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0 pointsdlgeek6y ago0 comments

No. That'd be considered an unconstitutional "taking" of the economic rights from people relying on those contractual terms. See Eastern Enterprises v. Apfel, 524 U.S. 498 (1998).

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derefr6y ago

Re: that judgement, why is the stock market allowed to halt trading? For that matter, why are savings banks allowed to restrict access to their customers' savings during bank runs? Wouldn't people have the "economic right" to de-leverage [and thereby kill] these institutions in these situations?

momo-reina6y ago

You don’t own the money you deposit in the banks, the banks do. Through the act of depositing you are lending the banks your money, therefore it’s not your money anymore. They can default on the loan.

See https://thehutchreport.com/your-bank-account-who-really-owns...

Or read https://www.amazon.com/Where-Does-Money-Come-Ryan-Collins/dp...

Highly recommended.

hirsin6y ago

Just like Facebook doesn't have to respect your First Amendment rights, neither do other private enterprises like banks and stock markets need to respect your "economic rights"

pjc506y ago

Neither of those is the government. That ruling only applies to government action.

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