Start small: dispose of a pesky corporate CEO, who is not compliant and objects to your grand design for the U.S. automobile industry. Who could object to the summary dismissal of the unpopular Mr. Wagoner, after all he was just getting in the way of the grand plan. Never mind that President Obama had no such legal authority. By simple fiat, he fired a sitting corporate CEO, and overrode those with the legal authority to make such decisions, the GM board of directors.
Like so many politicians before him, he instinctively knows that in an opportune economic crisis, it is only a small step from being the duly elected "President" to being transformed into a charismatic leader with the power to bend the will of the people to his own. It…
Continue reading | 113 Comments
Despite the soaring rhetoric to the contrary, President Obama has amassed an impressive record of caving to every Democratic special interest group in America. Not once, has he stood up to the special interests. The critical question is - will he find his manhood before he gives away the national store?
We were promised shovel ready infrastructure projects by President Obama, but only a miserly 8% of the $787 billion stimulus plan was allocated to this use, and very little of that will be spent in 2009. The left of his party held sway and President Obama sheepishly, albeit with great fanfare, signed on.
With great oratorical flourish we were introduced to President Obama's choice for Secretary of Education, Arne Duncan, the man who would bring real change to a failing inner-city…
Continue reading | 11 Comments
Through coercion and fiat His Royal Highness (HRH) Obama has forced the senior-secured lenders to take a secondary position to unsecured lenders in the "pre-packaged" Chrysler-FIAT bankruptcy plan. President Obama characterized the 20 or so lenders who were opposed to the plan as "a small group of speculators". His left wing "nut job" ally Representative Dingell characterized them as "vultures" and warned that they "will be dealt with in court". Their crime one can only assume is being moneylenders, but they are not the ones on trial.
Until this week senior secured lenders, those that held a contract that gave them first lien on a companies assets, had a preferential position in any bankruptcy proceeding unless of course they "voluntarily" give up that right. HRH Obama has by simple royal fiat…
Continue reading | 7 Comments
