10:20 am June 10, 2009, by Bob Barr
Well, my optimism was short-lived that the constitutionality of the forced bankruptcy of Chrysler (and, impliedly, GM), and of the use of taxpayer dollars to bail out the auto industry would finally be considered by the Supreme Court. The high Court late yesterday lifted the temporary stay of the Chrysler proceedings that had been issued on Monday by Justice Ruth Bader Ginsburg. Now, all those bond holders and other creditors of Chrysler who stand to have their assets diminished because they are not among the creditors favored by the federal government, apparently have no recourse in the courts other than after the damage already has been done.
So much for the courts serving as an arena in which unconstitutional actions and spending by the federal government can be challenged and resolved.
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