Thursday, May 7, 2009

Michael Barone on Obama's attempt to rob Chrysler bondholders

As you probably know, Michael Barone is one of the nation's premier analysts of polls and voting trends. In this trenchant article, he points out that the Obama administration is attempting to rob Chrysler bondholders to pay off Obama's union political allies. This is the sort of lawlessness we would expect from a third world Hugo Chavez type. As Barone puts it:

"Think carefully about what’s happening here. The White House, presumably car czar Steven Rattner and deputy Ron Bloom, is seeking to transfer the property of one group of people to another group that is politically favored. In the process, it is setting aside basic property rights in favor of rewarding the United Auto Workers for the support the union has given the Democratic Party."


"The Chrysler negotiations will not be the last occasion for this administration to engage in bailout favoritism and crony capitalism. There’s a May 31 deadline to come up with a settlement for General Motors. And there will be others. In the meantime, who is going to buy bonds from unionized companies if the government is going to take their money away and give it to the union? We have just seen an episode of Gangster Government. It is likely to be part of a continuing series."

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