If it weren’t for the adoring media….
People from Michael Barone to large hedge fund managers have been pointing out the bad conduct of the Obama administration in the matter of Chrysler, up to and including the obvious falsehoods stated by the President himself. (Obama said: “I don’t stand with those who held out while everyone else is making sacrifices,” when the facts of the case are that the secured lenders volunteered to offer to treat 50% of their holdings as unsecured.) John Hinderaker contends that there’s an overarching legal philosophy at work. Most of the elite media continue to ignore this story, however, and, it is fair to note, some of the most vehement statements by participants in the negotiations are unfortunately still anonymously sourced.
We continue to wonder just what the coverage of this egregious situation would look like if most of the press corps did not agree with and idolize their man in the White House. We don’t presently recall a time when the media was so much in cahoots with an administration to such detrimental effect to the nation.
May 7th, 2009 at 3:30 am
The Chrysler process is apparently moving forward. The non-TARP creditors are being required to disclose their identities despite claiming they have received death threats.
Suggestions:
1. To Obama: Invite Asness to the White House and shmooze him onto one of your advisory panels. You need his kind of candor and guts. It may not seem that way now, but wait till the chickens return like they invariably do.
2. To Asness: Investigate relocation to a country where you’d be appreciated. That probably goes for a number of dynamic US businesses and individuals as well.
3. To the non-TARP lenders: If the death threats are real, you’re out of your league. Cut your losses. Either accept the government’s terms, or sell to people who have the expertise to cope. I strongly recommend an cash transaction, not any long-term relationship with such folks…
4. To America’s creditors and adversaries: I’m not going to give you advice. Unfortunately, you probably don’t need it.
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We don’t presently recall a time when the media was so much in cahoots with an administration to such detrimental effect to the nation.
Or when the opposition was so incompetent.
May 8th, 2009 at 1:00 am
So, anyone who invests can be robbed by our government with impunity? Now they dispense with the fiction that they need to pass a law to tax away earnings that they don’t like?
I’m re-thinking the idea of even having a 401K, or any financial assets in this country.