come forward,” says Senator Ben Nelson (D-Neb.). Senator Mark Warner (D-Va.), who has strong ties to business, has also signaled a desire to bridge the two camps.

…Senator Specter could be key to any deal. At least one GOP vote will be needed for passage—and he’s the only Republican to show any sympathy so far toward card check. While he argues that the time is not yet ripe for a compromise, he comes from a pro-union state and he co-authored a law journal article exploring alternatives similar to some now on the table.

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Did you see this? Senate hearing on card check turns into union revival meeting:

Paul Bedard has more on the circus.

Posted in: Card check,Politics