Ok what I dont understand is everybody is saying it is illegal not to honour contracts. The rule of law will break down. But dont business like airlines, governments, car companies, ups, fedex, etc routinely renegotiate contracts. Nobody says the world will end if airlines decide their workers need to renegotiate now, and they have to take lower pay. So whats the diffrence for goldman,aig, and etc.
The difference is that we have the best government money can buy. Unfortunately for the people of main street, they cannot afford them.