STUPID PEOPLE MAKING STUPID DECISIONS

Recall late last week the story about a window company in Illinois that went bankrupt due to mismanagement and the employees staged in a sit-in, refusing to leave. An update is here.

Bank of America canceled its credit. The workers got pissed off because they were left holding the bag. Yeah, I’d be pissed off, too.

Even our new asshole president, Barack HUSSEIN Obama got in the act saying what they were doing was absolutely right.

President-elect Barack Obama is weighing in on behalf of workers staging a sit-in on the factory floor of their former Chicago employer to protest abruptly losing their jobs last week.

Obama told a news conference Sunday that Republic Windows and Doors should follow through on its commitments to the 200 workers, who say they won’t leave the plant until they are assured they’ll receive their severance and vacation pay.

“The workers who are asking for the benefits and payments that they have earned, I think they’re absolutely right and understand that what’s happening to them is reflective of what’s happening across this economy,” Obama said.

Illinois Attorney General Lisa Madigan also said her office was investigating the company, which has not commented on the sit-in.

Bear in mind we’re talking Illinois here. Obama’s state. The state with possibly the highest percentage of corrupt politicians in the US.

Well, the power of government was brought to bear on Bank of America (recall that in the bank bailout, many banks were forced to sign agreements basically telling them the government was running the show….in other words, they’ve been “nationalized.”)

The bank relented and will now offer credit to a company incapable of running itself properly and allowing itself to go under.

Bank of America today sent a letter to Republic Windows & Doors LLC indicating that the bank is prepared to provide a limited amount of additional loans to Republic to help fund a comprehensive resolution of Employee Claims.

Bank of America expressed concern in the letter about Republic’s failure to pay their employees the Employee Claims to which they are legally entitled.

Bank of America is prepared to make these additional loans despite the fact that Bank of America is not obligated to pay Republic’s employees or make additional loans to Republic.

In effect we got something straight out of the communist party with the government’s solution being to throw good money after bad. Nothing in this story indicates that the company has to make the bank whole. basically it amounts to Bank of America giving Republic a bunch of money to pay emp;employees and no guarantee of ever being paid back. Isn’t that why we have the mess we’re in now?

We’ll be seeing a lot more of that in the future. More national debt. More nationalization. More deficit spending. More rulings by fiat. More collapses.

Basically, welcome to ATLAS SHRUGGED.

Buy gold.