No ‘Wind-Down’ for You!


It struck me, while putting some slides together: why is there only one industry that Barack Obama thinks is acceptable to enter bankruptcy (ok, maybe “force into” is a more accurate portrayal…but, still)?

Re-reading his vow to the San Francisco Chronicle ed board in light of recent events, one must wonder why Obama won’t place the coal industry “into conservorship, unwind it slowly, protect policyholders and impose haircuts on creditors and counterparties,” as Fed chief Bernanke and the administration seem to want for every entity that’s actually failed. Instead, coal is to be hounded out of existence by an eco-theistic mob.

Something to think about: bankruptcy is simply unacceptable for anything that actually failed, yet must be crammed down the throats of the prosperous, if ideologicially disfavored. I wonder what the mining unions think of this disparate treatment between their automaking brethren and the silk stocking Wall Streeters on the one hand — we’ll call it the Left hand — and them, on the Far Left hand.


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