Will Grigg?s Liberty Minute

June 2, 2009

The Obama administration?s plan for dismantling bankrupt General Motors suggests that America is quickly sinking into a Third World morass of socialist corruption.

Investigative reporter Greg Palast points out that Steven Rattner, the administration?s so-called auto czar, ?is demanding the bankruptcy court simply wipe away the money GM owes workers for their retirement health insurance. Cash in the insurance fund would be replaced by [worthless] GM stock?. Yet Citibank and [JP] Morgan ? [would] get ? $6 billion right now and in cash, from a company that can?t pay for auto parts or worker eye exams.?

Many of GM?s ?legacy costs? are unrealistically high, due to overreaching by the United Auto Workers union. But what Rattner and Obama propose is clearly illegal. And the beneficiaries, Citibank and Morgan, have already received a third of a trillion dollars in bailout funds. And it?s hardly a coincidence that both of them were generous financial supporters of the Obama presidential campaign.

Let us take back the liberty wherewith Christ has made us free.