We head into the weekend facing not one, but two possible shocks to the economy. There's the fiscal cliff, of course. And then there's the ports. Unionized longshoremen at 14 ports from Maine to Houston threaten to strike at midnight on Saturday, over a pay dispute.
The stuff we all buy – shoes, clothes, tools and nails – could all be harder to come by starting soon. Longshoremen on the East Coast and shipping companies and port operators have until midnight Sunday to work out a new contract.
Representatives of the National Hockey League and players are trying to settle a dispute over their respective share of the game's revenues. The dispute has already led to cancellation of about a third of the season.
Unionized clerical workers who staff the ports of Los Angeles and Long Beach have entered the fourth day of their strike. If the dispute continues, the ripple effects could soon be felt across the country.
Wa-Mart, the nation's largest retailer, had impressive Black Friday sales, including more than 1.3 million televisions. Outside some stores, employees and supporters picketed for higher wages and better benefits.
Europeans in Spain, Portugal and Greece protest austerity measures with a general strike today, but the real problem could be a greater lack of unity across the eurozone.
