Monday, May 17, 2010

America, Meet Zimbabwe

"... U.S. law... limits energy companies' liability for lost business and local tax revenues from oil spills to US$75-million.

"President Barack Obama's administration would like to raise the cap retroactively."

I'm sure they would. And I would like to retroactively charge all my clients more for my past services, and retroactively pay less for the coffee maker I bought last week.

Doing this would make the US resemble a dysfunctional African state, where they change the rules at whim and capital flees (and then they blame the West for abandoning them). They did this with the GM bailout by arbitrarily favoring the unions at the expense of legitimate, legal, shareholders' rights; they did this again when they ordered judges to ignore legal mortgage contracts and reinterpret the contracts to favor the delinquent homeowners, and now they're at it again.

The sanctity of contracts and rule of law are foundations of modern prosperity. The Obama admin appears to have no moral grounding or core; they seem driven by a distain for law and our western heritage in favor of political or perhaps even personal expediency.

And that's the way the Sunday evening late Ball bounces.

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"... nothing intellectually compelling or challenging.. bald assertions coupled to superstition... woefully pathetic"