For Obama, it's about control


Why the auto bailouts are important to your bank account
One of the best explanations I have seen so far. Hat tip Brain Terminal.

Typically, lenders who make money available to a company in return for a first claim on the company's assets get about 80 cents back for every dollar they lend should it hit the rocks. Others to whom the company owes money, but who have no claim on the assets -- workers, suppliers, junior lenders -- get much less.

Yet Obama forced the senior lenders to take something like 30 cents for every dollar they'd lent Chrysler. Many lenders -- the big banks who'd taken federal bailout money -- rolled over. But some hedge-fund managers pointed out that they have a legal, fiduciary responsibility to do the best they can for their investors (which include pension funds) and decided to take their chances with a bankruptcy judge.

Never mind that this is their long-established legal right. Obama is furious with these "speculators," and hinted that he knows where they live and will get even when the new financial-industry regulations are drafted.
Irwin M. Stelzer, Chrysler Cut-Up's Contract Killers

Don't doubt, this is all about your freedom. Your freedom to do as you wish with your money. Your freedom to expect contracts to be enforced under the uniform rule of law. Your freedom to pursue your own interests. Your freedom to choose your own risks and to assume the rewards.

Obama is about control.

The choice isn't very hard to make.

Make mine FREEDOM!

— NeoWayland

Posted: Wed - May 6, 2009 at 02:34 PM  Tag


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