Thursday, June 18, 2009 8:38 PM CDT
LETTER: Obama breaking the law 'in the public interest'
DON SEARLES, Mattoon
When you borrow money to purchase a house, there is a contract between you and the loan company. The contract states that if you do not pay the loan, the bank can take your house. This is called a security contract. Assume you now run up huge credit card debt and declare bankruptcy. Because they have a security contract, the bank takes the house and your other creditors split up any other assets you have.
The U.S. Constitution in, article 1 section 10, states. “No state shall pass laws impairing the obligation of contracts.” Article 1, Section 8, states. “The congress shall pass uniform laws on the subject of bankruptcies throughout the United States.” Long standing bankruptcy laws clearly state that secured creditors get their money or the assets listed on the security contract and unsecured creditors divide up what is left.
Let’s examine the recent bankruptcy of Chrysler. By law, the secured creditors were to be paid in full or have title to the assets listed on the security contracts and unsecured creditors were to divide up what was left. However, the Obama administration decided “that it was in the public interest” to disregard the constitution and give the secured creditors 29 percent of what they legally had coming.
In New Chrysler, that is to be formed after the bankruptcy, the secured creditors get nothing. The unsecured United Auto Workers will own 68 percent; Fiat, a foreign company who had no claim on the assets and did not invest a dollar, will own 20 percent; and the US and Canadian governments will split the remainder.
What does this mean for you and me?
It means that Obama, who harps on, “Living by the rule of law,” speaks with forked tongue. It is not what he says, but what he does that matters.
It means that we must hold our government to “living by the rule of law,” and not let them break the law based on what they believe is “In the public interest.”
If we let the government continue to break laws based on what they think is, “In the public interest” we will be governed by the whims of those that control the government and become a Socialist nation with the government controlling our jobs, our money, our property, what we say, what we do, when we can see a doctor, and every aspect of our lives. We must take action against this tyranny.
DON SEARLES
Mattoon
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Tom Andres wrote on Jun 18, 2009 9:39 PM: