Obama alters the bankruptcy deal

"[C]onstraints become much less effective, and may well be evaded, if the motive force behind governmental action is 'do-goodism.' The licentious sinners we can control; the saintly ascetics may destroy us." - Geoffrey Brennan & James M. Buchanan

The Obama administration's unilateral, ad hoc rewriting of bankruptcy process is disturbing, as a matter of both finance and rule of law.  As Megan McArdle writes...

[W]hen did it become the government's job to intervene in the bankruptcy process to move junior creditors who belong to favored political constituencies to the front of the line?  Leave aside the moral point that these people lent money under a given set of rules, and now the government wants to intervene in our extremely well-functioning (and generous) bankruptcy regime solely in order to save a favored Democratic interest group.

Nor is it reasonable for Obama to complain that creditors "were hoping that everybody else would make sacrifices, and they would have to make none".  In fact, those creditors were offering to take a 60% loss on their investment (even less than they would get in bankruptcy). 

"You guys suck" is not actually a part of US law.

More from Megan McArdle, Tom Maguire and Ed Morrissey.  I'm reminded of another quote...

"I am altering the deal. Pray I don't alter it any further." - Darth Vader

 

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Comments

"This deal is getting worse all the time."

Perhaps they think they're being treated unfairly.  It would be unfortunate if he had to mobilize the press corps against them.

National Security Uber Alles

whoops! turnabout's a bitch, ain't it!

because we ALL know that GW decided that anything that he did was legal, simply because he was President.

[please, republicans, go shoot Bush and everyone who dragged out the crazy Nixonian policy of Imperial Executive... at that point, i'll know you've gone sane again]

That's it.

You're gone.  You are not welcome to comment here when you repeatedly advocate or applaud violence against political opponents.

You've frontpaged diarists who've suggested worse

in more flagrant terms, even.

perhaps a more eloquent phrase the OP could have used was "eradicate all vestiges of their Unconstitutional and prosecutable conduct and ideology."

But, really, do you REALLY think she was advocating violence -- and repeatedly, at that? Or are you just looking for any excuse to ban a rampantly tangential diarist?

Maleficent = RisingTide?

First-ever post by Maleficent on this site (that's not a very nice name either BTW), uses the term "diarists", happens to be in defense of RisingTide, and is shortly after RisingTide got the plug pulled?  Hmmm...

I could be totally off, but... I think this is probably why the site-owners have refrained from banning any posters all this time.  All it would take is a new email address & new log in name...

Anyway, I wish you well RisingTide.

It would also take...

...another  IP address. So, if you are correct, RisingTide has access to more than one computer as well.

ex animo

davidfarrar

You don't need another IP address...

I have DSL (boy I wish I had something better) with Verizon, and all I need to do to grab a new IP address is to disconnect and reconnect my internet connection at the router.

I can think of at least a handful of easy ways to be sitting on the same machine and look like I'm on another machine.

IP

We don't block by IP address.  Drupal blocks entry by a user.  I don't mind if a disruptive user reads the site, but we do reserve the right to prevent excessive disruption.

from a security standpoint, that's rather insufficient.

(and yes, I'm risingtide. I rather dislike the idea of sockpuppets, so I'm being upfront about it.)

Belated honesty

I rather dislike the idea of sockpuppets, so I'm being upfront about it.

Maleficent on RisingTide yesterday:

But, really, do you REALLY think she was advocating violence -- and repeatedly, at that?

Ah, the royal she.

yeah. it's one thing for me to give one comment

that's really designed just to laugh at the utter hypocrisy and ridiculousness of a charge... it's another if I intend to keep posting here. Sadly, it appears that I've grown rather addicted to your company. ;0-)

maleficent? blame lindsay.

she was the one going on about how awesome Maleficent was for a disney villain...

(yes, this is RisingTide. it's only a sockpuppet if I deny it.).

And Jon? i'd like my old screen name back.

Rising Tide doesn't always "raise all boats" but...

Jon, I've only been coming to TheNextRight for a wee bit and I learned of this site from another terrific community --GayPatriot.net

Of course, your call on these kind of banning/blacklisting policies is whatever you're willing to tolerate but I have to tell you that other similar sites, confronted with similar commenters and problems, have usually erred on the side of "sunshine and air"... meaning, let the guys comment --their own comments are helpful in pointing out the inherent demerits of their "best" arguments.  Sunshine & air, especially in a community like this where it appears the common reader is far more gifted at discernment and thoughtful reflection than an average blog-reader or, say, the average voter.

