Bankruptcy court beats Obama nationalization any business day.
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Finally, the President claims that — careful guardian of taxpayer dollars that he is — he just couldn’t give in to creditors who would “hold out for the prospect of an unjustified taxpayer-funded bailout.”
Another rhetorical slight of hand. According to the Wall Street Journal (in its news section, not its editorials), “The most compliant of Chrysler’s big creditors — among them J.P. Morgan & Co. and Citigroup — have received hundreds of billions of dollars in TARP aid.” For these big banks, the auto bailout is just a game of Whack-a-Mole in which they cave to the Obama administration here, but make up for it by getting second helpings at the bank bailout trough.
Most of the other creditors, by contrast, have taken no bailout money. That’s why some of them call themselves the “Committee of Chrysler Non-Tarp Lenders.” “None of us has taken a dime in TARP money,” their statement says.
If Chrysler’s lenders can’t get their contracts respected, other lenders will notice, and will be much less likely to fund big or small U.S. businesses, knowing that contracts can be so easily ripped apart by politicians. As an editorial in USA Today, a newspaper not known as a bastion of conservative or libertarian though, puts it, Chrysler’s creditors fighting the Obama administration “are not only defending their own interests, they are standing up for the principles vital to functioning credit markets.”
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online