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The Rule of Law may not be a dead letter in the United States, but it is definitely on life support. The Obama administration’s Unconstitutional manipulation of the Chrysler bankruptcy to reward its political allies, not only poses a threat to the rule of law and Constitutional order, it also creates a dangerous precedent of government voiding legal contracts. A secondary effect of government’s Unconstitutional meddling in contracts is lack of certainty that some or any future contracts will be honored. This will have a chilling effect on any organization that seeks to raise money through the issuance of bonds – whether business, state or local.
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