Posted on 05/11/2009 4:56:20 AM PDT by SonOfDarkSkies
Something bad and dangerous is happening in Barack Obama's America.
The powers that the Obama administration claimed in order to arrest the financial crisis and mitigate the recession are being used and abused in ways that are underming the legal and financial stability of the United States. Investors: You are warned.
The first warning was the attempt to snatch Chrysler's assets away from their rightful owners to pay off administration friends and supporters.
The Obama plan to save Chrysler would have sold Chrysler's most valuable assets into a new company co-owned by the U. S. and Canadian governments, Fiat and the United Auto Workers (UAW) -- with the UAW getting the biggest piece, 55%.
The trouble was: those assets belonged to somebody else. They belonged to the company's bondholders, who had a legal first claim. Under the administration's plan, those senior-secured creditors would have received just 29¢ on the dollar.
For a failing company to shuffle assets so as to favor some creditors over others with a stronger claim is a very serious wrong, potentially even a crime. There's a sound economic reason for this rule of law: Bondholders accept lower returns in good times in exchange for greater security in bad times. Protecting bondholders in bad times ensures that future borrowers will be able to borrow in good times.
(Excerpt) Read more at network.nationalpost.com ...
The UAW has bought the means of its own demise by putting a marxist in power and then demanding Chrysler and probably GM as payment. These companies will fail because unions can't negotiate with themselves.
The UAW will try to find a buyer(s) to off-load their 55% but nobody will touch it. This deal is a mill-stone that will drown Chrysler, the UAW and, one hopes, totus.
Another question has to to with the TRIAL LAWYERS. Where are they? I know they voted in lockstep for our new mugabe, but this idiot is completely gutting contract law!
The trust we have in our buisness system is being destroyed in order to gain more and more power over us. Meanwhile the MSM and the attorneys are working right along with him. Real disgusted.
Trial lawyers need clients who are willing to pay for the fight.
Trial lawyers believe in using “the law” to get what they want, so many of them are probably right on board with Obama’s “use” of these edicts to get what he wants.
Brother you are right. And, I don’t think anyone is talking about the resentment that people like us are start to seethe with. Any FReeper here gonna buy their crap? I’m not. NEVER. Have to put a gun to my head before I will buy anything from an 0 company. Nope. Fixin to buy a mini-cooper. They can all pucker up and kiss my you-know-what.
Those are old, antiquated European laws. What we've got to be asking now is..."How do they do it in Kenya?"
Even though there is nothing funny about what this president is doing, please take the time to view the below youtube clip and enjoy.
http://www.youtube.com/watch?v=zhhkF3dqXR0
The state of California faces a desperate fiscal situation. California now has the worst credit rating of any American state. Governor Arnold Schwarzenegger and the Democratic majority legislature have struggled to balance the books, as they are constitutionally obliged to do. They have raised taxes dramatically, but they have also cut some programs. Among the cuts: a $2-an-hour cut in the wages of home health-care workersThose workers were unionized, and their union -- the Service Employees International Union - carries clout in Obama's Washington. On Thursday, California state officials told the Los Angeles Times that they had received a warning: The federal government would deny California $6.8-billion in stimulus funds unless the wage cut was rescinded. Since the wage cut will save only about $74-million, the state will have little choice but to surrender.
Great . . . Just great. The federal government uses blackmail and intimidation to enforce it's political agenda. Just like the Nazis.
The answer is no. Freedom is what the Constitution and Declaration say it is. I REFUSE to accept ANY totalitarian form of government that takes away my freedom and yours.
ditto.
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