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On Obama’s Motive in the Bailouts

In response to this Cafe Hayek post, a long-time correspondent – who asks that I withhold his name – sent to me the following e-mail, which I share with his kind permission:

Dear Professor Boudreaux,

As a Chrysler retiree I can tell you that President Obama’s goal was not to save the companies but to save the benefits and pensions of the union members.  Senior executives like me lost a substantial part of their pensions, as the government tried to sweeten the deal to permit a takeover of the company by FIAT.