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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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