"To my knowledge, there is no precedent for this sort of arrogant lawlessness in American history..."

On Thursday, I wrote about the banana republic capitalism that we are experiencing under the Obama administration. In connection with the Chrysler bankruptcy, Obama, ignoring laws that assign priority to secured creditors, has tried to bully lenders into abandoning their legal rights in favor of the United Auto Workers Union. To my knowledge, there is no precedent for this sort of arrogant lawlessness in American history. (Germany, Italy and Argentina are familiar with it.) Now, bankruptcy lawyer Tom Lauria adds more:

Read the rest along with an important UPDATE!