Monday, May 04, 2009

The Obama Imperial Presidency.

The Legal Basis of the Obama Administration's actions in the market place and private business is being questioned, and rightly so.
As the President intervenes in more and more industries, a key question is how he does it and what he is trying to achieve. Is he trying to reorganize insolvent firms while, as much as possible, preserving the rights of stakeholders as established under existing contracts? Or is he trying to achieve a "fair" outcome as he judges it, regardless of preexisting rules and agreements? I fear it may be the latter, in which case politics may start to trump the rule of law.
The biggest problem we are facing with these actions is not just a constitutional or legal basis of the proposed solutions because it is simply possible to find one if you look for it. The problem is that too much legislation is being rammed through Congress without any sufficient look both into the fundamentals of the law as well as the details.

We are being victimized by the abdication of the legislative power in favor of the executive. Of course, what we are not hearing about is the "Imperial Presidency" of the Obama Administration.

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