May 5, 2009 Posted by John at 6:20 PM | Powerline
Barack Obama's lawless conduct in connection with the Chrysler bankruptcy is sending shock waves through the business community. It is important to understand what is happening here. Many think that Obama is merely engaging in crony capitalism, favoring his political supporters (most notably the Auto Workers Union) at the expense of others. That's true, of course, but it is much worse than that: Obama has tried to bully those who have not bought his favor--Chrysler's non-TARP secured creditors--into giving up their legal rights by threatening to use the powers of the White House to damage their businesses. This sort of lawlessness is common in some of the more corrupt Third World countries, but it is brand new to the United States.
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