Michael Barone is a pretty rational and seasoned writer, television guest and political historian.  His book, Hard America, Soft America is one of the best descriptions of the difference between right and left in the United States.  Barone is conservative, though you would probably not consider him an extreme right winger (using some MSNBC slang there)  Anyway, Barone's column about the government's role in the Chrysler bankruptcy is very enlightening.  We have heard some sound bites and a few stories here and there, but Barone puts in perspective what President Obama and his gang have done in getting a deal done for Chrysler, or more accurately the UAW.   Here are just three examples: 

1. They created a deal in which the bondholders get 33 cents on the dollar for their secured debt and the union employees get 50 cents on the dollar for their unsecured debt.  This is completely the opposite of property and contract law.
2. According to Tom Lauria, a lawyer for one of the bondholders, "One of my clients was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight."
3. President Obama denounced the objecting bondholders as "speculators" in his press conference last Thursday, despite their legal right to object.

Barone goes on to write, "Think carefully about what's happening here. The White House, presumably car czar Steven Rattner and deputy Ron Bloom, is seeking to transfer the property of one group of people to another group 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. The only possible limit on the White House's power is the bankruptcy judge, who might not go along. "

The moment all of this hit the Forgotten Man was when the President of the United States held a press conference to announce a deal for an automaker.  Not Chrysler's CEO, Fiat's CEO or even the Secretary of Commerce,  but the President who was out front telling us about this deal to save Chrysler.  That's when it really sunk in how much the government has taken over.  By the way Michael, I too shed a tear as I lived in Detroit in the late 1980's and felt the pride that city has in the automobile industry.


UPDATE

George Will joins the chorus here.  He cites President Obama's humbling moment, "When the president was recently asked what had "humbled" him in office, he mentioned that "there are a lot of different power centers" in America, so, for example, "I can't just press a button and suddenly have the bankers do exactly what I want." Perhaps not a button, and not exactly what he wants, but in dealing with Detroit he pressed and they were accommodating."  Maybe we should send President Obama one of those Office Depot buttons.  He can press that when he feels the urge to show power instead of having the government continue it's march towards nationalizing more industries.