The Beginning of the End (of the Rule of Law)

While putting junior creditors ahead of senior creditors in the Chrysler bankruptcy might seem like a good idea to the Obama administration from a political standpoint, the fact that this overrides the rule of law will bear nasty consequences in the years to come, hurting most of all the people whom Obama claims to care most about.

Mr. Obama may have helped save the jobs of thousands of union workers whose dues, in part, engineered his election. But what about the untold number of job losses in the future caused by trampling the sanctity of contracts today?

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