THERE IS NO MORE RULE OF LAW
“Sad to see the scotus caving on this. I had two friends who owned GM bonds and thus, a part of the royal screwjob, although very small. But it makes no difference, big, small, whatever, soon NO ONE will be backing anything in our economy, because, as you accurately portrayed it:
THERE IS NO MORE RULE OF LAW”
As many of you know, I started getting our IRA’s out of stocks, ETF’s and most mutual funds after Pelosi Galore and Reid the Red took over congress in 2007. I caught flak from some Freepers for taking that protective action.
Fortunately, we were out of the mutual funds and our few stocks by May of 2007, and our ETF’s had stop loss orders which kicked in on all ETF’s (regardless of country) in May/June.
So we had a good size pile of cash to invest in what I/we thought were safe havens from the Pelosi/Reid tax and spend thugs.
I had started buying CDs to replace the above and the falling yields on our Fido Money Funds.
To diversify, I bought a fair slug of corporate inter capital notes (high on the pecking order of bonds) from GE and Toyota, both were AAA and AAA rated in the summer of 2007. Even in that year the face value of the bonds dropped more than expected.
When the bottom started falling out last year. The GE notes were down -20 to close to 30% in value before the end of 2008. Toyota’s corporate notes were in the same boat.
I decided not to ditch the GE notes as they had gotten in bed with bed with 0b0z0 re national health insurance. Toyota was not an American corporation and their notes/bonds would probably bounce back.
After 0b0z0 was crowned King forever and started taking GM and Chrysler out as companies, the GE notes started coming back and so did Toyota. They still have room to go, but they appear to be out of their downward spiral re their face value.
If the GE Bonds had been GM or Chrysler, we would have been $crewed without a single kiss or any romance.
0b0z0 and his thugs are raping our economy to redistribute the savings of America to union thugs and the non producers of America.
Current bond owners and potential bond owners should be aware of what 0b0z0, his thugs in Congress and the Supremes have done to the Chrysler bond owners with the same implication to the GM bond owners.