• The President performed a seemingly extra-legal shakedown of BP involving redistributing $20 billion from shareholders and pensioners to a fund managed by an Obama crony: "There is no legal basis for the Obama administration to induce BP to pay $20 billion into a kitty to be controlled by one of its political appointees."• The President will try to ram through a massive new tax on energy in the form of Cap-and-Trade, to be passed even if Americans vote out incumbent Democrats in November;
• Finally, the President will stipulate an implicit payoff to unions from the BP slush fund. It will come in the form of "$100 million [to be set aside] in a separate fund to help oil workers". Presumably the funds will be dispatched to only those workers protected by collective bargaining agreements, as virtually all Obama dictates command.
What is the legal authority for these measures?
There is none.
The ecological disaster continues in the Gulf, 57 days in. Just as the President, once upon a time, promised a "laser focus" on "jobs, jobs, jobs"; and just as he once promised to repair the housing market; and just as he once promised to revamp the economy with new, clean energy technologies; and just as he promised to "fix" the health care system -- his effort here also demonstrates a profound lack of managerial experience. And, worse, his complete unwillingness to learn from experts.
Having spent trillions of dollars on Obama's initiatives, we have nothing to show for any of them except an enormous pool of oil washing up on the Gulf Coast, a broken fiscal system, and an utterly failed President.
If it weren't so pathetically sad, I'd be L'ing MAO over this:
ReplyDelete"Using the vast engineering, logistics and oil spill remediation knowledge assembled by the White House in only 57 days, the President has announced a comprehensive plan to address the massive oil spill in the Gulf.