"An Administration official accused Chrysler's smaller lenders of "failing to act in either their own economic interest or the national interest" but added that Chrysler now had an opportunity to restructure and "emerge stronger going forward". "
Because the debt holders refused to accept an offer from the government to forcefully give up their equity in a private company and a lower than market value they are now not acting for the "public good". Not only are we now told that higher taxes are for the public good but also forgiving your capital investment in a private company is also in our "national interest". The government is more than willing to forgive the 6 billion of your money that was just recently lent to Chrysler. Of course they would....IT"S NOT THEIR MONEY! IT'S YOUR'S.
Not only has the government directed Fannie Mae and Freddie Mac to lend money to people who couldn't repay, they are also now in the business of lending money to non-viable corprations with no expectation of being repaid.
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