This is so unconstitutional it is beyond crazy. Some one please tell me from where does to US government get the authority to start taking over private companies outside of trusteeship in BK proceedings. This is so brazen an attempt to usurp the authority of the citizenery and the laws of the US it is criminal. For real actual criminal. They are violating laws left and right and don't beleive they will be challenged on it. If this mess is allowed to stand, it will undermine the entire contractural law sector entirely. And if they bang the bond holders, which by LAW, are to be first in line in bankruptcy proceedings, why would anyone buy bonds in any US corporation again if the government could step in and void their status at their own whim.
The government as usual has no clue and is playing in a field they have little knowledge of. This is a sham to show they are 'doing' something to fix the current mess, which by the way the same idiots made, by creating a new mess to come. It is to also take another little bite of power for themselves which the Constitution does not give them.
If you think this deal and the stimulus fixed anything, it in fact make it worse in the very near future, I have some prime swamp land to sell you. Keep this in mind, before Obama leaves office, the yearly interest payment, you know the interest only loan that started the sub prime mortgage mess, will be 1 Trillion dollars. That is about 1/3 of the current yearly budget now. That is 400 billion more than we are now paying. How are going to add a multi hundred billion dollar healthcare mess and cover the debt. And mind you, that is only the interest, no principal will paid off in that number at all. It really is the US governments interest only loan, just like the loans congress is investing banks for and chastising them for offering.
The words of Ronald Reagan ring true to this day. These two quotes are so true of this subject it is scary. They are ; Politics is supposed to be the second-oldest profession. I have come to realize that it bears a very close resemblance to the first and The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.'
Re: GM will be government
Member #: 61931
Registered: 9/16/2008
Posted:
963
Occupation:
Tower Contractor
Location:
PA
Personal:
mid 50s
Experience:
~37 years
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