Wednesday, June 10, 2009

Supreme Court Rolled Over In One Day on Chrysler

The Supreme Court rolled over in one day.

Supreme Court Justice Ruth Bader Ginsburg put a temporary hold Monday on the deal to sell Chrysler to save it from collapse. Then the Justices on Tuesday evening without dissent removed a legal obstacle to sale of the troubled auto industry giant, Chrysler.

According to the Supreme Court Justices (from their order, posted on SCOTUSblog; emphasis by me):

So, holding Chrysler's secured debt in the State pension fund and facing the possibility of "irreparable injury" to the fund because of this hasty deal brokered by the Auto Task Force led by an investment banker who defaulted on debt owed to Cerberus (soon-to-be-kicked-out Chrysler's owner) means ... NOTHING.

The bankruptcy court judge Gonzalez has done everything he possibly can to accommodate the administration in quick dismantling and sale of Chrysler. And now the Supreme Court. The judicial branch of the US government has rolled over to do the bidding of the executive branch. GM bondholders can simply forget about appealing to any judiciary.

In the Legislative branch of the government in the current incarnation, Democrats have the majority in both House and Senate and pretty much can do what they want. They are doing it, which is to roll over to the Executive branch. Even in the previous incarnation, they passed the $700 billion bailout bill against overwhelming opposition from the taxpayers.

The Executive branch has been busy creating its own "government" with numerous "czars" who cover all aspects of the formal government. And it is doing whatever it wants, pretty much.

So now what? (I just have a bad feeling that this won't end well.)


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