President Obama just gave a smackdown to to some of the most irresponsible operators in our modern economy.
In his speech addressing the Chrysler bankruptcy, the president minced no words on who the holdouts are and why they are harming the nation's corporations and workers.
"A group of investment firms and hedge funds decided to hold out for an unjustified taxpayer-funded bailout. Everybody else would have to make sacrifices and they would make none," Obama said, sternly. "I don't stand with them. I stand with Chrysler's employees."
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Obama enumerated a collection of stakeholders in Chrysler's affiars and ran down how each is contributing to a solution - often by making significant sacrifices. The list included executives, unions, creditors and past and future partners like Daimler and Fiat. But the hedge fund managers on Wall Street stood alone in gumming up the works with their greed. It is their selfishness that directly led to the need for a declaration of bankruptcy. Now they will get nothing likely get far less as the bankruptcy court divvies up the assets - which is still more than they deserve.
Obama's forthright denouncement was unambiguous and brave. He repeated that he would not stand with the obstructionists who are out to hurt our recovery for their own benefit.
This is something we need more of. No doubt Hannity and Beck, et al, will fire up their alarms and sirens, but the American people are going to eat this up.
Video now available:
The "I don't stand with them" part comes in at around 6:00.