How Dare You Expect To Be Paid Back!

The other day, President Obama spoke out against those debt holders who would not accept pennies on the dollar for the Chrysler debt they held. He spoke very harshly about their insistance that they could get a better deal in bankruptcy court and held them (and of course not the company itself) responsible for Chrysler's bankruptcy.

Well first, these debt holders were supposed to be first in line to get repaid and they were getting the worst deal. Where's his touted fairness in that? Second, they are responsible for 401Ks (possibly yours) and they were doing the right thing by their customers. But when Obama said he didn't stand with them what he was really saying was that he was incensed that they would expect to be paid for the debt they bought.

This is really interesting considering that at the same time Obama is spending money we don't have and relying on other countries to buy our debt in order to do that. So on the one hand he's asking for countries to buy our debt and on the other hand admonishing debt holders for expecting to be paid. What message do you think this sent to China? I believe what China heard was "Don't ever expect to get paid back for this debt you're buying." Paradoxically, China is no longer all that interested in buying our debt. So now we've spent trillions of dollars we don't have and our credit has dried up. This could get really interesting.

But this is just another example of President Obama having one set of standards for himself and another for everybody else.

Educate yourself and speak out.

Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty. - Thomas Jefferson