Peter Schiff
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2.0005/04/2009
FUNDS HOODWINKED
THE Obama administration singled out hedge funds as the bad guys this week in its attempt to reorganize Chrysler.
The accusation falls comfortably into the administration's view that unfettered capitalists on Wall Street and poor planning by short-sighted CEO's are responsible for our financial problems.
Reacting to the setback, President Obama took dead aim at the few capitalists left: the owners of some of Chrysler's securitized bank debt -- hedge funds and private investors -- who scuttled the plan.
He described these "holdouts" as unwilling to make the sacrifices that the company, the banks, the workers, the pensioners (all on the government dole) and the taxpayers had been prepared to make for the good of the country.
Ironically, the "greedy" group that Obama holds responsible for killing the auto industry is the only force that can save it.
Click here to read the complete article at NYPost.com.
For a more in depth analysis of our financial problems and the inherent dangers they pose for the U.S. economy and U.S. dollar, read Peter Schiff's newest book "The Little Book of Bull Moves in Bear Markets." Click here to order your copy now.
