Chrysler Bankruptcy

I am confused.

How will securing debt through taxpayers' dollars while giving a controlling interest in Chrysler to the UAW save the company?

Won't this at best ensure that the company exists for a few more years before the cash infusion runs out, and the same poor business practices, overly expensive union wages and benefits, and lack of basic profitably put the company in the exact same position it is already in? When the root of the problem is that the company can not profitably produce an automobile due to exorbitant wages and benefits (job banks to pay employees not to work) and poor corporate management, how does a handout change the reality of the situation?

How long until Chrysler would need another handout?

When will we as a populace learn and understand that you can't get something from nothing, that there is no 0 sum? Someone has to pay the piper, and that this case consists essentially of subsidizing a union by placing a burden on tax payers.

Also, it appears in this process, that some creditors are more special than others. At least in the eyes of the Obama administration. The primary creditors with secured debt are being offered much less favorable terms (in the face of law, legal precedence, and tradition) than the UAW.

Does no one else remember the bond holders of the "John Galt Line" from "Atlas Shrugged", and how some, who had favor in the eyes of the administration were paid off, while others were essentially "screwed"? That "need" was more important than law (who becomes the arbiter of need?).

Where is the authority given to the federal government, the treasury department, etc to circumvent the law?

When will Atlas shrug?

QOTD

"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."
- Thomas Jefferson