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Politics : Politics for Pros- moderated
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To: Glenn Petersen who wrote (303995)5/6/2009 4:24:40 PM
From: Brumar892 Recommendations  Read Replies (3) of 793678
 
This all shows an utter disrespect for the law on the part of the Obama administration:

"compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation .....
a violation of one of the basic principles of bankruptcy law....
a denunciation of the objecting bondholders as “speculators” by Barack Obama in his news conference .....
And then death threats to bondholders from parties unknown
...The White House .... is seeking to transfer the property of one group of people to another group that is politically favored. In the process, it is setting aside basic property rights.
....Ordinarily you would expect these claims to be weighed and determined by the rule of law.
....Obama’s attitude toward the rule of law is apparent ... He wants “someone who understands justice is not just about some abstract legal theory,”...."

What you'd expect in a banana republic. From a Hugo Chavez. This is how Hugo Chavez deals - literally.

Left-wing bloggers have been saying that the White House’s denial of making threats should be taken at face value and that Lauria’s statement is not evidence to the contrary. But that’s ridiculous. Lauria is a reputable lawyer and a contributor to Democratic candidates. He has no motive to lie. The White House does.

What else would we expect from leftwingers?

The only possible limit on the White House’s power is the bankruptcy judge, who might not go along.

Lets hope the judge both respects the rule of law and is brave.

Good question:
In the meantime, who is going to buy bonds from unionized companies if the government is going to take their money away and give it to the union? We have just seen an episode of Gangster Government. It is likely to be part of a continuing series.

Who would be so foolish as to buy stocks or bonds of banks, insurance companies, car companies that have the lawless Obama administration looking over their shoulder?

What foreign central bank would continue to buy Treasury securities from the Obama administration? So far, China has been the only one to come out and say, 'Not us'. But others will follow.

Who would buy a car from a company that the Obama administration has control of? Will your warranty be good? The senior secured creditors rights were cheated. Who's to say you won't be?
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