Sunday, May 10, 2009

Government Strong-armed Chrysler lenders to Give In

From the Washington Times:

The hold-out lenders charged that Mr. Obama, who had called them "speculators" and questioned their patriotism as well as blamed them for the bankruptcy, used undue political pressure, even though they were pursuing their legal rights in bankruptcy court, where the claims of such secured lenders normally prevail.

"After a great deal of soul-searching and quite frankly agony, they concluded they just don't have critical mass to withstand the enormous pressure and machinery of the U.S. government," said Thomas Lauria, the group's lead attorney.

Don't expect it to end here. With this "victory," the Obama administration will be emboldened to go on a grand tour of our economy, bullying any industry whenever it feels like it.

Change, indeed. Hope? Fugettaboutit.

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