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May 01, 2009

The 'Obully' Pulpit

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I'm not saying it's socialism. More like....forced nationalization.
The assault on hedge funds, derided by the Bully in Chief as a small band of "speculators" seeking a "bailout", was more than President Obama's usual opportunistic populism - it's a signal of the pernicious effect of the increasingly intrusive federal role in the private sector.

To set the record straight, some investors in Chrysler debt are asserting their legal rights - in fact, their legal obligation to shareholders - by electing to make their case in bankruptcy court. These creditors believe the government's deal unfairly compensates their senior positions, and that less senior stakeholders are getting a better deal. Bankruptcy courts exist to properly align the rights of stakeholders in an orderly and predictable way, and that's where this matter appropriately belongs.

So President Obama maligned a group asserting their legal rights, while praising those firms - especially large banks - who buckled to White House pressure to accept the deal.

Resist the will of The One, pay the consequences. Hope and change, the Chicago way.

If you haven't yet read "The Forgotten Man" by Amity Shlaes, now would be a good time to pick up a copy. The parallels are certainly interesting.


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posted by Slublog at 11:49 AM

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