Friday, October 23, 2009

Abrogating Contracts by Executive Fiat

The blogosphere is replete with comment on Obama's abrogating compensation agreements at firms receiving TARP money. Professor Bainbridge has a cogent post that includes this point:
The bottom line thus is that Obama is having his minion coerce TARP executives and employees into ripping up contracts Obama doesn't like so as to assuage the populist public. In doing so, Obama and his appropriately entitled "czar" are exhibiting a basic lack of respect for the rule of law.
Despite the wailing of the left-wing Cassandras at the time, Bush was never the threat to the rule of law that Obama is.

Abrogating contracts is Barack Obama’s plan.
Cutting back excessive pay, he sticks it to the man.
Why should Obama care that contracts aren’t enforced?
He blows away your vested rights, not feeling your remorse.

Contracts were the settled way we planned into the future.
The recent abrogations leave a rift without a suture.
Undermining confidence, Obama's biggest feature.
Trust in government alone, now, that’s the message from our teacher.

If he can cut back pay because he thinks its way too high,
He can change the price on all the things that you have gone to buy.
If you’re the one who sells things, then you have no way to know
If Obama will just change the price and tell you where to go.

When you can’t rely on business terms of all the deals you’ve made,
You cannot know if you can keep the sums that you’ve been paid.
You’re left to plead your case to distant bureaucrats,
Officious functionaries knowing less than mewling cats.

Success will not depend upon your marketplace acumen.
You’ll need to cultivate a set of skills that don’t like excess lumens.
Who you know and who you stroke, to whom you give out favors,
These are things that now will set the outcome of your labors.

To reply, email texthepontificator at yahoo dot com.

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