The Federal Government's handling of the Chrysler bankruptcy is unconstitutional. Flat out unlawful. What they are trying to ram through is in fact against everything this nation has said about contract law for over 150 years.
Secured bondholders are being told they have to wait at the back of the line for money that is owed to them, while the unsecured are being allowed to walk up to the front of the line in the interest of political favors.
This is illegal. It's also immoral.
I have avoided commenting much on our Government's intensified path to Mussolini style Fascism lately because I just don't have the time to do it justice. This Government is using it's executive and congressional powers to expand itself at a pace that makes President Bush look like a boy scout. The government along with the Federal Reserve has made it's biggest power grab in history in the name of solving an economic bump in the road. It's moves have made Hugo Chavez look like an amateur, as he implied when he told Fidel Castro "Fidel, careful or we are going to end up to his right".
But there is hope. Justice Ginsberg has halted the sale until she reviews the case. She just may decide to let her fellow Supreme Court Justices look at the case. And I am hopeful that they will do the right thing, and restore the rule of law to this nation. There is precedent for a decision going all the way back to Truman's seizure of US Steel in the 1950's. That Supreme Court ruled 6-3 against the Truman administration.
We need some checks and balances here.
It looks like it is finally possible.