Ignoring the sanctity of contract seems like a regular thing with Obama

How can I be surprised by this?

General Motors' bondholders need to make sacrifices to lay the groundwork for a restructuring of the company that would avoid bankruptcy, a senior White House adviser said on Tuesday.

"We've been facing this dynamic with the bondholders in which they've been holding out on some things on the presumption that, well, maybe the government will just keep bailing us out whenever we run out of money," Austan Goolsbee, a member of the White House Council of Economic Advisers, told CNBC television. "That's just not going to happen. They're going to have to make some sacrifices."

"If they're wanting to play chicken that seems like a bad idea," said Goolsbee, a member of the administration's taskforce on auto restructuring. . . . .



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