The sanctity of contracts, or why some contracts are more equal than others

Dean Baker on the crisis of pension system in Detroit (discussed before here) on "All In with Chris Hayes" last night.

The message from the White House is that AIG contracts are sacrosanct while worker's pensions can be broken anytime. It does have implications for North like notions of the role of institutions, and contractual security, in promoting economic development (also discussed here before). And yes it is part of the push for privatization of Social Security.

See the whole video here.