1 This part of the Constitution always confused me.

2 One simple act by the Bankruptcy Court can say it all. Suppose that the judge rules in favor of Obastard's plan. However, if it merely rules that this circumstance does not violate the Bankruptcy Code, will it not have stated, in effect, that laws are meaningless? I'm not a lawyer, and have no legal background. But I can easily imagine, in fact, do definitely expect the judge in charge to rule that what Obastard wants to do is just fine. Discard any written opinion or explanation... a judge can ignore the law as easily as a burglar. What is to stop him? Why would he want to stop himself?

With the way the government has been casting its reach lately, I cannot see a reason why the government, including this Bankruptcy Court, would want to do anything other than defer to the obvious if less than explicit demands of the Obastard Misadministration. It would ruin the judge's career, it would mean that Obastard would just shop around for another judge, or use some Executive Order to find another "legal avenue" to get what he wants.

Peron... He's the father of our country! And he's reincarnated in Obastard.

3 The UAW isn't nuts about taking the payments to their pension fund in stock. Smellmyfinger says he's going to dump the stock first chance he gets

4 I read over the weekend that China is considering cutting off our credit card. Overseas investors might have second thoughts about the "safe haven" that we've been seen as since WW II.

It looks like Teleprompter figures he can inflate the debts away. Enjoy those
500 Dollar Footlongs

5
#3
And just think what that will do to the stock price, if Smellmyfinger does a major dump. We're talking toilet depths deeper than the well of Democritus. The union ends up owning a pig in a poke, and the pig is sick with flu. They can't even eat the carcass to satisfy their members; there isn't enough of it to go around.

The UAW will end up screwing themselves, and it couldn't happen to a nicer bunch of leeches.

6 Oh, son of a...

The left and the MSM have finally hit paydirt on their perpetual strategy of hitting so fast and so often with their illegal, unconstitutional and stupid CRAP that no one can keep up.

Why the HELL should I respect any law passed by these CROOKS? SOmeone explain to me how mass thuggery and lawbreaking on the part of the GOVERNMENT doesn't break any semblance of a social contract?

If they take everything from someone you don't like (those "greedy" wall street fatcats), consider carefully how far down the list you are.

History says the list is always pretty damned short.

7 SOmeone explain to me how mass thuggery and lawbreaking on the part of the GOVERNMENT doesn't break any semblance of a social contract?

This always remains an inevitable defect of overweening regulation, law, and authority. As the rules, excises, taxes, ordinances, prohibitions and "social engineering" mount, expand and multiply, the respect for "law" will decrease in inverse proportion. I respect "law" now less than ever. Hell, I almost want to disobey laws just because they are laws.

It would be interesting to investigate the extent and health of the underground economy in Europe, because that's where we are going, and nothing, nothing at all, can stop it.

I wonder how Europeans routinely evade the law when going about their lives. Payments under the table, barter, falsified documents... Those Europeans who are not ovine must have come up with a lot of stratagems.

8 Do we know who the judge is? That could make a big difference.

9 I wonder how Europeans routinely evade the law when going about their lives. Payments under the table, barter, falsified documents... Those Europeans who are not ovine must have come up with a lot of stratagems.

Posted by: George Orwell

I hear the Italians are experts at it.

10

The attorney who filed the motion also contacted the FBI, and police due to his clients receiving death threats.Obambi must be mad, that his bulls**t is coming to the surface, and had to call Acorn, and the pitchforks. I found the info at the CNBC money website.

 

11
#9
Well, then FIAT buying into Chryapsler starts to make some sort of twisted, ironic sense.

I guarantee that taxpayers will subsidize certain cars produced by Government Motors and Chryapsler. Hell, we already subsidize the fucking Prius and other hybrids with tax credits.

It's like I woke up one day and we're living in a bad version of France. All the socialism and none of the cooking or medieval architecture.

12
#9
Well, then FIAT buying into Chryapsler starts to make some sort of twisted, ironic sense.

