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Thursday, May 28, 2009

Let us call it what it is...stealing.

Danger lurks in the following articles. The worst thing that could happen is if the Obama administration were to upend property rights and make contracts and what they mean unenforceable. Altering the laws of bankruptcy and who gets what and when is a dangerous precedent. Stay tuned. More is on the way. I hope the Chrysler bond holders take this all the way to the Supreme Court. We'll see how much empathy they get there. Stealing from bond holders moves us closer to Zimbabwe than ever before. Where do you think the loanable funds will come from next time someone issues bonds? If bond holders can not count on the protection of the law, maybe the loanable funds will come from Candyland?