Flynn's Blog
Like many people, I've about had enough with the nonsense that has been shoved down our throats by an activist media and an electorate that doesn't know any better. We've seen our first Marxist President elected, and he's wasted no time in remaking the American landscape to his own liking, with the assistance of a Congress drawn to solidifying it's own power like cub scouts are drawn to fart jokes: inexorable.

Each day produces a fresh travesty which is pointedly ignored by most; they're too interested in their bread and circuses.

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Obama: With Investors Like These, Who Needs Enemies?
by Severinus Flynn on 5/5/2009 12:59:44 PM, last edited 5/5/2009 12:59:44 PM
I'll post a few of the multitude of links enumerating the heavy-handed, and indeed hard-headed tactics the Obama administration is using to try to prop up certain industries and, at least according to the talking points, spur investements and re-invigorate the economy.

Much of the problem relies upon the seeming desire by the Administration to institute policy changes by heads of markets and industries by the sheer presence of his persona. It's almost as if Obama's head is spinning because when he snaps his fingers, CEOs and bondholders don't simply jump up and perform to his rhythm.

More after the jump.

Take this latest policy roadwreck that will possibly sideline any deal involving Chrysler and it's looming 55% controlling share going to the UAW. The Obama operatives, in a wheeling and dealing session with senior bondholders of Chrysler stock played fast and loose with the proxy God complex and told the bondholders that they would take thirty cents on the dollar for their shares or the President would sick the White House Press Corps on them. At least one was cowed enough to pull the eject lever and let their junior investor's cash go to hell; and frankly the thought of being accosted by Helen Thomas on a Stolichnaya bender and a perilous lack of breath mints would make near anyone shriek for respite (and possibly an oxygen mask).

Apart from the fact that it is generally accepted that contracts signed under duress are not legally enforceable, following through on these stripping of investments made in good faith by investors, 401Ks, retirement accounts and other fund managers logically means that any, or all, such assets can be removed from their owners at any time, for any reason that the administration finds a compelling political interest. Obviously, the White House denies the accusation, but I find it odd that there's nary a tweet of indignation from the Press Corps (I can't link to what does not exist) itself on being called out as a willing footsoldier brigade for Administration policy. Read into it what you will.

As Rob at Say Anything reports, some at Chrysler are now suing. I've read through the complaint and, although I am by no means a lawyer (I have more pride than do that for a living) or a constitutional scholar, it sounds pretty open and shut to me. But what do I know, eh?

Personally, I am amazed that the Dow is still not cliffdiving on it's way to the 4,000s with news like this- which gives me a bit of hope that those who invest in such things don't believe that such policies can long go on unfettered. Assets that can evaporate overnight due to political pressure are by definaition worthless for anything longer than the time it takes to conduct a push-poll.

The pressure on investors is under assault, and the day-in, day-out media assault on those seen as "denying the need for sacrifice" on the part of the wage- and salary-earning classes that pay the bills of this country can only stifle any resurgeance on the part of revenues to the economy.


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