I guarantee that taxpayers will subsidize certain cars produced by Government Motors and Chryapsler. Hell, we already subsidize the fucking Prius and other hybrids with tax credits.

It's like I woke up one day and we're living in a bad version of France. All the socialism and none of the cooking or medieval architecture.

13 Nuts. Sorry about the double post.

14 Excellent. You need an impeachable offense to have a decent impeachment trial.

(not that there's a chance in 1,000 the Dem House would vote to impeach but ... you know)

15

Monday, May. 04, 2009
By BREE FOWLER and VINNEE TONG - AP Business Writers

Judge OKs Chrysler financing over lenders' protest

"U.S. Bankruptcy Judge Arthur Gonzalez overruled objections from a dissident group of Chrysler LLC lenders, who argued that the loan was too closely tied to the sale, setting Chrysler on an irreversible path to complete the deal at the lenders' expense."

http://tinyurl.com/co62le

 

16 Bah, they really only put about 9 pages of half assed briefing in 15 hours. That's amature. It shouldn't take more than an hour per page to research, brief, and polish an argument within your field of practice. This is a big firm too - they have no excuse.

17

Wondering what morons think about the Federalism Amendment?

The Volokh Conspiracy

Current, amended version of the Federalism Amendment (PDF)

18 Really Wooga, is that "amature" of them?

19 Fascism by fiat..

20 "amature" is the British spelling. I'm suprised he didn't work "barrister" in to his rant.

Only a twit Peer would use the word "Bah" in this context.

21

Gabe I am not sure that the “takings” clause would apply in chapter 11, perhaps in one of the other versions that actually killed the company and divided up the assets. I thought the purpose of chapter 11 was to reorganize so that all debts could be paid. 

 

However, IF the takings clause did somehow get draw in to apply keep in mind that the current interpretation, thanks to Souter and the other 4 commies, now means public “purpose” rather than public “use”. That is a critical rewording of the Constitution that allows government to take for any reason they deem necessary. However, being a “taking” the government would still have to pay fair market value for that “taking”. This is probably the main reason the UAW will not get their snouts in the trough first if the bones are broken up.

22 Wooga...if the amount of time that they had also had to include READING the 290 page document (which, given both its purpose and its source, was probably deeply complex gobblygook) to shape their reply, then getting anything reasonable and pertinent out would be a good job.

More than almost anything else, I fear how this administration is able to control the clock on its actions.  Need a gigantic spending bill?  Let people have about a few minutes per page to read and understand it.  Ditto here.  It's almost as if they have contempt for their opponents and want to freeze them out.

23 It's almost as if they have contempt for their opponents and want to freeze them out.

Posted by: philosoph0123 at May 05, 2009 05:52 AM (V02qS)

Yep.

24

Wondering what morons think about the Federalism Amendment?

 

I don’t think the line about getting rid of the income tax is doable because there is too much debt out there.  What I would prefer to see is to place a caveat in the amendment to prohibit the infamous “graduated tax” and make it a 15% flat tax on ALL income and prohibit ALL other federal taxes.

 

I would also like to see a complete rewrite of the sections dealing with the federal court system to limit the power of the Supreme Court and to take the power of nomination away from Washington altogether. (Have all  nominations and confirmations done at the State level).

 

I think they are right about one thing. If we did manage to get a viable convention call going congress would act to head it off. What would be bad would be the way they would do it. That would be by making less far reaching proposals and pealing off States one at a time until they were safe.

 

One another note from Volokh  check out the update on the Ohio voter fraud.

 

Do all the morons remember the troll saying we could not show that ANY of those illegally registered people actually voted? Well I guess this puts that to bed. What I found disheartening was the “punishment” that was given out to the ones who were guilty. Basically a slap on the wrist.

25 Awesome, I went to bed in the United States of America, and I woke up in the Banana Republic of America.

I din't even have to burn a single frequent flyer mile.

Fuck Obama, I said it before, I'll say it again, this pissant is NOT my president.

