It's Payoff Time!

Now I'm not making any accusations, but isn't America a wonderful place, when the UAW, Senator Feinstein's husband, and Harry Reid, all staunch supporters of President Obama, can walk away with such amazing gifts? It's a MIRACLE. Say YAY-YA!
Larry Kudlow wonders, "What is going on in this country? The government is about to take over GM in a plan that completely screws private bondholders and favors the unions. Get this: The GM bondholders own $27 billion and they’re getting 10 percent of the common stock in an expected exchange. And the UAW owns $10 billion of the bonds and they’re getting 40 percent of the stock. Huh? Did I miss something here? And Uncle Sam will have a controlling share of the stock with something close to 50 percent ownership. And no bankruptcy judge. So this is a political restructuring run by the White House, not a rule-of-law bankruptcy-court reorganization."
Another miraculous occurrence came earlier this year, when Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to the FDIC, which had just awarded her husband's real estate firm a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms. She isn't even a member of the Senate Committee on Banking, Housing and Urban Affairs with jurisdiction over FDIC; and the agency is supposed to operate from money it raises from bank-paid insurance payments - not direct federal dollars. Documents reviewed by The Washington Times show Mrs. Feinstein first offered Oct. 30 to help the FDIC secure money for its effort to stem the rise of home foreclosures. Her letter was sent just days before the agency determined that CB Richard Ellis Group (CBRE) - the commercial real estate firm that her husband Richard Blum heads as board chairman - had won the competitive bidding for a contract to sell foreclosed properties that FDIC had inherited from failed banks. About the same time of the contract award, Mr. Blum's private investment firm reported to the Securities and Exchange Commission that it and related affiliates had purchased more than 10 million new shares in CBRE. The shares were purchased for the going price of $3.77; CBRE's stock closed Monday at $5.14."
And I have to say that I was confused to learn that Harry Reid represents Nevada, the land of casinos. I could not understand why his constituents would want him running all over Washington promoting socialism, which would ultimately hurt business, because everybody will end up impoverished. Then I learned that the stimulus bill set aside $8 billion for high-speed rail lines. Hmmmm. The Vegas connection is starting to make sense.
Now I'm not saying that this is political back-scratching. It could just be a coincidence. We've always been told that America is the land of Miracles, right?