BREAKING: USSC delays Chrysler asset sale!

CNBC Breaking News (live) ^ | 08 JUL 09 | dcbryan1

[Paige]

Rumor is FIAT is backing out of the deal...

[patton]

No, they have not decided to hear the case. RBG has issued a stay, while they think about it, that is all. She can void the stay at any second.

[patton]

Link?

[Irish Eyes]

I just thought of something. The Supreme Court shuts down from June 26 to the 1st Monday in October. If Obama wants to abuse the law over the summer, there’s no final appeal. (It also makes me wonder why the Obama administration didn’t wait a few more weeks before stiffing the secured creditors of Chrysler.)

Well, that is certainly a scary thought. Ignorance ?...I am sure there is a safeguard to prevent things like that from happening. I guess the country is always (or could be) put on hold during the USSC summer hiatus. We have never had a President like this before. Our rallying call should be "NEVER AGAIN".

[Protect the Bill of Rights]

Thank you as well, Cooter. I did not leave you out. You posted when I was typing my other thanks.

[callisto]

If the Congress passes an Unconstitutional Law, and the President signs it, and then SCOTUS rules against the TARP funds altogether, does the US get their money back (meaning the tax payers), or are they going to say it’s all gone?

Treasury has already admitted they cannot account for $9 TRILLION. We've been suckered thanks to the idiots who voted this baffoon into office. Hopefully this is the first of many interruptions into the current administration's dictatorial takeover of this nation through willful violation of Constitutional rights and the rule of law. Me thinks 0 screwed up with the statement that this was out of SCOTUS' control. I pray SCOTUS will provide the checks and balances that Congress is willfully disregarding.

[Paige]

I was told this today while at a meeting... look it up...

[pleikumud]

“It’s the first time in American history where secured creditors were not treated as secured creditors,” Richard Mourdock, Indiana’s state treasurer said on CNBC shortly after the delay was announced. ““We don’t think the administration can egregiously and arbitrarily throw 150 years of bankruptcy law out the window without process of law.”

The Obama administration, earlier on Monday, urged the Supreme Court to allow the sale, saying that blocking the deal would have “grave consequences.”

[RandallFlagg]

This would figure.
Someone just posed this question to me:
“But I’ve researched the issue out of curiosity, and came across this article from FiveThirtyEight. Basically it asserts, from collected data, that car dealers are more likely to be Republican in the first place. What would make the raw figures meaningful is to compare the percentage of dealers staying open.”

I’m at work now and don’t have time to search for a counter to this. Any help here, please?

[lilylangtree]

Makes sense—ole rahmbo behind the scenes—the corrupt SOB.

[blf1776]

Go Purdue hoosiers!!! Just had to do that hoosiermama!

[NinoFan]

Not true. Just because the justices are away from the Court for the summer and don’t hold regular conferences during that time doesn’t mean they can’t issue stays or orders. It’s not unheard of for a justice to keep in touch with the Court from places as far away as Prague or Alaska.

[P-Marlowe]

“It’s the first time in American history where secured creditors were not treated as secured creditors,” Richard Mourdock, Indiana’s state treasurer said on CNBC shortly after the delay was announced. ““We don’t think the administration can egregiously and arbitrarily throw 150 years of bankruptcy law out the window without process of law.”

He is exactly right. But I don't think that the Court is going to approach this from a Constitutional perspective. They are going to address it under Contract law and Bankruptcy law. If that is the case, then this deal is dead.

The Obama administration, earlier on Monday, urged the Supreme Court to allow the sale, saying that blocking the deal would have “grave consequences.”

Tough!

Maybe they should come up with a solution that does not involve breaking the law.

[Rome2000]

Could we possibly be seeing our system work though??? Checks and Balances? Is someone on SCOTUS waking up to the nightmare they are forcing on us, and against the Constitution? I sure hope so...

Not a snowballs chance in hell.

In a Dictatorship, the law is whatever the Dictator says it is.

Ginsburg is merely playing a game to give the appearance that that the SCOTUS is looking at this objectively.

No way she gives it to the full court.

She is a democrat.

[unixfox]

[Rome2000]

there is little - short of a coup or outright assassination - that the President can do to overcome or eliminate the SC.

Tell that to the Venezuelan Supreme Court.

What we have in the White House is a Dictator who will get what he wants, the law be dammed.

Its what happens when a Dictator has the "press and the people" on his side.

So far he hasn't even had to threaten the press all that much, just a little.

[BCrago66]

Thanks for the correction. Happy to hear this.

[hoosiermama]

I was raised in W Laf....born in B’town....I can do "GO Boilers!" too!

BTW did you realize that PU was the only major campus in IN that did NOT vote for bHo.,,,Several campus had out of state students register to vote in IN. Apparently W. Lafayette said “I don't think so!”

[cookcounty]

"Jeez, where did Obama get his education?!?"

Obama said he's "a student of history", doncha know?

What history I have no idea. Maybe the history of the Early Soviet Union?

[jwalsh07]

Chairman Barack suffers a setback.