26

Vic:

We've got to kill the income tax. Dead. Stake through the heart. Otherwise it will be re-jiggered a bit here, a bit there and in a few years we'll be right back to the current mess.

27 The charge of improper voting, though a misdemeanor, is life-changing, Hippensteele said. "As a person who wants to be involved in political campaigns in the future, I have some fear this will impact my reputation."

This fucking skeezer really doesn't get it; she should be doing hard time forever for deliberately subverting the voting process, knowing every goddamn step of the way just what she was doing.  I'm not sure why judges don't realize this; what the fuck am I saying:  They know exactly what they're doing; they're just too fucking squishy to do anything about it.  Or they like the outcome.

28

We've got to kill the income tax. Dead. Stake through the heart. Otherwise it will be re-jiggered a bit here, a bit there and in a few years we'll be right back to the current mess.

 

I would like to see that, but I just do not think it is possible with the amount of public debt we have. If the Constitution madated a flat tax and a balanced budget, as well as limitations on the power of SCOTUS to rewrite the Consitution via black robe fiat, we would be protected from the re-jiggering.

 

All that being said, this all just a pipe dream anyway. I think the country will collapse first, either through economic ruin or through armed revolution when the El Duces finally take complete control.

29 There is good video somewhere, of Barry saying who he likes and who he doesn't like ... he likes the unions, he doesn't like those greedy senior debt holders.  He states how much the unions have given up, but doesn't mention the bond holders had already agreed to something like 50 cents on the dollar ... Barry was offering 29.

There may be some that only paid 29 cents for the bonds, but some may have been in a long time, like some pension funds for non UAW groups.  To have Barry use his bully pulpit to force this in the name of saving jobs is disturbing.   He wants to help his UAW buddies.  The Obama evil scowl is almost demonic ... like, "you better bend to my will, or else" ... 

Obama doesn't seem to understand that "I won" doesn't give him dictator power ... at least not yet ... so far we still have the judiciary, even though they are full of problems, it is at least a check on "The Won".

30

Well, it's nice to dream.

Back to reality, I've decided to buy a semi-auto in six to eight weeks. I'd like it chambered in something powerful like .50 "Beowulf" or .458 SOCOM, but since ammo availability is critically important I guess I'll have to settle for an SKS or something in .223.

31 As President of the United States, Barack Obama took an oath to ""faithfully execute the Office of President of the United States, and will to the best of (his) ability, preserve, protect and defend the Constitution of the United States."

Well he is not able to preserve, protect and defend the Constitution of the United States. So when does the impeachment process begin?

32 9 - It's like I woke up one day and we're living in a bad version of France. All the socialism and none of the cooking or medieval architecture. - And no French women!!!

33 Tinian, get a press and roll your own. It isn't that difficult, and you can then pick the caliber you want, without having to depend on the availability.

34

So when does the impeachment process begin?

 

When we have 2/3 of congress made up of conservatives. Note that is conservatives and not necessarily “Republicans”; some of whom would vote “not proven”.

 

On Fox this morning they had some “kid” Republican house representative from Illinois on there stressing the Townhall meeting message of “forgetting Reagan” and developing a message that appeals to the “young” (read liberals).

 

The Republican Party has officially abandoned conservatives now. The Fox coverage and other media keep saying “social cons” but that is not what they are going after when they say forget RR. I will freely admit that some of what the media calls “social cons” are NOT conservatives at all, but are religious liberals who are against abortion. More like the modern Catholic Church which supports big government socialism and open borders but is opposed to abortion.

 

I will agree that the Republican Party should become less vocal about “abortion” and instead stress SCOTUS justices who believe in the Constitution as written for ALL issues. That will eventually take care of the abortion issue by returning it to the States. We should ALL join together as conservatives in calling for elimination of ALL big (federal) government items.

 

But, more pipe dream.

35 Remember when the msm was wetting itself daily over Bush's overreaches and imperial presidency?

They don't.

36

I think my brother and I are going to chip in on a progressive reloader but unless you cast your own you're still at the mercy of the marketplace. And I strongly prefer jacketed ammo.

