Fannie Mae Preferred S (FNMAS)

[rosen62]

20c,

Richard Epstein's argument that the strength of a biding contract -essential building block of capitalism- relies on respect to the rule of Law is hard to beat. No respect to the rule of Law > failure of price discovery mechanism. The "system" seems to be above the government itself. Governments come and go. The system stays. The doctrine of sovereign power that allows the government to have some leeway with courts and in some cases override the Constitution may not be enough here. Overriding the Constitution and overriding the essence of how capital markets and capitalism works may not be the same thing.

I guess it will all depend on how the cases are presented to the court. A layman view.