Gangster Government and your 401k, IRA, and future retirement...

The Chrysler bankruptcy...was it designed to protect the retirement and health care future of the UAW? All those hardworking Americans?

What about the hard working Americans that are losing their 401ks, IRA, and other investments?

For some reason, the Obama administration chose to 'privatize' the retirement future and income of thousands, at the expense of others. Others, that have lost their retirement security, income, and healthcare opportunity.

Social Security and Medicare are broke, underfunded, overburdened, but not to worry, Obama has privatized the future for the UAW, at the expense of others...those 'rich' folks with an IRA.

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This, as Barone colorfully but not inaccurately put it, is an example of “gangster government” in action. As The Washington Examiner noted, what just happened to Chrysler’s secured creditors is something “right out of Juan Peron’s playbook.”

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“Like the Argentinian strong man, Obama muscled the owners and creditors out of a productive private company and gave it to union leaders, who will then fill his campaign coffers in gratitude for his generosity.”

Yes, that’s right. Barack Obama and his henchmen just handed the United Auto Workers 55 percent of Chrysler’s stock. One of the biggest contributors to the Democratic Party now controls the company they bankrupted. And what about the “secured” bondholders — the investors who accepted lower returns in exchange for the security of knowing they would be first in line to be paid back if something bad happened? The last time I checked, they were offered 29 cents on the dollar.

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Why would the bondholders agree to this exercise in “spreading the wealth around”? This is where the “enormous pressure and machinery of the US government” comes in. It began with Barack Obama’s public criticism of the secured bond holders who, he said, were “speculators” unwilling to make sacrifices others had to make. Imagine that: a President singling out specific firms for public criticism.

Seems like previous TARP recipients may get a handout too-at taxpayer expense.

http://pajamasmedia.com/rogerkimball/2009/05/10/an-offer-they-couldnt-refuse/

Why are UAW retirees worth more than the folks on Main Street?

Maybe those losing their 401ks, IRA, and other investments didn't give enough to the campaign fund?

Maybe they're so rich, they can afford to pay and lose more to ensure the private retirement future of some.

Jobs going to China, Mexico, Korea, and other places. Won't nobody give an American a job?

Something is wrong in America when illegal people are entitled to jobs, and a secure future, and Americans (and legal folks) aren't.