37 Violate Constitution.
Violate sovereignty of all nations below Islam.

Raum Obama would have Israel bound by Iran, as if there is any peaceful placation for the Taliban. At least recognize the Taliban's predictably treacherous consistency, and acknowledge your own fidelity to the same, Mr. Potus.

38 http://www.liveleak.com/view?i=b33_1241385507

39 I wonder how Europeans routinely evade the law when going about their lives. Payments under the table, barter, falsified documents... Those Europeans who are not ovine must have come up with a lot of stratagems.

Read Gomorrah by Saviano.
The underground economy is run by organized crime. The people would rather work with them than the government because they encourage business and let the people keep more of their own money.

40 sub rosa?  Ain't no rose anywhere near this plan.  What is Latin for turd?

16:  What difference would another 5 or 6 pages have made?  The plan is a piece of shit.  If the court is going to wave its wand and approve it given what we know after reading this motion, I don't think there is anything that would change its mind.

41 It's like I woke up one day and we're living in a bad version of France. All the socialism and none of the cooking or medieval architecture.

Just letting you know I stole this excellent comment and will be using it.

42 Remember, according to Barry the Constitution is flawed while he, of course, is perfect.

43

It looks like Teleprompter figures he can inflate the debts away. Enjoy those
500 Dollar Footlongs

5 .   .   .   5 hundred .   .   .  5 hundred dollar foot looooong!

I wonder if we'll get those cool 50 million dollar bills like they got in Zimbabwe due to out of control inflation?  I know who's face could be on it!  Someone who's face doesn't look like those white guys on the other bills.

44

So let me ask a question:  if this does indeed go through and the creditors/bondholders get screwed of their rightful share of property, can or will the gov end up using taxpayer money to compensate them for their losses or are they truly SOL with no chance or appeal to get something back?

Who wants to invest in GM? 

45 In the end, there will be only..debt, abrogation of contract law, and Chavez-lite!  Man, you all wish you could be on top of a giant, lumbering Titan climbing up Mount Olympus to take the fight to Almighty Zeus, eh?

46

Got to go folks. Big thunderstorm rolling through.

47

Got to go folks. Big thunderstorm rolling through.

That's not thunder, it's the founding fathers rolling in their graves.

48

Think bigger here peoples.

 

When the Null gets away with this, repudiating all of the govt's debt held by private citizens (such as savings bonds, t-bills held by American's) is not far away.  At least at first he will still claim that he will pay those obligations held by the Chinese.

 

 

49

Zombie-Chrysler.

 

heh.

50 44.

Who wants to invest in GM?

Good Question!!!

Barry is doing all he can do to kill capitalism but the
stock market keeps going up??

51 without just compensation

Piffle, all those Neanderthals are getting paid off in Unicorns.

52

Thanks for this article Gabe.   I was really hoping to see these guy's win but it looks like that link by Observer @ 15 says it all.

Game over.  Another sad day for America and the free market.

53

There may be some that only paid 29 cents for the bonds, but some may have been in a long time, like some pension funds for non UAW groups. 

It's not supposed to matter what you paid for the bonds, but I have seen judges structure a settlement requiring proof you were not specualting in the bonds but bought them at or near face value. Bankruptcy judges can do anything they want.

To be clear, it isn't common that senior creditors be paid in full before the next tier is compensated. But I have never seen junior or unsecured creditors paid before seniors and secured. Obambi will really have set the process on its ear to do this.

54 "Arrigo, who is one of the company's top-ten selling dealers, according to court papers, says that even he has seen a drop off of about 50 percent in car sales this year."  http://tinyurl.com/cgjd4f

55 In BK a bond holder is considered a secured creditor only has he right to offset the contractual amount owed by the debtor with the specific collateral held in connection with the creditor's debts. Payments of monies owed by a debtor are not like preferred stock, in that in a preferred stock transaction the preferred shares (read: secured debt holders) are paid their dividends, in arrears if necessary, until their obligation is retired, before any payment of dividends to common share holders (unsecured debt holders) . In this instance, the bondholders are only due the orderly liquidation value of their collateral, which some say is the $2B they have been offered. How that value is arrived at, or negotiated, is up to the creditors, debtors, and the BK judge(s). I'm not on the other side here, just trying to clarify the methodology behind the BK process.

