Pardon my dramatic title, but some VERY scary things are happening in Washington these days. The way the two auto giant bankruptcies are being managed reeks of cronyism, political payback and just plain illegal activity. Further, the way the old investors in these companies are being treated is not only unconstitutional, but just downright dangerous, for the message Washington is sending is that money invested doesn’t belong to YOU, or the COMPANY…it belongs to whomever the government decides it belongs to.
In both these examples, the SECURED BONDHOLDERS are being cheated out of their investments, in exactly the same way Enron stole from investors just a few short years ago.Except this time, it’s the federal government who is taking their investment, and redistributing it to the UAW. Will they (will ANYONE ?) ever invest in industry again ?
Brent Bozell wrote a great article on this today; read it here.
Seriously, we can’t just let this go…the damage that is being done to our economy, for both now and the future, is extensive. The economic policies of this administration could actually trigger a major depression, not just a recession. Wake up people…
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