Monday, May 4, 2009

More on Obama's Fiasco with Chrysler

Well, I am happy to see that the disturbing story has been picked up by many outlets. Of course, do not expect it from the MSM but here is a great, very eloquent opinion on the situation. I will drop the story for the time being as the case is pending. Turns out the White House has been privately threatening the senior lenders to submit to The Chosen One. Big test of the judicial system, I think.
http://www.realclearmarkets.com/articles/2009/05/obama_to_secured_creditors_dro.html

In part: "How is private credit supposed to “start flowing again” if the United States of America morphs into a caudillo-run kleptocracy whose explicit policy is to “empower the workers,” chasing ever higher poll numbers by demonizing the very people whose job it is to provide credit?

The fate of Chrysler and its workers pale in comparison to the wrecking ball that would be taken to economic order if bankruptcy judge Arthur Gonzalez approves the administration’s plan to give Chrysler’s secured creditors the shaft. And what prize will we-the-people get in return? A doomed third-rate car company majority owned by its militant union run by Italian management building congressionally designed “green” cars no one wants to buy financed by taxpayers into perpetuity because no private investor in their right mind will touch the company with a ten foot pole. Is this supposed to be economic policy or comic opera?

How many more billions do you think will be flushed down this rat hole before the fat lady is allowed to sing?"

Nice, eh?

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