56

The Republican Party has officially abandoned conservatives now

They know that millions of illegals will soon become legal, voting citizens.  It will happen very soon.

 

The funny thing is that Ford sold more cars here in America then Toyota.  I don't have numbers, but the Fox lady did on Sat. morning.

57 We have laws?

58 Please stop saying that Obama is a constitutional professor or worse yet, scholar.  He was a lecturer, little more than a TA, in civil rights law and BTW both he and ma belle lost their law license.  The reason, like everything else about them, is shrouded in mystery.

59

It's like I woke up one day and we're living in a bad version of France. All the socialism and none of the cooking or medieval architecture.

Or Carla Bruni as first lady.

60 Peron... He's the father of our country! And he's reincarnated in Obastard.

I'm concerned that he's actually channeling Mugabe...I always wanted to make a billion dollars. Hopefully, that'll be able to cover lunch.

61  No, @15, that's not a ruling on the creditor's motion.

62

Barry is doing all he can do to kill capitalism but the
stock market keeps going up??

I think there is denial on the street.  The Zero has gone after the banks and the car companies, and their stocks are in the toilets.  But the others?  Well, investors think "There's no REASON for government to meddle with anyone else..." 

63

The Republican Party has officially abandoned conservatives now

I know!  Where is Michael Steele accusing Obama of  shredding the Constitution?  Where is the 24/7 GOP talking head assault denouncing Obama's confiscation of private property and overturning established bankruptcy law by fiat?  Instead those bondholders are all alone out there, having to fight both a PR war against the Obama juggernaut and fight a legal war in the courtroom just to keep HALF of what they own.

64 BTW both he and ma belle lost their law license.  The reason, like everything else about them, is shrouded in mystery.

Posted by: erp at May 05, 2009 08:27 AM (BDRHK)

Does that mean they'd both have to pass the bar exam again to regain them?  How long ago did Worf lose hers?  If while she was "working" for the hospital, so much for the pretense that they kept her around for her legal expertise; not that a syllable of that was credible.

65 But remember you can't call Obama a fascist because...well, uh, you see, uh, it's just not nice.

66  Hey Obama,

How does my ass taste?  When I write the 5th amendment, I was think of ways I could personally fuck you over.

Love,

James Madison

67 Shouldn't conservatives boycott Chrysler and GM now?  Every dollar given to these companies will end up going to the union which funnels it back to Dem politicians.  Why support that cycle?  If conservatives boycott these car brands, the companies will die and Obumbles will lose cash support.

68 Some dude is right, although in some ways it look like Obama is trying to deny them any kind of payment at all. In any case, at least 2/3 of a class of creditors have to vote for the plan for it to go into effect. Are we looking at 2/3 of a class here? In that case it doesn't look like there would be much these bond holders could do other than demand their liquidation value on the bonds.

69

Barry is doing all he can do to kill capitalism but the
stock market keeps going up??

I mentioned this yesterday but maybe it bears repeating. I saw some guys on Kudlow last week who think the stock market is going back up because investors are looking to avoid the tax increases that will result from the expiration of Bush's tax cuts. In other words, they're thinking that despite the shaky economy they need to get in this year, make as much money as possible, and get out before January 1st.

70

Back from the storm; took me a while to get my wireless back up

 

BTW both he and ma belle lost their law license

 

I had heard Worf lost her license (if she ever had one) but I had not heard El Duce lost his. Have we got a source for that?

71 Barry and Michelle each voluntarily resigned from the Illinois State Bar. That is a routine move when one ceases the practice of law.

https://www.iardc.org/ardcroll.asp, click new search, enter "obama" for last name.

