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This is too fun to watch.
Now the House is talking about rebates for clunkers.

Just what the dealers need right now.

Consumers putting off purchases until the Feds get a rebate
plan together.

Yes, and I heard it’s something like $4,500. Boy oh boy, that’ll go a long way towards the price of a $35,000 “greener, eco-friendly, fuel-sipping” Obamamobile

This decision to not take this case shows that we have gone beyond the edge here now. Even the great haberdasher had his face slapped by the then supreme court when he tried to seize the steel industry. Today, they just turn a deaf ear as they probably did not wish to interfere with their coming vacation.

In the media they said there was another issue that is that the TARP legislation did not allow for such actions. The media was trying to downplay this but this was the gist of the case that is there was no legal right to do what was done. In Youngstown v Sawyer (the Steel case of 52) the court did not rule on the governments use of emergency powers to seize private property rather the ruling in favor of Steel was based on the fact there was no law to cover Truman's actions. Hence the need to fight the TARP laws extension beyond the banks. My guess is the GM bondholders began to stuff their fireplaces with that worthless paper now too.

There you now have it, over 200 years of contract law turned on its head. I never thought I would see that happen in the USA which is nothing more now than a banana republic without the bananas.

and the band played on.