Tammy Bruce: The Rise of Gangster Government
I’ve been watching discussion of this issue here at redstate and in other venues with growing horror. Tammy discusses the issue now too, and I link to her because I like her.
The horror of these developments is much worse than you think. You are being robbed directly. Now. The money is already gone from your pocket.
What nobody has pointed out about the hedge funds/bondholders in current conversations at the White House yet is that this is robbery directly from your pockets and from mine.
Nobody feels impacted by this outrage because they think of the hedge funds as ‘them.’ But the hedge funds are not ‘them’. They are us.
Got a passbook savings account? Then your bank has positions in hedge funds to make their other positions safer so your account has a higher yield.
Have a 401? Your yield just went down!
Have a retirement plan? Your retirement income was just cut.
Hedge funds exist as instruments that the financial managers you deal with indirectly can use to thwart risk. We live in financially risky times right now, so the wise move for the financial managers who deal with your money is to take positions in hedge funds so that adverse times do not harm the funds they manage for you – or harm them less. Or it was prudent and wise until Obama went after these funds.
Even if you do not have a savings account or a 401 or retirement plan you are affected! Do you work a job where you are not yet vested in the retirement or stock plan? The value of the asset you will vest in later is going down now. You are still being robbed. And so are your fellow employees. So is your corporate treasury which has other stockholders to protect.
The people that we used to call prudent investors have their financial managers take positions in hedge funds to protect their estates – that is their widows and orphans. They protect their future retirement income by relying on their retirement fund managers to take positions in hedge funds.
So it may look like we are witnessing the ‘proper’ persecution of greedy hedge funds. We are not.
We are witnessing food being stolen from the mouths of helpless widows and orphans and retirees.
We are witnessing food being taken from the mouths of every allegedly ‘protected class’ except for one politically favored labor union.
Why is anyone standing still for this for a single second?
Exit question: why aren’t we witnessing thousands of rock-throwers at 1600 Pensylvania?