Monday, June 08, 2009
SCOTUS to enforce property rights?
If you're still wondering why financial markets are slow to recover, ask yourself how much you'd invest if you thought that politicians could cancel your contracts, and rights, at will, whenever they deemed it expedient.
Chrysler's long term bondholders have legal priority to Chrysler's assets. The Obama administration's attempt to strip them of these property rights had better be stopped; capital markets won't function without secure property rights.
Of course, causing capital markets to malfunction may be the idea.
May the Supreme Court do the right thing and stop this abuse of Presidential power.