Sacred?

What about the sanctity of contracts? If I buy a car or a boat on credit, the creditor holds the title and thereby places a hold or lien on the property. I can not sell my vehicle without satisfying the bank or credit union.

That's the norm. But norm has died.

Secured lenders no longer can count on even getting a decent piece of the pie. The Indiana Teachers Pension fund held some big bucks in Chrylser bonds. If norm hadn't died, they would be near the front of the line to collect value for their bonds as Chrysler entered bankruptcy.

But norm is dead and the holders of unsecured liens (UAW) will be granted much more than 29 cents on the dollar.

It doesn't seem the highest court in the land will touch this hot potato. Maybe they fear the Administrative Branch of our government and its current dictator.

Norm is dead. This shakes the financial world. Why would anyone invest in corporate bonds? The contract could be changed by King Obama.

Why play the game if the rules can be changed and changed again?

'til later