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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: pompsander who wrote (9327)	3/16/2009 12:59:19 PM
From: DuckTapeSunroof	Respond to of 103300

Re: " 'We are a country of law,' Lawrence Summers, chairman of the White House National Economic Council, said on ABC's 'This Week With George Stephanopoulos.' 'There are contracts. The government cannot just abrogate contracts.' " ________________ "Would this apply if the government tried to cramdown on mortgage contracts, in existence and subject to the rule of law?" ================================= Short answer: Yes. Long answer: We are a 'nation of laws' (that is true). We are also a nation of politics. And contracts can often be renegotiated.... For example, in the case of AIG, the government could assume FULL CONTROL of the institution tomorrow... fire all the executives... bring in new leadership (hiring from within the well-stocked leadership ranks of other American Insurance/Banking/Financial Services firms)... and then approach these noble upholders of the principle of 'sanctity in contracts', and then politely explain to them that this might be a VERY GOOD TIME to volunteer to RENEGOTIATE the bonus provisions in their employment contracts... because the NEW OWNERS (the government) will be considering that very factor --- who is willing to act in sympathy with the poor suffering American taxpayer, and who is not --- when making DECISIONS ABOUT WHO'S EMPLOYMENT CONTRACT IS GOING TO BE EXTENDED, and who's is not going to be extended....