And a statue that stupid promptly gets enjoined by the Federal COurts as an unlawful taking without due process.

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Perhaps it’s just an idea that’s ahead of it’s time. You forget that the US operates under Animal House rules (You Fucked Up … You Trusted Us). When money is involved, the rules can get creative. Some debts will be declared off limits. Others, those with perspective, are fair game. By perspective, I mean lots of gray. Payoffs of one form or another also help. You’re thinking too textbooky. The rules only exist for people who can’t figure our how to get around them. All it takes is a little creativity to find gray areas. Plus being a sociopath.

I bet you can name a few to whom this set of life rules applies.Who’s making billions while most others get 12 inches of foot up the ass?

California just hasn’t figured out the payoff part yet. Uncle Stupid will look the other way if he gets their cut. I don’t know what that is yet. The rest of the whiners don’t matter.

It’s all just a confidence and liquidity problem after all. And so if we would all just go out and read The Secret, everything would be rainbows and unicorns again and we could go back to lusting after granite counter tops and stainless steel appliances (or whatever the latest in fashion and style is, as defined by those selling it to us, of course.)

On a serious note, someday the history of this era will be written, and we won’t be treated kindly.

You don’t come here often apparently, or else you would have recognized the droll, cynical, sarcastic humor of our very own dead hobo. :)

Because there’s inventory to be sold. And everyone knows that there’s no recovery until the bottom in real estate is reached, so prices will stabilize and everyone can start using their houses as an ATM again. Mind over matter. They apparently could care less about unemployment. That’s the bigger mistake.

I’d like to think DH was joking.

The creditors have a vested property right in their chose in action (intangible right to collect on the debt they are owed.) They can not be deprived of that right without due process – both substantive and procedural. Passing a statute doesn’t qualify on either ground.

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But, how well did the creditors of GM debt fare in that restructuring? It kinda seemed their rights went out the window along with due process….