Obama plays with other people’s money

Obama may have forgotten that a fund manager isn’t some self-aggrandizing plutocrat, but the fund managers haven’t:

During the aborted attempt to save Chrysler from bankruptcy, Obama oversaw billions of dollars loaned out to the struggling automaker — and then saw those “loans” forgiven and converted into outright gifts.

Obama’s plan was thwarted  when some of Chrysler’s debtors — those not shackled by federal bailout money — realized they would do better with a bankruptcy judge than with Obama, who offered them 20 cents on the  dollar. That led to Obama angrily denouncing them for their greed.

It seems to escape Obama that these people who shot down his grand scheme are not protecting their own money. They are managers of other people’s money, and have a legal and moral obligation to protect those funds to the best of their ability.

Simply put, the money Obama wanted them to write off wasn’t theirs to give away. They had no more right to tell Chrysler to keep it than they had to insist that President Obama repay the debts out of his own checkbook.

Come to think of it, in the modern market economy, there are few true plutocrats.  Most money is a rising or sinking tide that carries many with it.  It’s only in Obama’s little political world that power is aggregated by the few.