Tuesday, June 02, 2009

Making sense of the GM bankruptcy

Keith Hennessey has an excellent post on the GM bankruptcy and the government's role in it (hat tip Instapundit). He points out something I missed this time around, and in all fairness, I should bring it up:

The objecting creditors will now defend their rights in court. If the Chrysler precedent is an example, you should bet against them. It is interesting that the President did not attack them as “speculators” this time, so at least the rhetorical leverage against them is weakened.

It does seem that Obama has toned down his anti-investor, anti-business rhetoric lately. Could it be he's been listening to advisors who have been telling him "ix-nay on the ame-calling-nay, sir. We're going to need these people some day."

I hope it's because he realized he was doing more damage than good with such talk. I'm afraid it's just because that particular line of attack is currently needed. But even with the media in his pocket, you can only send the message of "we need to stimulate the economy so those greedy, filthy capitalists can put people back to work" so long before people catch on to the contradiction.

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