Letters to the editor, June 11, 2009

An attack on property rights

“A government big enough to give you everything you want is big enough to take everything you have.” — Thomas Jefferson
Government’s primary responsibility is to protect its citizens. This idea is fundamental to a decent society. How government protects is subject to debate. That it fills this role is not.

Our government is now attacking individual property rights. The bankruptcy reorganizations of Chrysler and General Motors have evidenced a direct attack on your property rights. This cannot be allowed to happen.

Owners of franchise dealerships, having paid great sums for a contract rights to sell cars and to provide service to customers needing maintenance, have had their property taken away without just compensation. Does this sound like the America you know? Or does this sound more like some third-world dictatorship?

Citizens who have loaned money to Chrysler and General Motors (by investing in corporate bonds issued by the companies) are being told they will not see a return of their money. Established law directs that bondholders are entitled to be paid first whenever a corporation experiences difficulties. Stockholders are to be paid only after all bondholders have received their money back.

Pension plans, 401Ks and individual investment holdings are being damaged severely by current events. Our government is doing great damage to our economy.

We must not sit idle and allow this to happen. Each of us must now contact our Congressman to demand a stop to the madness.

Remember that a top federal official has stated “You cannot let any crisis go unused.” The president’s chief of staff stated this last year as explanation of his political philosophy. Does this man, Rahm Emanuel, mean to say that the government’s aim is to totally control the American economy? Decide for yourself. By the way, Rahm Emanuel was on the Board of Directors of Fannie Mae during the time that it was involved in gross mismanagement. He said nothing!

If government can decide how much bondholders will receive, what will keep government from deciding how much of your bank account savings will be available to you?

Jim Willis, Barstow