Has it occured to anyone in the Obama administration that screwing bond holders will screw the working man? Who, in his right mind, would invest in the bonds of any company that employs union workers now?
Now I don't hold a degree in economics, but I do know how to make money in the markets. And, the first lesson that I ever learned was to weigh the risk/reward ratio.
For example, if Caterpillar came out tomorrow with a bond offering to build a new factory that would employ hundreds of union workers, would you take a mere 10% return, knowing that the President of the United States might decide to screw you out of your investment? How about 12%? How about 20%?
What Obama's cheering minions don't get is that his populist actions are preventing capital from being formed. Sadly, they'll never read about the job that was never created for them because of this incredibly myopic leadership.