June 10, 2009
I would settle for illegal and unconstitutional.
Newt Gingrich points out how what was once considered a political scandal under the Obama administration is quickly becoming the status quo:
The GM deal is yet another example of rank, taxpayer-financed political favoritism.
Once again, the big losers are GM’s bondholders, who include substitute teachers in Florida and retired tool and dye supervisors in Michigan. They hold $27 billion in GM debt but are receiving a 10 percent stake in the new company.
In contrast, the UAW, which is owed about $20 billion from GM, is walking away with 17.5 percent of the company and a cool $9 billion in cash.
According to one analysis, while the bondholders will be lucky if they recover 15 cents on the dollar, the UAW can expect to recover up to 60 to 70 cents on the dollar – four to five times what the bondholders will receive.
Forget about calling it a scandal, I would settle for just calling it illegal and unconstitutional. What did we expect from a politician groomed in the style of Chicago politics? Blagojevich wasn’t an anomaly for the state of Illinois. Corruption is just how they do things. It’s how they’ve been doing things for years. Obama is no different than the rest of them.
If Republicans are looking for an issue to hit Obama on, this one seems ripe for the picking. This deal is blatantly hurting “the little guy” in favor of big unions. There is no denying it. Unfortunately, that is not the story the general public is hearing. Not everybody is reading Newt Gingrich. It is time for the Republican Party to give the little guy a voice.
(H/T: The Other McCain)
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Amen— you are right on.
I keep asking myself when will someone step forward and denounce, sue, slow down, stop…something…this huge power grabbing of the Obama administration.
I was listening this morning about Obama’s plans to limit ALL executive pay….he has absolutely NO constitutional right to do so…where are the Republicans, or at least the sensible people on these issues?
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