The Wall Street Journal has an editorial today exposing the cheap myth President Obama has created about evil, greedy speculators:
Indiana Treasurer Richard Mourdock revealed this week that his state’s police and teacher pension funds have lost millions of dollars in the Chrysler “restructuring.” Indiana’s State Police Fund and Major Moves Construction Fund, which finances roads and bridges, together lost more than $1 million. And the Teacher’s Retirement Fund “suffered, at a minimum, a loss of $4.6 million due to the action of the Federal government,” reports Mr. Mourdock.
Far from being speculators, these funds represent retired public employees, including cops and teachers. The funds paid a premium to buy “secured” status, only to discover that they were politically outranked by the United Auto Workers in the White House hierarchy.
Progressives do not care. These greedy cops and teachers are but small sacrifices to the gods of class warfare.
And what is the lesson learned?
We’ve worried that the Chrysler sandbagging would discourage bond investment. And, sure enough, Mr. Mourdock says that from now on no funds under his control will invest in the secured debt of “General Motors, other manufacturing companies, or those insurance companies who have or will be receiving bailout funds.” [READ MORE...]
They had better take it a step further and not lend to any firm that is also heavily unionized, particularly if there are having any trouble in this environment. We have all witnessed what everyone else’s rights mean when they oppose a union.
Kudos to Indiana for doing this, America needs to know it isn’t about a bunch of rich people getting screwed, its main street America. Plus, it shows that property rights getting stomped on is not acceptable.