Wednesday, June 3, 2009
What to do about Chrysler and General Motors?
A number of readers have e-mailed me, asking what I thought about the bankruptcy of Chrysler and General Motors, and the way in which the Administration is apparently trying to ride roughshod over the legal rights of bond-holders and other creditors in order to ensure that its political supporters (notably the United Auto Workers trade union) end up with the lion's share of the spoils.
I'm frankly disgusted and sickened by the cavalier approach displayed by the Administration. I believe that in a number of respects, it's prima facie illegal and unconstitutional. I hope and pray that the courts will strike down these aspects of proceedings . . . but I don't know whether or not that'll happen. If anyone thinks that politicians won't try to influence or affect court rulings, they're deluded.
I do, however, know what I'm going to do about it: and I hope and trust that all right-thinking, law-abiding Americans, of whatever political persuasion, will do the same.
I shall never again buy any new Chrysler or General Motors vehicle or other product, unless and until the issues raised by their bankruptcies have been resolved in accordance with the current (i.e. today's) law of the land, and any and all benefits unjustly accruing or unfairly transferred to political stakeholders have been nullified and withdrawn forever.
That's my answer. What's yours?