In Praise of Barack Obama

Well, I have to say it. It took quite a while to happen, but I do believe that our current President has finally done something in support of the constitution and along the lines of the bipartisanship he talked a lot about on the campaign trail.

Though this is difficult to confirm, it appears that Obama may veto legislation containing the 90% punitive tax on AIG executive bonuses on constitutional grounds. If he sticks to his guns on this, forcing the Senate to re-word the legislation, he will have finally done something in line with the oath he took back in January.

To be clear; I have no love for executives who grab tremendous bonuses, stolen from the tax dollars we all pay, and run like rats while they let the ship they crashed into the rocks sink. This sort of behavior is simply disgusting. Unfortunately, instead of arguing that this is a good reason for our government to refrain from giving vast handouts with no accountability to the biggest failures in our corporate universe, while still finding it difficult to track where the money went from the Bush bailouts last year, our lawmakers in the House of Representatives acted like a panicked herd of cattle in the face of public outrage over the AIG bonuses, everybody just stampeding with no thought to where they were going with the legislation they pushed through.

Equal protection under the law means that we cannot target specific people with powers such as taxation. Congress has no right to name a certain individual or group, and tailor legislation to them. If certain individuals must be targeted, it has to be done by the Justice Department, and only if they think they can prove that this individual broke laws that existed before the activity in question.

Not only is this a case of Congress making a huge mistake in giving away the bailout money in the first place, and then blaming the executives for taking it, but the new bill retroactively reverses what our government agreed to back when the AIG corporate charity was passed in the first place.

Worse than this, to avoid the obvious ignorance of our constitution displayed by the original author of this bill, it was then expanded in meaning to include all corporate bonuses, giving our government carte blanche to decide what constitutes a “reasonable” bonus in any corporation, at any time. This intrusion into the basic liberty of the people of the United States is intolerable. If we are not free to organize a private company through our own sweat and initiative as we will, without the government meddling over our shoulder, then we have compromised basic principles of private property protection and rule of law that undergird our entire economy. In summary; they made a huge mistake bailing out AIG, covered their butts with a real stinker of a law punitively penalizing certain executives, and then made it even worse to avoid a serious constitutional issue. I have never seen in my lifetime a better candidate for the President’s veto pen than this garbage.

Apparently, all that hot air blown about Obama being some kind of constitutional scholar from Harvard might mean that he has apparently read the constitution somewhere along the line. This seems to be beyond the capability of some of our representatives in Congress, and as I said; if he actually does veto this abrogation of citizens’ basic rights and protections, I will have to give him due credit for showing some common sense.

Forgive my getting carried away, but I have had so little opportunity to say anything good about our new President that I find the experience quite novel. Unfortunately, what one hand giveth, the other taketh away. He seems to have abrogated our constitution without any notice from the press even before he defended it in this matter of AIG bonuses.

On April 2nd 2009, at the G-20 summit, the President, agreed that a body that is not elected by the people of the United States, nor controlled by any person appointed by an elected official, will now posses sovereign power over the activities of individuals here in the United States.

At the G-20 summit, it was agreed that the FSF, or Financial Stability Forum now to be known as the Financial Stability Board, Will set “agreed upon high standards that cover regulation of all financial instruments, all “systemically important” companies in the world. and will set executive pay compensation levels and executive pay policy for ALL firms”

This organization will set “Tough new principles on pay and compensation, to support sustainable compensation schemes, and the corporate social responsibility of all firms.” and will “Extend regulations and oversight to all systemically important financial institutions, instruments, and markets.”

What this means is that a body made up largely of European central bankers will create regulation that has the power to confiscate the property of US Citizens. Does anybody remember the phrase “taxation without representation”? Well how about “Regulation without representation.”

This agreement is void under our constitution and violates our sovereign status as a nation. What our constitutional scholar in the White House does not seem to realize is that we cannot simply agree to the kinds of treaties that the European states did in order to create the EU. We cannot hand over authority over some basic aspect of our market to an entity that is not accountable to the American people because that would violate their basic rights. We cannot have a discussion as they did in the UK over whether to adopt the Euro or keep the British Pound, because President Obama has no authority to hand away control over our economy to any outside body. His power stretches only so far as outlined in the Constitution and no further.

Gee, you know, you would have thought that a Harvard “constitutional scholar” would have known that…


~ by Jubal Biggs on April 21, 2009.

3 Responses to “In Praise of Barack Obama”

  1. […] Original post by Jubal Biggs […]

  2. How can our president give away the decision making about the financial workings of our nation, when this is supposed to be a nation of the people, for the people? Aren’t our “public servants”, you know…they guys with titles like, “Congressman”, “Senator”…supposed to represent what the people who voted them into office believe and want? How on earth can anyone in Berlin or Denmark know what the cost of living is like in New York City or St. Louis? Wages and compensation must be based on many factors and you have to understand all factors to set those wages. Besides, as I understand it, many executives agree to very minimal yearly wages and count on those “bonuses” to be their real compensation.

    So, when we get completely discusted with these “public servants” can we dismiss them and find some who will really represent the people of this great nation?

  3. […] President chose to collect regulatory powers into the hands of a very few individuals (see “In Praise of Barack Obama“) who will oversee all financial institutions in the World. His health care proposal depends […]

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