Tag,
 
Nice idea, but it's silly.  The 10th amendment grants to the states those functions not held by the federal government, among which is interstate commerce.  That interstate commerce clause has been stretched to the limits of credibility to enable federal regulation of a host of issues that have not been successfully challenged.  To think that contracts between parties in separate states or even countries are not legitimately subject to federal regulation under the interstate commerce clause is nonsense.  Congresses foolishness in enabling CNS notwithstanding, there's no way that a body of contracts that have an equivalent worth to the GWP (that's the Gross World Product) could be summarily terminated by a post-facto act of congress.
 
- Patrick


From: Tag <[log in to unmask]>
To: [log in to unmask]
Sent: Friday, October 31, 2008 3:38:51 PM
Subject: Re: [SKIVT-L] OT: For Mike B

On Fri, 31 Oct 2008 15:19:15 -0400, Mike Bernstein <[log in to unmask]>
wrote:

>I'm no lawyer, I'd be curious as to the basis of said constitutional
challenge.

Well derivatives and the resultant CDS were illegal in NYS ever since they
were a major contributing factor in collapse that led to the depression.
Congress changed the law with language that specifically annulled the NYS
laws. Now, theoretically we have a Supreme Court that is States rights
oriented (Presidential Elections notwithstanding). It would seem that the
law could be challenged.

Beyond that It would seem to me that in what is clearly an emergency
situation that congress could act to void those CDS contracts. It's really a
no harm no foul situation. We no longer need to keep up the pretense that
this is a free market. So let's void those profits so that those billions do
not have to be paid out.

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