Supremes vs. Obama…

A lot of people were surprised yesterday when Justice Ginsberg issued a stay of the Chrysler bankruptcy,  but I am quite sure she would not have done so had not at least three of her colleagues expressed an interest in the matter.

Keep your fingers crossed that the Supreme Court,  having totally botched its job in the matter of eminent domain,   returns to sound jurisprudence and enforces contract law,  which will NOT permit His Oneness to stiff the Chrysler and GM bondholders,  who are by contract to be paid first.

This matters,  because if the High Court fails,  Obama will have wiped out two centuries of contract law.    If the government can ignore or remake contracts,   they aren’t worth the paper they’re printed on.  Who of sound mind and minimum fiscal prudence will agree to invest in anything?

Since Sotomayor’s confirmation hearings are set to begin on July 13,  this may provide for an additional avenue of awkward questions for the nominee.

UPDATE:  You can straighten out your fingers –  the Supreme Court wimped out,  and the Chrysler sale to Fiat can proceed.