Shame On Obama. Shame!
I just watched a clip of Obama denouncing the Chrysler bondholders. Deep shame on him. This is dishonest to the core, destructive beyond belief, and the height of irresponsibility for the head policy maker for the US economy. Truly a dark day for the rule of law and the dynamism of the American economy. Why would anybody buy a bond of an American industrial company now after this long running tragic farce, which was capped off today with the President of the United States demonizing the people who lend their money as the capital that enables our companies to produce? Why would anybody invest at all? This is precisely why places like Argentina are economic basketcases. Labor needs capital and capital needs fair and consistently applied rules. If capital disappears you get a surplus of labor, which drives wages down which is...poverty. Truly awful performance, either by ignorance or sinister design, truly awful and hurtful to our prosperity. Obama's term as President can't end soon enough.
This Kudlow segment gets it exactly right.