The Secret Socialist

Last Friday, Obama condemned investors in Chrysler for not making sacrifices in order to allow Chrysler to have more money to recover with after filing chapter 11. The sacrifices the Obama administration wanted the group of hedge fund investors to make were accepting a fraction of the money owed to them from their investment. Obama was quick to point out the sacrifices the United Auto Workers association and company owners have made to help the Chrysler, A.K.A. those responsible for running the company into the ground, but has decided to point the finger at investors for wanting what their investment has due to them.

The investors already made sacrifices by maintaining a stake in Chrysler in hopes that the company would rebound as their stakes dropped in value. Furthermore, the hedge funds do not have a responsibility to the company they have given money to, they have a responsibility to the American people who put their pensions into those hedge funds. If anything, Chrysler, who has misused investors' money, has a responsibility to the investors to give them the return owed to them. The hedge funds tried to make deals in the best interests of their investors only to be rejected by the white house administration.

Obama wants to make investing U.S. tax dollars in a failing company look like a good idea by taking money from those who already have taken the risk of investing their own money in it. He outrageously believes capitalism and investment banking should curve to his demand. Despite what Obama thinks, people who have money do contribute immensely to society and his beloved auto companies. They should not be condemned for not getting wrapped up in his politics of helping the UAW association, a largely democratic contributor, maintain their cushy jobs producing a less than valued product. It appears that the Obama administration is attempting to manipulate the facets of capitalism which make this a free country, but the investors and the consumers have spoken and this ship is not worth saving. The government needs to get out of the private sector.

Oh yeah...and the new investors in Chrysler besides the government and the UAW: GM's lending company. Didn't we learn our lesson about lenders making bad investments and becoming large and insolvent less than half a year ago?