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Politics : View from the Center and Left
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To: Travis_Bickle who wrote (111823)5/24/2009 1:07:50 PM
From: Sam  Read Replies (1) of 541777
 
We are, supposedly, a nation of laws. And those laws say that GM's bankrupt corpse owes me $10k plus accrued interest, and they say that the government has no more ability to dictate how the bankruptcy estate's assets are distributed than do I.

The government can do whatever it chooses with its DIP financing, but with respect to loans made prior to the chapter 11 filing it is SOL

You appear to want to say that all money is created equal, but it isn't. The government's money is different from your or anyone else's money. The bankruptcy would have occurred much sooner without the govt lending and backing. As well as a lot of other undesirable consequences (which may, of course, occur anyway in the fullness of time). The government represents--in principle at least, the public interest.
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