You may bristle at comments like RisingTide's.  So do a lot of us... but most of us don't come here to enjoy the echo-chamber of hearing someone's views who agree with us... we're here for the dialogue, discourse.

If you want to ban folks... well, that's your call.  But it's more progressive and enlightened to err on the side of sunshine and airing comments... not exercising strong armed tactics.  That's just not conducive to vibrant, vital public square.

And really now, do you think RisingTide meant to advocate violence against our elected leaders?  Really?  Come on, that's a big stretch given his/her usual colorful language.

Just my humble opinion.  And yes, I'm sure there are tons of examples that folks can highlight where RisingTide wasn't equally respectful of the public square or this blog's hosts... but isn't that admission pretty instructive of itself?  Blocking and banning is to stoop to his/her level of disrespect.  Do you really want to do that?

Just on that last point:

And yes, I'm sure there are tons of examples that folks can highlight where RisingTide wasn't equally respectful of the public square or this blog's hosts... but isn't that admission pretty instructive of itself?  Blocking and banning is to stoop to his/her level of disrespect.  Do you really want to do that?

This blog is privately owned.  It's not the public square.  Kicking someone off your property for being obnoxious is not to stoop to their level; it means you have standards that the offending party didn't meet.  The price of respect is (perceived) virtue.

Which is all to say nothing of the standard or its application.  Just a point of principle.

Not exactly a private property issue

Bryan offers: "This blog is privately owned.  It's not the public square."  While that may be technically true, it is managed and accessible for use by those interested in public debate, advancing public policy, invigorating the public square's discourse and spurring thoughtful reflection by those for whom there is no "private" relationship with the hosts, the posters or the commenters.  What part of "TheNextRight" concept didn't you get?  What part of "input" and "comment" and "log-in" don't you get?

The point Bryan is that this is, indeed, the modern equivalent of colonial America's mid-to-late 18thC public square.

In that sense, allowing a full, free exchange of ideas is the best tonic for advancing public discourse --even if it means we have to "put up" as it were with opinions we don't like or think ill-informed.  Like, for instance, your dismissive idea of the democratic value of a public square and the obligation of blog hosts who invite readers and commenters to accept their own take on an issue after they've suffered through the blogger's bloviations.

The newRight and newLeft are far, far, far too quick to try to silence their critics.  This is public discourse, not the hegemony of opinions.  It is the blogmaster's call, of course... but, like I wrote, sunshine and air are better tonics than heavy-handed banning tactics.

Tonic or tactic?

far too quick??

far, far, far too quick to try to silence their critics

This is the one of the only times I've ever seen anyone banned from a site Jon has been a part of.  Now, I may have missed one here or there, but it is a very infrequent action.

I've never seen anyone banned for their ideas, unless those ideas promoted violence in any way.  Face it, there's no cause for promoting violence, even in jest, so there's no cause to allow someone to keep doing it.

Try expressing contrary opinions on the Huffington Post, dailyKos or Democratic Underground, and see how long you last.

The operative part was just before and after

I wrote: "The newRight and newLeft are far, far, far too quick to try to silence their critics.  This is public discourse, not the hegemony of opinions.  It is the blogmaster's call, of course... but, like I wrote, sunshine and air are better tonics than heavy-handed banning tactics."

I was speaking of many blogs on the newRight and newLeft, Keith_Indy... not this one specifically since I've only been here a "wee bit".

Sunshine and air.  Sunshine and air.  If opinions are "obnoxious" by the opposition, I'd wonder why they feel the need to come here and post... and why some here need to rebutt or deny their attestations?  Sunshine and air and ignoring them seems a better set of practices than blacklisting or banning visitors to the public square of ideas.

But it is Jon's call and he's noted that this commenter has been a problem in the past and been warned.

Some blogs go to the ultra-step of deleting comments of those kind of guys... or put in boldfaced editorial comments next to the offending party's comments... or take other steps.  I think all of that is untoward and uncivil.  And, honestly, unAmerican, too.

We need a vibrant, dynamic public square.  If that isn't the goal of a blog, why not simply email the opinions or writings of the blogmaster... or post them here without the right or invitation to comment?

