Not true at all.
Debts are extinguished all the time in the various bankrupts.
Also, you can ask GM bondholders about the sanctity of obligations.
In America, property rights are ever more clouded, and diminished every year. Nice trend line. Courts are active participants in this clown circus. So, it’s everyone for himself, as you can.
posted on 04/18/2011 7:50:07 AM PDT
(11% GDP of borrowing this year alone, gives 2% GDP boost! Woohoo!)
LOL, this is not a bankruptcy, and if it were you would not get to keep the property. Second your are not government motors and never will be, and their actions were ordered by the bankruptcy judge. There was a lot of whining here about the bond holders, but they bought paper, they did not make loans on trust deeds.
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