World-News

http://www.lewrockwell.com/faber/faber60.1.html

Understanding What the Fed Is Doing to Us
http://www.lewrockwell.com/orig11/pollaro2.1.1.html

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Gangster Government becomes a long-running series

National Review
by Michael Barone

04/22/10

Almost a year ago, in a Washington Examiner column on the Chrysler bailout, I reflected on the Obama administration’s decision to force bondholders to accept 33 cents on the dollar on secured debts while giving United Auto Workers retirees 50 cents on the dollar on unsecured debts. This was a clear violation of the ordinary bankruptcy rule that secured creditors are fully paid off before unsecured creditors get anything. The politically connected UAW folk got preference over politically unconnected bondholders. ‘We have just seen an episode of Gangster Government,’ I wrote. ‘It is likely to be a continuing series’...

http://tinyurl.com/34mp8s6


Informant: Thomas L. Knapp



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