Long Or Short Capital is typically a wonderfully satirical Wall Street blog (albeit with a total crap comment system). In today’s post about the the Obama Adminstration and the Chrysler bankruptcy, however, I found no humor whatsoever. A line had been crossed, and there was no parody of truth; there was only clear and cogent truth.
The brief article (and its references) cite:
- An anecdotal example of a company leaving the US for a more stable economic, political, and regulatory environment;
- Obama’s attempted strong-arming of legitimate debtholders to Chrysler to forego their claim, while irrationally awarding 55% of Chrysler to the UAW;
- Obama’s denial of a bona fide offer by the creditors that would have kept the company from being nationalized, in favor of an inferior (to stakeholders) result wherein the government owns 50%.
I understand that “it’s politics, stupid!”, but the modern capability for demagoguery to destroy our country’s ability to create economic value is just astounding.
Be sure to read the underlying articles; I doubt they’ll make you laugh, but I’ll bet they make you cry.
- Signs of the Coming TaxApocalypse
- Chrysler Goes to Court
- Time for Chrysler’s bondholders to man up and move on
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