Obama: Transfering Wealth in Hubbard?

I don't know if I have mentioned it but the folks that have coffee at the Cafe are generally conservatives, while the coffee drinkers at the Drug Store are more liberal. The reader needs to know this to understand why the Cafe folks are so upset about the Chrysler settlement that is in all the papers. Everybody in Hubbard either drives a Ford or a Chevy, and yet they are still upset. Here is why:

J. P. Dawson grew up in Hubbard and currently lawyers in Waco. He set off alarms at the Cafe by predicting that the Obama administration would take money from the Cafe Folks and transfer it somehow to the Drug Store Folks citing the Chrsyler bailout settlement.

Here in J. P.'s big words is his explanation: "Think carefully about what's happening here. The White House is seeking to transfer the property of one group of people (bond holders) to another group (labor union) that is politically favored. In the process it is setting aside basic property rights in favor of rewarding the United Auto Workers for the support the union has given the Democratic Party.

This, of course, is a violation of one of the basic principles of bankruptcy law, which is that secured bond holder creditors -- those who loaned money only on the contractual promise that if the debt was unpaid they'd get specific property back -- get paid off in full before unsecured creditors get anything."

Well I don't know whether J. P. has a rational concern or not. I do know that there is a run on shovels at the local Hardware Store and withdrawals at the First State Bank. All the while holes are appearing in about 43% of the backyards in Hubbard.

Jim