Okay, maybe that is not even worth mentioning for those familiar with Fox on 15th Street, but this article really is over the top. It discusses the loss of wealth in General Motors bonds by presumably middle income retirees. This is exactly the piece that the bond speculators wanted in the paper, which is why they brought these people to Washington. Of course middle income retirees hold only a small portion of GM debt. The vast majority is held by institutional investors, speculators, or wealthy individuals. Much of this debt was bought at fraction of its original price as the bankruptcy of GM became likely, a point noted in the article. In both its editorial and news pages the Post has expressed contempt for the autoworkers and its sympathy for the banks. This article is consistent with that pattern.
--Dean Baker
