Who could have supposed that General Motors would file for bankruptcy? An industry that defined for many what America was in the 50's and 60's has caved in taking a number of innocent victims with it.
One major impact is in the Law of Contracts that used to mean that employees and vendors of huge corporations like GM could count on getting paid or getting the benefit that they bargained for.
No longer.
In the future, employees may be even less loyal than in today's loose marketplace where younger workers often change jobs at the drop of a hat. A possible American tragedy is now occurring where promised retirement and health care benefits have been slashed to the bone leaving older workers with little chance to recoup what they worked their lives for.
Changes in the Supreme Court in both mentality and age could impact the United States business climate for years. Many citizens will experience first hand sad economic times long forgotten as survivors of the 30's die off. If your word and your contract cannot be counted on anymore, is chaos far behind. Let us dare to hope that Congress embarks on a plan to fix the mess soon- just as quickly as "Government Motors" rises as a shadow of it's former self.
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