"jps" wrote in message
...


Obama's not selling snake oil, he's selling sanity.


Hmmmm. He just got a demerit on my scorecard.

Link below is to NPR's broadcast yesterday. If you want to watch the
Chrysler part,
let it load for a few seconds, then move the horizontal time slider over to
about the 6 minute point.
The report on Chrysler starts at about 6 min, 5 sec.

http://www.pbs.org/nbr/info/local-pl...bre07s26caq4c4


Basically, the bond holders have thrown in the towel due to overwhelming
political pressure. The attorney for them describes what happened. Contrary
to what Obama announced publically (that the bondholders refused to budge or
negotiate), they had indeed submitted a proposal offering acceptance of 50
cents on the dollar as a counter offer to the government's 30 cents on the
dollar. That's part of good faith negotiation. However, according to the
bond holder's attorney, they were muscled out of any ability to have their
proposal officially considered. They were not allowed to take part in the
negotiating process.

The attorney describes Obama as being dishonest in terms of his public
announcements that the bondholders were not willing to negotiate and
fingered them as the "bad guys". He also pointed out that Obama has been
saying that private investors should and will come to the rescue in the
restructuring plan however his (the attorney's) feeling is that there is no
way private money will be found, based on what just happened to the existing
bond holders. They lost everything. Who in their right mind would invest?

Not all investment firms are crooked. Like them or not, they deserve
consideration based on contract law. These guys were secured investors, by
law.

Obama pulled some old fashioned Chicago-style politics in this one. I am
starting to notice that although he solicits ideas and invites comments of
his initiatives, it seems to be for show only. He has plugs stuck in his
ears.

Eisboch