Probably, because the authors know few will read them.  I know of blogs that have gone to commentless and their readership has dropped off the edge of the ledge.

that's true. If I make anyone look ridiculous, it's myself

and everyone on here is free to ridicule me.

In the public square, you've always got people on soapboxes. sometimes, it's group consensus to ignore them (as Warner Todd Huston's diaries often are ignored, as are mine -- each for different reasons, I'd wager.)

RisingTide of the newMaleficent Order?

You nailed it with "If I make anyone look ridiculous, it's myself".

Stop while you're ahead and everyone agrees with you, OK?

Michigan-Matt:

I understood your point, and you ignored mine.  "Technically true" is exactly what I was going for.

In that sense, allowing a full, free exchange of ideas is the best tonic for advancing public discourse --even if it means we have to "put up" as it were with opinions we don't like or think ill-informed.  Like, for instance, your dismissive idea of the democratic value of a public square and the obligation of blog hosts who invite readers and commenters to accept their own take on an issue after they've suffered through the blogger's bloviations.

I didn't say anything about the democratic value of a public square one way or another.  I made a very straightforward point that this blog is privately owned and therefore is only open to the public to the extent that the owners allow it to be.

But I will dismiss the idea that blog hosts have an obligation to anyone, short of refraining from libel.  Think for a moment about what it means to oblige anyone to advance the public discourse.

I'm a blogger at QandO (where Jon used to blog).  I have never banned any commenters, including many with whom I strongly disagree.  But that's because we find value in the debate, so we choose to encourage it.

You should not stuff words into my mouth.

Stuffing words... is it?

Bryan, you were the one arguing that this private property and somehow, ipsy-daisy, magico-presto, means that a site which encourages and strives to be read by the largest possible audience from the very public arena of the internet is somehow, someway, some fashion not public and not interested in advancing public discourse.

If I "stuffed words into your mouth", as you wrongly claim, it's because the words you're choosing aren't exactly making the grade, blogster.

Bloggers and authors --like OpEd writers and the old fashioned journalist-- want, beg, plead and cajole readers to come to their site and read the pearls of wisdom that flow like jeweled water from their fingers.

Guess what?  People who read those bloggers have the right, when it's encouraged by a "comments section" or a "vote" section to listen with good nature and patience to those who respond.

It's an OBLIGATION of hospitality and an American value in the public square that you've seemed to miss learning, Bryan.

Sorry if you don't like having to tolerate differing opinions or want to restrict blogs to just having the authors vent and spew without critical review by others... but that is so... so... I don't know, so Stalinst it boggles the mind.

No one requires bloggers to take a course in ethics or journalism or hospitality or how to be civil to your superiors and guests... but we ought to.  And, like many blog-reading folks, I don't visit blogs like Andrew Sullivans or others where the spew-fest is on ego-maniac overdrive.

Yeah, I expect you to meet your civil obligation to listen thoughtfully and engage constructively those who visit your blog and comment in other blogs... if you want us reading your ideas and opinions it needs to be a two-way street.

It's your obligation as a blogger, Bryan.  Whether you want it or not.

I'm done with you.

Bryan, you were the one arguing that this private property and somehow, ipsy-daisy, magico-presto, means that a site which encourages and strives to be read by the largest possible audience from the very public arena of the internet is somehow, someway, some fashion not public and not interested in advancing public discourse.

Being snide doesn't make you any less wrong.  This blog is private property, and as I already said, it's only as open to the public as the owners want it to be.  Being interested is very different from being obligated.

I gave you a chance to faithfully represent my argument, and you failed.

If I "stuffed words into your mouth", as you wrongly claim, it's because the words you're choosing aren't exactly making the grade, blogster.

I made a very precise and limited claim, and I made it clear that I was making a limited claim.  You have chosen to attribute claims to me that I didn't make.  I've been debating long enough to know when I've been unclear, but in this case it's your comprehension that's clearly at fault.

Bloggers and authors --like OpEd writers and the old fashioned journalist-- want, beg, plead and cajole readers to come to their site and read the pearls of wisdom that flow like jeweled water from their fingers.

Guess what?  People who read those bloggers have the right, when it's encouraged by a "comments section" or a "vote" section to listen with good nature and patience to those who respond.

The readers' right to listen, and the commenter's right to write, are limited by the consent of the host.  Because this blog is private property.  Bloggers do not take on any obligation, civil or otherwise, to allow all persons to say anything when they provide a comment section.

