Welcome to Venezuela
From Vanity Fair more comment on how the Obama regime tramples on the rule of law. No wonder Obama shook the hand of Hugo Chavez. Next we will see foreign companies have their assets forfeited if they do not bow down before the unions and those who caused much of the problem in the first place.
But the consequences of upending the rule of law, even if it was done with the best of intentions, may prove far more serious than whatever befalls Chrysler in the Rustbelt. For one thing, it will undoubtedly become far more difficult for an American corporation to borrow money on its assets, since even a senior secured lender can no longer be sure his claim will take priority over those of labor unions and other unsecured creditors
Why the UAW should be rewarded for driving the US auto industry into the graveyard beats this blogger.
Why would any rational banker lend to a corporation in the US in future? Ah as the Obama regime effectively owns the banks, rationality is no longer the criterion. Political clout is the issue.
No doubt rule by decree is on it’s way. The sanctity of contract and the rule of law can no longer be relied upon in the USA.. Yet the USA will be the first to strong arm other countries to enforce laws. Hypocrites.
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