Barrel Strength

In an earlier post your correspondent noted that a “lynch mob has been unleashed in US and institutional advisers have taken note”.  Those who chose to ignore this fact are now bearing the consequences.  Powerline blog in a post aptly titled “Banana Republic, Part II” states:

In connection with the Chrysler bankruptcy, Obama, ignoring laws that assign priority to secured creditors, has tried to bully lenders into abandoning their legal rights in favor of the United Auto Workers Union. To my knowledge, there is no precedent for this sort of arrogant lawlessness in American history.

It goes on to report a statement from a lawyer: “One of my clients was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under the threat that the full force of the White House Press Corps would destroy its reputation if it continued to fight.”

Welcome to a Mob style shakedown.  But did anybody really expect anything else from a Chicago politician?