Tuesday, May 12, 2009

Financial Fascism by the Obama Administration

You've heard how the Obama administration is running its Chrysler bankruptcy deals. The UAW, the only unsecured holder of Chrysler debt is going to own 55% of the company and the much larger debt owned by private bondholders is going to be paid at a rate 1/4 of that. Basically, all the rules of bankruptcy litigation are being thrown out so that a Democrat voting bloc gets all the goodies. With of course, the dual insult of letting the inmates run the asylum.

Please take the time to read this succinct and clarifying article by Richard Epstein at Forbes.com. It explains the fascist and quite unAmerican methods that are unfolding in this Chrysler bankruptcy.

Rahm and Obama ain't lettin' this crisis go to waste:

Upsetting this fixed hierarchy among creditors is just an illegal taking of property from one group of creditors for the benefit of another, which should be struck down on both statutory and constitutional grounds.

This Chrysler bankruptcy is telling us all we need to know about the nature of our country's future under Obama. And not enough people in the media are pulling back the curtain.


Anonymous said...

And the media won't pull back the curtain on the ridiculous charade of that healthcare meeting where they supposedly assured the president that they'll save $2 trillion in healthcare costs over the next ten years -- thus supposedly giving BO more to spend in nationalizing healthcare. If Bush tried to get away with that absurd claim of "savings", the media would be mocking him for his "fuzzy math."

Jack said...

It is truly depressing. The whole scene plays out like some crazy cult gathering. The cult is the media dancing around chanting "The One can do no wrong. Praise be The One"

Or maybe it's more simplistic - three monkeys with hands covering appropriate orifices Seeing, Hearing and of course, Speaking no Evil.

Americans might want to cover an appropriate orifice with their hands too...