During Jimmy Carter’s dismal term, federal intervention kept Chrysler out of bankruptcy.Since then, Chrysler tried merging with Daimler-Benz.That failed. Now, after billions of taxpayer bailout dollars were injectedto keep the company afloat,President Obama forced Chrysler into bankruptcy.The move came after some bondholders rejected the terms the White House tried to impose on them — cramdown their throats.
Obama,normally “Joe Cool”,reacted angrily. He accused the bondholders of wanting everyone else to sacrifice, but not them.He denounced them as greedy speculators, and ended his royal temper tantrum by telling the bondholdersthat he does not stand with them.Michigan Democrats soon chimed in.Governor Granholm — arguably the nation’s worst governor — attacked the bondholders for ignoring Obama’s orders.Democrats in the state legislaturepassed a resolution urging a boycott of the targeted investor groups.
What none of them mentioned was the bondholders were being pressured by Obama’s henchmen to accept a deal that would benefit union workersand leave their own investors suckingair — the kind of deal Hugo Chavez and his goons regularly impose on businesses they take over.No mention was made of the sacrifice bondholders made already.They invested, and lost billions in Chrysler. But, unlike Obama, they can’t print money they don’t have to fake their way out of problems.
Mr. Obama,you may choose not to stand with Americans– who rightfully oppose being dictated to like second-class citizens –butif you continue down this path,one day a majority of Americans will refuse to stand with you (if they have the power to do that).
*Note: Links to content outside RushLimbaugh.com usually become inactive over time.