America has always been a nation where business could be conducted in a secure and stable way—a country that ran according to the ‘rule of law’. In an action that reminds many in the business community of what happens in small ‘banana republic’ dictatorships, President Obama ignored the regular legal process and bullied and forced Chrysler’s creditors to accept his own personal re-organization plan for the failing auto co.
Normally, a failing business would be re-structured by a bankruptcy judge who would protect the benefits and rights of employees while fairly dividing equity in the new company’s remaining assets between the remaining creditors. Obama on the other hand tried a back-door nationalization giving a 55% controlling interest to his union friends–the UAW– and basically told creditors to pound sand.
The major banks shank away and surrendered their claims when Obama pointed out that the government now ‘owned’ them through all the bailout money they had received. Only the Hedge fund managers remained and the President threatened to ruin them if they didn’t comply and accept pennies on the dollar for their clients.
The word on Wall Street is that major business folks are actually afraid of their own government (via Obama) for the first time.
Here’s a couple of responses to this development:
A Bully In the White House (Power Line)
Obama Thugocracy on Display in Unconstitutional Chrysler Takeover (Rush)
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3:37 am on May 6th, 2009 1
Obama thinks he’s Tony Soprano now-
The White House says there’s “no evidence”- note that Hitler was careful to only give verbal orders, too… and Obama’s not new to this sort of thing.
It’s plenty clear what really happened- Obama knows he owns the press corps… and he now even treats them with arrogant contempt, like children- hectoring reporters to “not waste their question”, telling them when they’ve “got enough pictures”, and even to “get back on the bus” in – ouch.
He wouldn’t call on Fox News after the TEA parties, and skipped the NYT at his presser a couple days after a reporter asked Obama if he was a “socialist”. Since when is a refusal to answer legitimate questions and explain your actions to the American people acceptable in a US president?
Like most narcissists, Obama has no use for The Contstitution, law, religion, ethics, or anything else that gets in his way-
The idea that he’d sic his MSM sycophants on some bank that isn’t willing to do as he says doesn’t surprise me one iota.
Obama’s completely out-of-control. But what did anyone expect with a neutered press, compliant congress, and cabinet full of sycophants?
As far as “farcical negotiations” go… just ask Eric Cantor, he can tell you how it works with this White House.
http://reaganiterepublicanresistance.blogspot.com
3:38 am on May 6th, 2009 2
Obama thinks he’s Tony Soprano now-
The White House says there’s “no evidence”- note that Hitler was careful to only give verbal orders, too… and Obama’s not new to this sort of thing.
It’s plenty clear what really happened- Obama knows he owns the press corps… and he now even treats them with arrogant contempt, like children- hectoring reporters to “not waste their question”, telling them when they’ve “got enough pictures”, and even to “get back on the bus” in – ouch.
He wouldn’t call on Fox News after the TEA parties, and skipped the NYT at his presser a couple days after a reporter asked Obama if he was a “socialist”. Since when is a refusal to answer legitimate questions and explain your actions to the American people acceptable in a US president?
Like most narcissists, Obama has no use for The Contstitution, law, religion, ethics, or anything else that gets in his way-
The idea that he’d sic his MSM sycophants on some bank that isn’t willing to do as he says doesn’t surprise me one iota.
Obama’s completely out-of-control. But what did anyone expect with a neutered press, compliant congress, and cabinet full of sycophants?
As far as “farcical negotiations” go… just ask Eric Cantor, he can tell you how it works with this White House.
12:05 am on May 7th, 2009 3
[...] Expositor: Strong but accurate. We blogged on this same issue yesterday and noted that the business community was actually becoming afraid of their own [...]