It's an OBLIGATION of hospitality and an American value in the public square that you've seemed to miss learning, Bryan.

It is neither an obligation of hospitality nor an American value to keep obnoxious people around on your property.  If someone misbehaves on your property, it is both legal and proper to kick them out.  For example, I'll tolerate someone shouting insults on a street corner, but if he tries saying that stuff at a forum I'm hosting on my property, he's going to be shown the door.  It wouldn't be very hospitable to my reasonable guests to give the floor to a toxic jerk.

Sorry if you don't like having to tolerate differing opinions or want to restrict blogs to just having the authors vent and spew without critical review by others... but that is so... so... I don't know, so Stalinst it boggles the mind.

Are you trying to get a rise out of me?  Please.  Nobody's going to confuse me, a libertarian, with Stalin.

I've already said that I tolerate all kinds of different opinions at the blog I write at.  I appreciate many people who sharply disagree with me.

Before that, I spent a considerable time debating civilly with people ranging from an avowed communist to an avowed fascist to a Libertarian Party Senate candidate, and all kinds of characters in between, at a forum. 

But it was understood by all at the forum that the forum was hosted by someone who expected us to treat each other civilly--no personal attacks, no mockery, no speculation on motives.  If someone violated that code, he got a warning and if he kept it up he got banned.  That kept the quality of the discourse high for years, and it was actually those rules that allowed people who disagreed so strongly to have such high-quality discussions.

Yeah, I expect you to meet your civil obligation to listen thoughtfully and engage constructively those who visit your blog and comment in other blogs... if you want us reading your ideas and opinions it needs to be a two-way street.

It's your obligation as a blogger, Bryan.  Whether you want it or not.

You still don't understand the concept of an obligation.  I don't have to listen or engage constructively.  Look around and you'll find many bloggers who essentially put a comment section up for the entertainment of their guests, and virtually never respond to anything the commenters say.  They get lots of readers.  Sometimes they'll step in to get rid of a spammer or a toxic jerk, because the spammer/jerk is making things less enjoyable for the guests.

Dealing with commenters is something bloggers do when and as it interests them.  It can come with benefits.  But there's no obligation there.

Feel free to have the last word.  I'm done with you.

Feel free to have the last word. I'm done with you?

I think you've proved my points very nicely, Bryan. 

Stalinist tactics from blog-egotists like you are a dime a dozen on the net.  You might want to reflect on how closely your comments above mirror Josef Stalin's: "The people are free to vote for me.  They are free to agree with me.  The people are wise not to dispute the gift of their freedoms".

Like when you offer: "This blog is private property, and as I already said, it's only as open to the public as the owners want it to be."

Or when you offer: "Bloggers do not take on any obligation, civil or otherwise, to allow all persons to say anything when they provide a comment section."

Or when you offer: "I don't have to listen or engage constructively."  Umm, yeah, that's pretty apparent from the Q & O blog site.

Your contempt for readers and fellow bloggers is plain to see in the sunshine of your arrogant and presumptive comments. 

Again, thanks for making my point. 

Civil conduct in the public square isn't just for the audience --many bloggers, including you, need to develop some skills and sensitivity to that reality and tradition in our American society.

It strikes me that there's almost always one shared attribute in most Libertarians: they need to be heard by all, the presumption that all want to hear their "informed" opinions and the Libertarian's self-ascribed right to hammer anyone or anything that gets in the way of their domination of the public square's podium.  CrazyUncleRon fits the bill to a tee... you ain't far behind Bryan.

Response

I'm very sympathetic to concerns about excessive moderation, and I err way, way on the side of tolerance.   I think you'll find that we do not and will not block people for disagreement.  Indeed, wherever I have blogged, I have always preferred debate to affirmation.  I would much rather have Lefties and Righties debating than an echo chamber of Righties.

However, there is a limit.  I have previously warned Rising Tide.   Much like at my home, I don't have specific rules for behavior, but at a certain point our tolerance is exhausted and we are all better off if the source of that exhaustion is uninvited.   It is, as John Locke put it, the law of public opinion.

Warner Todd Huston

If I'm correct actually admitted spitting into someone's face over politics as a blog post, yet he's still here to spew his inanity.  There is no reading of RisingTide's comments that can be construed as anything other than flippant sarcasm.  Really, if you just want an idealogically pure sounding board.  Why not just stick to RedState?  You can get yourself banned over there for saying Obama isn't a half-breed Muslin.

