I couldn’t have said it better myself. Bravo, Porter. Now let’s look at a notable and quotable from the www.wsj.com and http://blog.getliberty.org:

In the Chrysler deal, the [United Auto Workers] were unsecured creditors and the Chrysler bondholders were secured creditors. The bondholders received 28% of the value of their $6.9 billion in bonds in cash; the Union will receive stock worth approximately $4.2 billion, and a note for an additional $4.58 billion, which represents 82% of the value of their claim. Either the government negotiators have dyslexia and have made a terrible mistake in their paperwork, or this is political payoff writ large. Is this not the equivalent of financial waterboarding? And thus we enter a brazen new era of government, when the White House is openly complicit in the theft of, as a matter of fact is directing, the looting of private property from investors. Welcome to the Rule of Man, or as the President calls it, change we can believe in!

The key is “Rule of Man”, kind of like dictatorships. Now let’s take a look at another notable and quotable written by Slate (a progressive website, i.e., liberal) on the subject of leaning on TARP recipients from today’s www.wsj.com :

“The rationale for the [auto] bailout was that a bankruptcy would kill car sales, so the government had to step in and negotiate all the bankruptcy-style concessions without actually having a bankruptcy. But Obama was unwilling to get the U.A.W. to make the bankruptcy-style concessions that would be necessary to have a viable Chrysler. And Chrysler wound up in bankruptcy anyway. Prediction: It will either fail or suck up continuing annual taxpayer subsidies in the billions. In the process it will keep flooding the market with cars and make it harder to save GM and Ford. It didn't have to be that way. . .
And there is something creepy in the way many analysts simply accept that, of course, banks receiving TARP funds must now do Obama's bidding on unrelated matters like the Chrysler bankruptcy. This is a long way from JFK using his presidential power to face down a steel price hike -- a long way toward an unpleasant economic model that creates at least the potential for political thuggery that preserves capitalism's inequalities without its freedoms and efficiencies”

This is set to be repeated in the unfolding bankruptcy of General Motors, creating TWO new government controlled entities along the lines of Fannie Mae and Freddie Mac, AIG, Citigroup, etc. Why would anyone invest in America or any business involved with the government if the agreements are not worth the paper they are written on, and the private sector just becomes PAWNS of the public servants and their CRONY capitalist PARTNERS? Just like many who invested in the other GOVERNMENT controlled entities, they are now finding out the contracts are written in “DISAPPEARING INK”! This behavior can be seen in Venezuela; now we know why the chief executive so warmly embraced Hugo Chavez. Capitalism is on its DEATHBED in the US and G7.

http://www.traderview.com/economicco...