In relation to the automobile industry (with the exception of Ford), Buy American is now un-American.  That is if you think America stands for freedom, the rule of law, and due process.  The UAW and the Obama Administration are acting like mobsters, shaking down senior secured bond-holders in order to pay-off a political constituency, the Unions.  The only difference between mobsters and their actions is that instead of having the gun visible, the gun is held by the government.

The hedge funds and other investment vehicles that own the secured debt -which, according to the LAW, gets paid before unsecured holders- have just as many “regular people” albeit one step removed, as do the UAW retirees.  But the UAW is a favored group, and a visible group at that, and they need to be repaid.  Instead of following the law, the Obama Administration and the UAW retirees are robbing their fellow citizens, friends and neighbors in order to pay off the unions.  How can any person in bed with the thug-like Unions can sleep at night?

The short answer is that some union pigs are more equal than others and some contracts can be ignored when expedient.  Another example of “spreading the wealth around” as we were told was the goal in the campaign.  The roughly 69 million people just thought they were the ones who were going to be the recipients of the spreading from the other 59 million.  Instead the spreading is just going on between one politically connected set of retirees to another less well connected set.

GM and Chrysler won’t be getting any more of our money.  The behavior of their Unions and management is despicable and we won’t be subsidizing it any longer.  The real remaining item of note is whether the Federal government will let Ford escape the claws of Washington’s control.  We doubt it.  How will it happen?  Time will tell.