Wonderboy's Demonizing of Legitimate Creditors

I try not to watch Wonderboy's speeches. The mere sound of his voice sickens me, so I head for the 'mute' button as fast as possible.

However, this afternoon, CNBC replayed some of the First Rookie's noon speech concerning Chrysler.

If you ever needed more evidence of why government should not interfere in private sector affairs, that speech was it.

Not that the presidential limousines are Chryslers, but our new president assured the nation that he, too, loves Chrysler cars and hopes we all buy one.

Gee, don't you typically have to pay for advertising? Will Alan Mulalley be demanding equal Oval Office time for his company's cars? I guess Wonderboy could shill for GM, since his actions are making that company the next likely government-owned auto maker.

But the low point was when he demonized legitimate bondholders by claiming that they are the only ones not sacrificing enough for Chrysler's survival. As if that is some pre-destined good.

No, Wonderboy heaped public opprobrium on those who lent money to Chrysler with an expectation of repayment, and clear legal rights if that doesn't occur.

How is that a lawyer, as president, is taking the lead in using thuggery and recommending the explicit ignorance and breaking of laws?

Is this the change we were to believe in?

As bad as George Bush's economic policies were, beginning in late 2007 by not amending mark-to-market methodologies via executive order, Wonderboy is much, much worse.

He's publicly choosing not only which companies will win, and which will not be granted government funding. He now is turning to specific investor classes and calling for senior secured debt holders to relinquish their legal rights.

This is surely government gone way, way too far with intervention into the private sector.