This is not your father’s Oldsmobile… unless your father was Karl Marx

(The following appeared on Planet Moron on June 6, 2011.)

This past week the President celebrated the success of the auto bailouts, a stunning achievement of the American spirit that demonstrates, as the President put it,

“…that if you work hard and act responsibly, and receive tens of billions of dollars of free government bailout money, you’ll be able to pass on a better life to your kids and grandkids.”

We may have added the part about the bailout money.

Of course, there are those who criticize the bailouts. But what would they have had the President do? Nothing? Was he supposed to just stand by and allow long-established bankruptcy laws that were specifically designed to deal with these precise situations go forward following standard procedural rules? Was he supposed to just turn his back and in so doing, respect hundreds of years of legal precedent that forms the very basis of the rule of law?

Not this President. Not this time.

What people forget is that at the time of his inauguration, America was facing an unprecedented crisis that threatened to destroy the very core of the nation’s critical special-interest industry:

Labor unions.

But for the President’s intervention, long-established rules regarding creditor seniority might have unfairly favored those who played by those rules at the expense of the unions.

Is that really the kind of America you want to live in? One in which members of labor unions are denied their right to special consideration at the expense of others? Really?

Besides, as the President points out, the bailouts have been a success, and by success, he means taxpayers will likely lose only $14 billion outright plus another $14 billion in special tax breaks.

Not only that, but they paid back all the money they borrowed from the government, by using money they borrowed from the government.

Copyright 2011 by Planet Moron. Reprinted with permission.

One Response to This is not your father’s Oldsmobile… unless your father was Karl Marx

  1. Citizen Tom says:

    You know it’s bad when all you have to do is repeat back his own words.


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