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Maybe you are right. But I think that it would take a lot of SC Justices twisting a lot of law to make this go away.

OTH: The effects of such a game would be fun to watch. Land of the Free would turn into the Wild West, with the rich of China/Germany/Netherlands/England owning all of the USians and our/their Commons.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Thu Oct 15th, 2009 at 06:54:07 AM EST
[ Parent ]
siegestate:
the rich of China/Germany/Netherlands/England owning all of the USians and our/their Commons
That might end up being a more enlightened set of owners than Wall Street...

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Thu Oct 15th, 2009 at 06:57:04 AM EST
[ Parent ]
A 5 to 4 decision FOR THE BANKS on an issue like this would be the final step in the consolidation of the power of finance over the society. A 5 to 4 decision FOR THE MORTGAGE HOLDERS would likely end the current situation, as it would take out, at a minimum, BOA, Citi and WF, along with numerous smaller banks.  With GS and Morgan it would depend on the balance of their CDSs and other derivative positions at the time.

For the SC it would be like the old Jack Benny routine where he is being held up at gunpoint:

Robber: "Your money or your life!"

Benny: "I'm thinking!  I'm thinking!"

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Oct 15th, 2009 at 11:50:31 AM EST
[ Parent ]
Perfect analysis. Like I said, fun to watch as the house of cards either implodes or explodes.

History says that JPMorgan and GS have enough inside info to merely sell off at advantageous times and survive even stronger - being able to watch their moves would be the key. Anyone in ET want to be the mole?

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Fri Oct 16th, 2009 at 04:00:58 AM EST
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