Obama’s pickpockets

If Chrysler and GM bonds backed by real assets are not safe, who will invest in U.S. Treasury bonds which are backed by Obama’s pickpockets?

Bush and Obama agreed on at least one thing:  The automobile manufacturers are too big to fail, meaning bankruptcy.  In the name of saving jobs, they pumped TARP money (taxes) into Chrysler and General Motors to keep them from failing.  Chrysler and GM believed the government, like any big brother, was interested in keeping them out of bankruptcy.  This delayed bankruptcy long enough for Obama and his henchmen to use government leverage to pre-negotiate the explicit conditions of subsequent ownership.  Knowing that the fix was in, Obama and his fellow pickpockets then ordered the very thing they said they were interested in avoiding.  So much for Obama’s words.  Never pass up the opportunities of a good crisis. 

The only thing accomplished by this too big to fail reasoning, was to buy time for a public looting.  Once the agreements for the looting were achieved, the government was satisfied that the same companies were no longer too big to fail.  Like the pickpockets modeled all over Europe, the bond funds invested in Chrysler and GM were looted from one set of investors and given to another set of folks who were not even in line, the UAW.  This amounts to a government takings forbidden by the Constitution and sets bankruptcy law for hundreds of years on its head.  Welcome to Obama’s America!

According to U.S. News and World Report (Sunday, June 14, 2009) “one of the saddest stories emerging from the GM bankruptcy drama is the plight of ‘Main Street’ bondholders. Most of the investors holding $27 billion in GM debt are big banks and institutional firms, but apparently Mom and Pop-type investors hold about $7 billion in GM bonds.”  Even this acknowledgement ignores bank holdings and institutional firms as repositories of largely retirement accounts held by the man on the street.

Once the looting has been achieved and legitimate investors no longer have anything worth taking, King Obama’s next statement is “I have no interest in running a car company”.  All pickpockets know that once a pocket has been picked, it is time to find fresh targets.  Obama’s statements must be re-interpreted to reveal more precisely what it really means in Obama-speak:

We have looted the savings and secured investments in Chrysler and GM all over the country and around the world.  After transferring the retired teachers’ investment bonds to others who voted for me, I will proceed to loot other assets of investors around America.  As the taxpayers and the UAW now own these car companies, you can rest assured that they are now too big to fail again, and there is no limit to the amount of taxpayer money that will continue to be shoveled into making little green cars for America.  This huge transfer of wealth (stealing from those with secured bonds and giving to those who live beyond their means) is now small change you can live with.  America!  You haven’t seen anything yet.  Next we will loot whatever we can find of value from those who pay for healthcare to those who deserve high quality healthcare free of charge, and pay for nothing. 

Emanuel:  You are in charge!   Didn’t the Rev. Wright call this reparation?  Or was this calling the chickens home to roost?

 For years the car companies have been going under water deeper and deeper through excessive union salaries and union medical and retirement benefits that were never fully funded. These negotiations included ‘Jobs Banks’ where hundreds of union folks were paid full salaries and did nothing at all, shades of featherbedding in the early railroads.  While these were a matter of union negotiations, the unfunded debts added $2-3,000 to the cost of each car sold, and assured us of eventual insolvency.  It arrived on schedule. 

So long as car sales maintained an adequate volume, the increased legacy costs could be managed through an intricate debtor’s shell game, a kind of Ponzi scheme much like social security. When the housing bubble burst, the loss of car sales reduced cash flow, and the house of cards, like the banks, had inadequate reserves to carry the companies over the down-turn.  

Hello!  Retirees, are you there?  The change you voted for will leave you penniless and on the streets. 

Hello!  America.  There are two Obamas, one who says one thing and then does another.  You voted for both of them, and both of them are President.  One Obama taught constitutional law and swore on a Bible to uphold the same constitution.  The other Obama was chief counsel for ACORN in Chicago.  They are both now President of the United States!  If you turn your back on either too long, you will discover America’s future is missing.  Like the pick pockets all over Europe, the slightest distraction is all that is needed for a professional pick pocket to rob our country blind.  In the DSM III, this character is called a psychopath (i.e.  a crook).  Others call them lawyers.

The most surprising thing is that America’s pockets are being picked in broad daylight.  Only the Indiana Teachers’ Retirement Funds had the gumption to blow the whistle on Obama’s pickpockets.  The Indiana teachers were acknowledged, and quickly shown the door by the Supreme Court.  America’s sheep are being fleeced, and nobody is coming to their rescue.

Hello! Welcome to Obama’s America.

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