Why do Progressives want to spare bondholders?

Yglesias:

d What Ireland did was nationalize banks (thus wiping out their owners) and then bail out the banks’ creditors. This has ended up bankrupting the Irish state and looks like a giant mistake, but this is what a nationalization scenario in the United States would have looked like—a wipeout of bank owners and a bailout of bank creditors. The US is in a different situation from Ireland, so I think it’s very plausible that a policy which has failed in Ireland would have worked out well in the United States.

In every case, the progressive solution: Protect the bondholders at all costs. The reason is simple, Progressives want to continue a high deficit path. The only economic theory under consideration by progressives are theories that take us backwards, to a previous equilibrium that protects their peculiar interest.