Financial Unravelling
May 3, 2009 6:10 pm American Politics, Economics and FinanceIn 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?
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Arran Gold
Nicola Timmerman :
Date: May 3, 2009 @ 8:01 PM
People invest in the U.S. because they think it is a stable economy ruled by laws. This is a real warning to foreigners to invest elsewhere.
Philanthropist :
Date: May 3, 2009 @ 8:33 PM
Essentially a ‘corporate fascist’ Obama will rule a much smaller economy where party affiliation and connections are really the only things that matter.
Americans who don’t want to give their money to Obama will be looking for secure investment opportunities – and a place to develop innovative ideas.
Canada can be that place.
If the Liberals and NDP’ers can be kept away from the levers of power in Canada, then Americans will have the confidence to invest money and ideas here.
duggan's dew :
Date: May 4, 2009 @ 2:06 PM
I cannot remember more frightening news than Obama’s attempted coercion of private investors. How do they expect to have a financial system without the rule of law? Or am I missing the point?
fernstalbert :
Date: May 4, 2009 @ 8:58 PM
Obama may have been a law professor but he doesn’t respect the rule of law. His Supreme Court nominee will not be choosen for jurisprudence, but empathy for Obama’s world view, his feelings and desires. Sounds like a velvet gloved dictator. Every move he has made thus far to circumvent the law not uphold it.