The Hypocrisy of Government

This irks me to no end. Gov. Granholm said the following regarding Chrysler bondholders, "On behalf of Michigan, on behalf of the thousands of people who will be affected if this company is forced into bankruptcy, I am publicly asking these hedge funds to not be greedy but to do what the banks have done and what everyone else around the table has done -- take the concessions,"

That's pure political horse manure! The bondholders have loaned money to Chrysler with conditions. They expect some repayment and if they aren't satisfied with thirty cents on the dollar they have a right to force it through bankruptcy to see if they can receive more. They are taking a loss regardless, they CANNOT be faulted for trying to minimize the loss.

If you loan $1,000 to your brother-in-law and he tells you he won't pay back the principal, let alone the interest, and then accuses you of being greedy when you ask for as much of the principal back as possible, you'd have a right to take him to small claims court.

But that won't stop politicians from railing against greed (don't ask them to give up any of the contributions they've received from greedy 'capitalists' though ;-).