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President Clinton’s intervention to end a bruising five-day walkout by American Airlines flight attendants helps Thanksgiving travelers, the striking workers and American by stanching its $10 million-a-day loss.

The administration’s response shows it’s bold enough to step in as facilitator when the situation warrants. Clinton did not issue an edict from on high, but asserted the power of persuasion fitting for the Oval Office.

Some would discount his action as a way to mend fences with the labor movement in the wake of the battle over the North American Free Trade Agreement. If so, so much the better.

The important point is, Clinton is capable of fighting labor when national interests warrant, and supporting it in different circumstances.

Besides, urging both sides to submit to binding arbitration-where both have to abide by the judgment of a mutually agreed-upon arbiter-is hardly a cave-in to the union.

Even if the airline had been able to replace all the strikers given enough time, damage to its reputation and its bottom line would have taken far longer to repair. Robert Crandall, chairman of the airline, was not happy about going to arbitration, but he was gracious about taking the advice.

The company was free to reject the White House request, yet Crandall noted: “For any citizen or any company or any union to say `No, I won’t do that’ to the president requires an awfully good reason.”

That reason wasn’t there.

The flight attendants’ union clearly rejoiced in the turn of events. They favored binding arbitration from the start. And by ending the work stoppage, strikers were reinstated to their jobs immediately.

The dispute is over wages, health-care benefits and aircraft staffing requirements. The same issues plague labor relations throughout the airline industry. The last thing the deregulated sector needs is another blood-letting.

A timely phone call from the White House staved off a devastating outcome for American and 21,000 of its workers.

This isn’t meddling; it’s leadership.