Indiana State Treasurer Richard Mourdock Details Fallout from Chrysler Bankruptcy
Driving in the Wrong Direction: The Sordid Details and Lasting Consequences of the Bush/Obama Auto Industry Intervention www.cato.org POLICY FORUM Thursday, October 15, 2009 12:00 PM Featuring Richard Mourdock, Treasurer, State of Indiana and Representative of the Indiana State Pension Funds Objecting to the Chrysler Bankruptcy Plan; and David A. Skeel, Professor of Corporate Law, University of Pennsylvania Law School. Moderated by Daniel J. Ikenson, Associate Director, Center for Trade Policy Studies, Cato Institute. According to their own interpretation of events, the Bush and then Obama administrations rescued the entire US auto industry from imminent disaster and total failure. But in fact, a potential collapse only threatened General Motors and Chrysler, whose years of bad decision-making had finally caught up with them. Pouring cash into these two corporate clunkers may have “saved” them, for now, but in the process other companies were penalized, laws were circumvented, property rights were trampled, and America’s tradition of free enterprise was badly damaged. This Forum’s panelists, who have been vigilant in their warnings about the dangers of such interventions, will discuss the ramifications of diverting TARP funds for unauthorized purposes, circumventing long-established bankruptcy procedures, violating secured creditors’ rights, and failing to maintain a proper separation between economy and state.
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October 23rd, 2009 at 4:06 pm
The Indiana State Treasurer is a libertarian? SWEET!
October 23rd, 2009 at 5:23 pm
thanks for posting this. it is great to hear it from the people that were there
October 23rd, 2009 at 8:21 pm
When King George bailed out the auto industry with the bank money after failing to get it the constitutional way with a vote of the congress, I came unglued, but to no avail; I must have been the only one. I read and listened for news reports on how King George usurped congresses authority, but there were none; he had gotten away with it scot-free.
Then came Obama who doubled down on the treachery that is described in this video. The rule of law is slipping away.
October 24th, 2009 at 2:58 am
Why did they (the government) want the bankruptcy to go through?
Please explain to me, I don’t understand why they didn’t want people to stop it from going through.
October 24th, 2009 at 4:19 am
@ 11:30 this made me throw up a little bit in my mouth.
October 24th, 2009 at 4:25 am
Why did the state of Indiana buy debt with tax payer money? Dont they have enough of their own debt?
The US has a separation of church and state. Now you need a separation of commerce and state. Get the government out of private industry. Let the government concentrate on screwing up their own house.
October 24th, 2009 at 9:40 am
Well…The argument could be made that it wasn’t taxpayer money, at this point, but rather the earnings from public employees who put those earnings into a pension.
Of course…This issue gets a bit grey. CalPERS, in California, is asking for more taxpayer dollars to make up for their losses. So…I guess it may actually be a mix between private AND taxpayer dollars that were invested.
I have to mention that I’m not certain of how Indiana’s public employees retirement system works, though.
October 24th, 2009 at 3:43 pm
This video is very enlightening in understanding the whole financial “crisis.” When discussing the crisis, most people tend to state that Bernankee and his crew were misguided in bringing the bailing out. In other words, it was a mistake. Evidence however shows that it was not a mistake but a deliberate act of fraud. The sooner we learn this, the closer the solution will be.
October 24th, 2009 at 9:57 pm
9:18….government extortion!
October 25th, 2009 at 5:36 pm
Obama is a dick
November 1st, 2009 at 7:38 pm
This makes me sick!