There is no mystery here about there resignations from the bar association.

On another note, the hue and cry about breaking contracts in BKC Court is silly. BKC exists to break contracts -- really the only purpose of bkc is to preclude creditors from racing to the courthouse and pulling the debtor apart piece by piece.

Upon a bankruptcy filing, all unsecured claims are broken contracts. Secured claims can be altered through a "cram down" procedure which occurs under certain conditions to lengthy to post in this comment.

In short, bkc breaks contracts and divides up proceeds according to the priority of claims set forth in the code. The lawyers first, then secured claims, the priority claims, then unsecured claims, then equity if anything is left.

This breaking of contracts notion was neither invented by Obama nor outlandishly abused by him. Any deal struck among the debtor, creditors, and third parties is subject to notice and court approval. It's pretty hard to slide something untoward through such a process.

If the bondholders have a legal leg to stand on, they have a very good chance of getting their way.

That bkc is not black and white, cut and dried, is what makes it a fantastic area of law to practice.

72 But those creditors are investors and lenders, the dirty bastards! They should be punished like the parasitic capitalistic leeches they are!

What do you mean, my paycheck bounced?

73

In any case, at least 2/3 of a class of creditors have to vote for the plan for it to go into effect. Are we looking at 2/3 of a class here?

 

Only if these guys can get "non-TARP" creditors recognized as a distinct class.  They represent, I think, something like 20% of the class of senior secured creditors.  The majority of the class are institutions that have received TARP funds and have to follow orders. 

It's Kommandowirtschaft, Genossen!

74

If it's ok for the 0bama administration to steal investors money in this Chrysler deal, Does that mean I can stop making payments on my Jeep without getting it Repo'ed??

Un fricking likely

75

 Secured claims can be altered through a "cram down" procedure...

I think the "hue and cry" you deride is more a result of Obama trying to use his pulpit to cram down the seniors to the benefit of the last tier. He cannot force the seniors to eat the shit sandwich and you cannot think he is acting appropriately in attempting to serve it with a threat.

The bondholders are willing to take their chances with a bankruptcy judge and it appears that's their proper course of action.

76 He's working hard to pressure and intimidate creditors into backing off, too, behind the scenes. Dire warnings and threats against anyone who dares to question or oppose the One are not unusual with this administration.

I hope the creditors win, not because I'm on the side of bankers and people who loaned money to such an obvious bad credit risk, but because if Obama can pull this off - particularly with court approval - the power of the executive department becomes tyrannical and overwhelming and will destroy business in America.

77

I think the "hue and cry" you deride is more a result of Obama trying to use his pulpit to cram down the seniors to the benefit of the last tier. He cannot force the seniors to eat the shit sandwich and you cannot think he is acting appropriately in attempting to serve it with a threat.

 

Obumbles is trying to force a shit sandwich on the secured creditors while making the unsecured unions whole.  This is a blatant favotitism to the unions that funded Obumbles campaign!  The government shouldn't be involved in  this bankruptcy to begin with.  Congress should be investigating this travesty! 

78 If everyone who doesn't practice law "voluntarily" drops their license then why all the flack about Clinton being disbarred? He NEVER actually practiced law.

79 Can someone explain this to me?

The UAW is getting something like a 55% of a stake in Zombie Chrysler, while the bondholders are getting 10% stake in the company. The bondholders gave Chrysler millions. Chrysler paid the UAW millions. Why is the UAW entitled to any control of the company? I realize that Prez for Life is Beholden to the Unions, but why hasn't anyone brought up the point that the UAW has cost Chrysler money, while the bondholders gave them money?

Or I am I just stupid capitalist that doesn't understand the nuances of socialism communism?

80 Unless Congress wants to try and make this thuggery legal by altering the Code, the Court has ample opportunity to stop it without discussing the constitutional problem.

Any such legislation would be an ex post facto law in violation of Article I, Sec. 9, as would TARP itself if it were construed to mean that security interests can be retroactively nullified.

