Posted by
grad_1986 on Thursday, June 11, 2009 1:42:49 PM
It used to be that a contract meant something. Whether it was an agreement between an investor and a company (ie secured-bond-holder) or a warranty from a manufacture. But the Obama administration has shown that when the government is involved, contracts mean NOTHING.
Just look at how the whole GM and Chrysler deals have been done. With Chrysler, secured-bond-holder who are by contract supposed to get 100 cents on the dollar in the case of bankruptcy ( that is what "secured" is supposed to mean ) are told that they have to accept 26 cents on the dollar. This screws the investors (many of them are pension plans) and sends a chilling effect to all future investors in our markets. GM on the other hand, with the governments help, is indiscriminately closing down dealers and telling them that if they don't accept their deal that they will invalidate their warranty's (contracts) leaving thousands of people who have purchased vehicles from them equally screwed.
This is illegal and unconstitutional and needs to be stopped! With each breaking with the rule of law the Obama administration is amassing more and more power and thanks to our weak-kneed congress it looks like nothing will.
We need to urge our congress to stand up for our rights as citizens.