Did Don Obama give us an offer we couldn't refuse?

Godfather Obama and the UAW

As Chrysler heads into Bankruptcy court, we should all pay attention. GM (commonly referred to now as Government Motors) is likely to head the same way, and we may see more TARP companies or banks go into bankruptcy before it's all over. Whatever happens to Chrysler is going to set precedent for future bailouts and bankruptcy's.

This past week has shown us that President Obama will do anything to protect the UAW. The President is willing to break the law, strong arm banks with TARP money, and use the "…full force of the White House press corp…" to destroy any dissent. The President isn't interested in doing what is right, or what is legal, but what protects the UAW.

President Obama attempted to force a bankruptcy down the throats of Chrysler's creditors that violated contracts those creditors had in place. He hasn't given up on this and is actively working on it. Secured creditors loaned money to Chrysler with a contract that stated if Chrysler sold off its assets, these secured creditors would be paid back, dollar for dollar, before any other creditor is paid back. President Obama is attempting to violate this contract simply because it suits his political will. He believes these creditors should only get 28 cents for every dollar they loaned Chrysler. The UAW would get 55% of the entire company.

Perhaps the most disturbing part of this entire story is the threat by President Obama to destroy Chrysler's creditors in the press if they don't submit to his will. This is the classic Chicago political move of "making them an offer they can't refuse". One creditor has gone on the record stating they were threatened by the White House. How many more creditor's have been threatened and are afraid of President Obama, Press Secretary Gibbs, and the Democratic PR machine? These thug style political manuevers got him elected in Chicago, and he is trying to use them to get what he wants now.

There are a number of good articles covering this. I have provided links below to the most recent ones I have read.

President Obama's tinkering with the auto industry threatens property and contract law in our nation. The precedent it starts is that if you have a contract, its only valid as long as the current President says so. This is not the way our government is allowed to operate under the U.S. Constitution.

In a related story, you may have read that some of the banks that received TARP money want to pay it back to the Government. President Obama won't let them. Why? The stated reason is that these banks need to pass a "stress test" to prove they are sound enough that they don't need the money. This is way above and beyond simply bailing out banks. When last I looked, President Obama has no experience running a bank, or a company. Who is he to decide when a bank can or can't pay back the money? More importantly, this money isn't the President's money. The money loaned to these banks, and to the auto industry, is tax payer money. The President is suppose to be a steward of the tax payer's money. Right now, he is failing at that job. Instead of protecting the tax payer, President Obama is controling these banks so they won't object to his version of Chrysler's bankruptcy. Imagine if President Bush, Vice President Cheney, and Karl Rove had cooked up a scheme like this...

The Big Business of Big Labor from the Washington Examiner

Chrysler Bankruptcy Exposes Dirty Politics from CBS News

An Offer You Can't Refuse by the Economist

If you think I am simply a crazy conservative, go read those three articles and see if you still think so.