Calling John Galt

Without contract law, no two individuals or organizations can enter into an agreement of their own accord.  Contract law allows both parties to benefit and build value with products and services.

Obama has shown his disdain for this foundation of US law and has rewritten the Chrysler contracts with creditors.  He has proposed that lenders and mortgage holders rewrite their contacts as well.

This is playing a dangerous game.  It could have a catostraphic affect on lending, deals and partnerships.  If the rules can be changed at anytime, then no one can be sure of any agreement they enter into.

Higher unemployment

Lower median wage

Less entrepreneurship

Less opportunity