Let’s Abolish Contracts!

Written by Fritz on March 17th, 2009

‘The most frightening thing I’ve seen in the Washington Post, today:

The populist anger at the executives who ran their firms into the ground is increasingly blowing back on Obama, whom aides yesterday described as having little recourse in the face of legal contracts that guaranteed those bonuses.

Horror of horrors! Little recourse? What don’t people get about contracts? Why are they mad at Obama? The people should be overjoyed! Does anyone recognize that when a government can arbitrarily void private contracts, our system of law and justice will fall apart? Why would anyone bother to create a contract if it were in jeopardy of not being a contract, if it could be arbitrarily voided by a politician?


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