Victor Davis Hanson and Kyle Smith explore two upcoming bailouts, one directed at state governments - and therefore at the public employee unions whose lavish contracts threaten to bankrupt a number of state treasuries - and the other at homeowners who can't afford their mortgages.
"What did you expect?" asks Hanson.
Progressive culture, where ads blare hourly about skipping out on credit card debt, shorting the IRS, and walking away from mortgages, did the public employee unions really think they were exempt from a Chrysler-like renegotiation?
In the age of Obama, there is no real contractual obligation: everything from paying back bondholders to fixing a BP penalty is, well, "negotiable." When the money runs out, the law will too. Law? There is no law other than a mandated equality of result.
"That's right," Smith notes:
If you bet badly in the housing-market casino of the Aughties, the government is thinking of refunding some of your chips so you can play again. You may have heard something about a sub-prime real-estate bubble that popped and nearly took down the financial system with it? President Obama wants to double down.
Are we starting (continuing) to see a pattern here?