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May 13, 2009
Another Hidden Cost of Obama's Thuggish Economics: Undermining the Cost-Effective Rule of LawAnother one from Megan McArdle I've wanted to link for a bit. The Chrysler deal... ...didn't just pay wages on a gamble that a reorganized firm would be worth more than a liquidation; it reaffirmed the union's pension obligations, and, [as far as I can tell], much of the rest of their current contract. This is unprecedented. Moreover, it was not necessary to keep the firm going. Detroit autoworkers do not have a lot of other exciting opportunities to make $40 an hour in compensation. Had the bankruptcy followed a more normal course, most of them would have kept going. By which she means they would still be working, but for reduced (but still good) wages and benefits, and the company would have continued. In a more sound fashion, of course. That makes it a pretty straightforward transfer from senior [bondholder] to junior creditors [employees]. And that's costly. The seniority rules have no particular moral priority; like traffic rules, they matter because they are the rules. People make decisions based on what the rules are, and if you change the rules without warning, you get nasty accidents. I do appreciate her attempt to be politically neutral here, but the idea that Republicans could -- even if they wanted -- privilege major oil companies or defense contractors over anyone, let alone their workers, is fanciful, to say the least. Most people underestimate just how economically valuable the rule of law is. A roughly stable investment environment that doesn't maximize social justice is undoubtedly better than an unpredictible one that tries to--just as the billions of poor people who live in states that have tried to exchange the former for the latter. The winners were not the dispossessed. Obama's too busy cutting the pie up into pieces he considers "fair" to even notice that he's losing a lot of pie on the floor due to his gleeful butchery. And not really related, except in terms of the same villains being involved, but Sowell's piece is worth reading. Yes, we've been through this before; can't hurt to go through it again. When the housing boom was going along merrily, Rep. Barney Frank was proud to be one of those who were pushing Fannie Mae and Freddie Mac into more adventurous financial practices, in the name of “affordable housing.” Thanks to JackStraw for that. | Recent Comments
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The Alec Baldwin Harassment Incident Just Got Weirder
Journ-O-List 2.0: Fake Reporters "Covering" the Trump Trials Get Together on Weekly Zoom Calls to Coordinate Their Biased Stories Released Emails Show Biden's White House Conspiring With Bureaucrats to Force the Documents Issue Hamas Releases Disgusting Propaganda Video of American Hostage Forced to Read Pro-Hamas Statement -- His Arm Missing Due to Hamas' Attacks on Him Biden Slurs His Way Through a Shpeech About Funding His Paymaters In Ukraine Update: At Fundraiser, Biden Accidentally Reads Aloud the Scripted Stage Directions Senate Passes Ukraine Funding Bill Wednesday Morning Rant Mid-Morning Art Thread [Kris] Wednesday Morning Report (4/24/24) Daily Tech News 24 April 2024 Search
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