Today’s Wall Street Journal editorial (subscription required) on Social Security is the usual kooky—but extremely well-written (if only the Left had similar talents)—rant on the mythical power of “Big Labor” (did someone not yet tell the Journal writers that “Big Labor” is below 8 percent in the private sector?). But the editorial, entitled “Pension Fund Blackmail,” is worth reading simply to understand that organized labor is being quite effective in its campaign to go after the Wall Street firms that support Social Security privatization.

After attacking the labor movement for advancing its agenda through pension fund activism (hurray for that), the editorial ends:

Meantime, the pension juggernaut is growing. Terence O’Sullivan, president of the Laborers Union, has argued that unions should consolidate their assets under one umbrella, in a kind of giant financial AFL-CIO. The idea would be to produce new profit centers for unions from credit card, mortgage and pension fund management, but more important to create an investment body large enough to dictate political terms to any company in America.

And who’s not for that?