This nation now follows the rule of men, not the rule of law. The conservative history of our nation, that preserved the traditions of the Greeks and Romans, has been abandoned to the liberal ideals of the barbarians beyond the frontiers of civilization. The new animating principle of the great American experiment is a return to the world that was governed by the whims of kings and dukes.
The new rule is arbitrary government power. The rules are now changed and are no longer clear, and empathy is now more important that equality between the powerful and the weak. In our nation we need to fleece lenders to pay off politically powerful interests and use the power of the government to threaten businesses if they don't toe the political line.
Now our nation puts in place laws to favor those who borrow money that they have no intention of ever replaying. Bankruptcy is merely a means to shed promises and abandon the trust of lending. Secured creditors, those entitled to first priority payment under the "absolute priority rule" are browbeaten by a sitting American president in order for him to reward those who he favors more.
The government's threats and bare-knuckle tactics set an ominous precedent for the treatment of those considered insufficiently responsive to its desires. You better be careful- we are entering a world where if you don't jump high enough when the government says so, you may be in trouble. Don't believe me? Just go ask Chrysler.
Thank you to the Wall Street Journal for inspiring this.
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