Columnist Michael Barone, certainly no right-wing extremist or crackpot, but a highly respected writer and political analyst, has referred to the Obama Administration’s actions as “gangster government” in the Chrysler takeover, where secured creditors were forced to take a lower percentage of what they were owed than the unsecured creditor the United Auto Workers, political allies of Obama. Barone cited what he believes to be credible evidence that one company among the secured bondholders was threatened by the Obama people into agreeing to their proposed settlement. Those who didn’t agree were criticized by Obama and called “speculators”. [1]
Rep. Michelle Bachmann (R-MN) used Barone’s description as she saw how it related to a dealer shutdown in the GM takeover (June 10, 2009):
I have characterized several of the President’s actions as power grabs, and I think I have yet to see any significant announcement or decision that did not seem to be designed to accumulate and consolidate political power, mostly at the expense of the Constitution and the economy. Outrage is building among the American people.
[1] http://www.ibdeditorials.com/IBDArticles.aspx?id=326589766764151
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