The predominantly Latino workers at Republic, represented by Local 1110 of the United Electrical, Radio and Machine Workers of America, are not only taking on the company, but more significantly, Bank of America, which refused to extend a line of credit to the failing company.

That’s the same Bank of America that just took $15 billion in federal bailout assistance.

So it sharpens the question: In these recessionary times, who should the government be protecting—the big banks and their CEOs or the little people like the factory workers losing their jobs and families losing their homes?

So far, the state, county and city governments- in Illinois, Cook County and Chicago – appear to be lining up on the right side by threatening a full boycott of Bank of America.

It remains to be seen where Obama and the federal government land on this question.

At a news conference Sunday, Obama urged Republic to honor its commitments to its workers. “The workers who are asking for the benefits and payments that they have earned,” Mr. Obama said, “I think they’re absolutely right and understand that what’s happening to them is reflective of what’s happening across this economy.”

But how will he deal with the big banks? Stay tuned for further developments.