It was not WTH

I feel compelled to defend Warnert Todd Huston.  My opinion of WTH is that he is largely an idealogue (although his last couple of posts have been somewhat thought-provoking) but he was NOT the person who boasted of spitting in a torture protester's face.  That was Cahnman.  I committed that to memory so I could save myself time in not reading any further posts he makes.  Anyone that juvenile is highly unlikely to contribute anything of interest to any discussion.

The "ideologues" that frequent this board

Are, usually, intellectual and about as respectful as some of our more leftist members. I've read many threads where something clicks, and turns, for example, a debate about torture into "You hate America!" "No, YOU hate America!". Passions can run high in debates, and you can forget yourself in trying to win the argument. I've done it, both in real life and on the internets. To say that someone is "highly unlikely to contribute anything of interest" because they enjoy baiting a fine liberal on occasion is a bit closed-minded.

I'm guessing that people who consider themselves liberal democrats are on this forum to either learn about conservative views, evangelize in heathen lands, or to just be a part of the community. But come on, you wouldn't go into a Christian church and get offended when a speaker says that Christianity is the true faith.

To say that someone is

To say that someone is "highly unlikely to contribute anything of interest" because they enjoy baiting a fine liberal on occasion is a bit closed-minded.

To each his own, I guess.  My point you quoted above was made about Cahnman, the spitter, not Warner Todd Huston.  I don't view literally spitting on people you disagree with as merely 'baiting' a person, liberal or otherwise.  Sorry, but you can't sell me on that one. 

I do read WTH's posts and acknowledged that while he can seem an idealogue there are times he raises worthwhile points. I didn't in any way imply he would be unlikely to contribute anything of interest. 

I realize I quoted your post about WTH

But Cahnman (and Ironman, and others) are similar in terms of their "ideologue" quotient, and they're all intelligent gentlemen. I believe Cahnman made his spitting post (which I read) to piss off the liberals here, and to have them post both their intellectual/methodical differences and their butthurt. And, to be fair, you talked about Cahnman for a good part of your post ^_^.

And if I can't sell you on that, no skin off my back.

I realize I quoted your post about WTH

But Cahnman (and Ironman, and others) are similar in terms of their "ideologue" quotient, and they're all intelligent gentlemen. I believe Cahnman made his spitting post (which I read) to piss off the liberals here, and to have them post both their intellectual/methodical differences and their butthurt. And, to be fair, you talked about Cahnman for a good part of your post ^_^.

And if I can't sell you on that, no skin off my back.

WTH does actual work for your movement

in interviewing people and stuff like that. Kudos to him.

He damages his own credibility when he insists on calling everyone to the left of Graham a communist, however.

I grant people a lot more leeway when they do things in the middle of debates... WTH seems to START debates off on a really bad foot. Which seems illconsidered, if your goal is a debate.

I rather think his goal is playing to the crowd (which, to be sure, we all indulge in)

Point taken; point well made, Jon.

Thanks for the clarification.

yes, you specifically warned me to be more topical.

then you banned me for Advocating Violence. Which is patently ridiculous.

I may stick around here, I may not, but believe me, there were plenty of other REAL reasons you could have chosen for banning me. You didn't need to clucking make one up!

of course, you could fix your exhaustion by just adding a killfile button...

"I don't mind getting banned"

"Just ban me for a good reason, for fuck's sake"

In more responsible fashion

Mickey Kaus thinks we've just "screwed the chooch"   on this deal and it's going to bleed cash ad infinenitum

How much is winning MI in '12 worth in taxpayer money to the Obama Administration?

There aren't any good guys in the Chrysler deal

The hedge funds wanted to make a profit for themselves, not do a social and economic service in putting Chrysler out of its misery.

It would be ironic if some of these hedge funds had made a credit default swap on Chrysler-based securities (most likely through AIG), and that is why they wanted the company to go bankrupt; so that they could recoup all of their losses. The irony is because government bailout money went towards keeping Chrysler from dying, and also for paying investors if it did.

Everyone in the Chrysler deal

Everyone in the Chrysler deal wants to profit (or at the least, suffer less) to their own benefit.

The unions want to keep 100% of their benefits (pensions, medical insurance,) and they don't care about the cost to the company or tax payers.  The administration is accomodating to them because it means political capital for them.

Any fair solution would make everyone suffer the same amount.