81

Gabriel M.,

The Takings claim is pretty interesting.  Our courts now recognize two types of takings.  "Actual" takings are when the government actually confiscates your property.  It doesn't matter whether actual takings are partial or not.  Example: if the government takes a tiny strip of your land for a road, they have to pay you for it.

To my mind, if TARP allows or requires the bankruptcy courts to extinguish the senior lenders' mortgage, then this is an actual taking, since a mortgage is a property interest.

The other kind of takings claim is a "regulatory" taking.  This is when the government technically leaves you as the owner of your property but regulates how you can use it.  Example: you own some wetlands but you can't fill in the wetlands or build anything there for environmental reasons under the Clean Water Act.  Its only in "regulatory" takings that you get any issues about whether the taking is partial or not.  But even if this were a regulatory taking, honestly, here, its not partial..  The government is not asking the court to partially extinguish the senior creditors' liens (I'm not even sure there's any legal mechanism to do that).  The goverment is asking the court to *entirely* extinguish the creditors' liens.  Nothing partial about that.

Now maybe the government will say that the partial compensation the creditors will recieve means that the taking is only partial.  I wouldn't put anything past a court, but I would still be surprised if a competent, non-ideological judge gave that argument the time of day.  Takings and compensation for takings are two separate things.  Partial compensation is partial compensation, not partial takings.  Just like the government can't get away with taking your land but giving you only half value for it.

 

82 "[T]he Fifth Amendment commands that, however great the Nation's need, private property shall not be thus taken even for a wholly public use without just compensation."

But can they get away with giving compensation at around 20 cents on the dollar?

I hope not.  This is a travesty of justice.

83

But can they get away with giving compensation at around 20 cents on the dollar?

I hope not. 

Exactly my point in #81.  Look, the Court's "partial takings" stuff is pretty dumb.  But even the Court isn't dumb enough to say that if the government offers you a little compensation for taking your property, then maybe its not a taking at all.   

84

I added a few points at www.jrganymede.com:

http://tinyurl.com/soapysid

Fair warning.  Junior Ganymede is a Mormon blog.  Its looser than you'd think, but they will probably still censor you if you drop the c-bomb.

85

Barry is doing all he can do to kill capitalism but the
stock market keeps going up??

Many sources state that the stock market is being adjusted manipulated. Maybe that's where all the unaccounted for overseas TARP funds went, now providing the daily, gentle rise and fall for the meantime.

86 A first year lawyer who has an "area of expertise"???

Almost shit my pants from laughing so hard...

87 Laws, laws, we don't need no f******* laws.  I won.

88

As interesting as it would be to have it on the record that the President ignored the constitution in order to attempt a robbery, the Bankruptcy Court doesn't have to go that far. The creditor's motion describes statutory reasons for disapproving the sale: it doesn't comply with the Bankruptcy Code. Unless Congress wants to try and make this thuggery legal by altering the Code, the Court has ample opportunity to stop it without discussing the constitutional problem.

As I read it, though, the government is claiming that the Congress has tried to "make this thuggery legal" through the TARP.  That's a little dubious, but if that is what the government is claiming, then the bankruptcy court is going to have to address it.

89 A first year lawyer can have areas of expertise, by the way.  Evacuate your bowels some other way.

90 As I read it, though, the government is claiming that the Congress has tried to "make this thuggery legal" through the TARP.

Again, they can't make it legal through TARP without violating the ex post facto clause.  Congress can't retroactively nullify security interests without violating Article I, Section 9.

91 The ex post facto clause is mainly about criminal punishments.  The takings claim is a lot more solid, if you ask me.

92 Well all else fails, invoke Obamafuehrerprinzip - his word overrules all previous law.

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94 With the way the government has been casting its reach lately, I cannot see a reason why the government, including this Bankruptcy Court, would want to do anything other than defer to the obvious if less than explicit demands of the Obastard Misadministration. It would ruin the judge's career, it would mean that Obastard would just shop around for another judge, or use some Executive Order to find another "legal avenue" to get what he wants.

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