Many believed he should have been impeached from the get-go. He has always been lawless. His first egregious act was the de facto takeover of GM. Bondholders are always the first to get anything should bankruptcy be filed. His usurpation bypassed them and gave the goods to the UAW. So much for Contract Law. That was the harbinger if what his administration would be. One man rule.
From Cato: Under bankruptcy laws, stockholders would have lost the value of
their stocks, but bond owners–who have first claim to company assets and
profits–would have been paid off, if not in whole than at least in
part.
Instead of letting the companies declare bankruptcy, Obama decided to
“bail them out” by taking them over. Once the administration had
control of the companies, it had them file for bankruptcy, just as they
would have done without the government takeover. Stockholders still lost
everything, but so did Chrysler’s bond holders. Instead of
renegotiating union contracts, the administration gave the unions
greater say over the companies. In other words, the administration
didn’t bail out the companies; it bailed out the unions at the expense of (in Chrysler’s case) the bondholders.In doing so, the administration created uncertainty in the bond market. Bonds were supposed to be safer investments than stocks. But who would want to invest in long-term bonds if the government could step in at any time and void the legal rights of the bond owners? The result is that bond sellers must be willing to pay more interest to attract buyers.
The list of questionable actions and bypassing of Congress is long, and now the last straw, the threat of executive action for granting amnesty to illegal aliens. There is no stopping this megalomaniac.
From the Hill: 'As is always the case with anything involving former-Alaska Governor
Sarah Palin, our unbiased, objective, not-at-all-liberal media couldn't
wait to mock her impeachment case against President Obama -- but not
everyone is laughing. According to reporting from The Hill, The White House fears exactly that should the president take executive action to grant amnesty to thousands of illegals. Senior White House advisers are taking
very seriously the possibility that Republicans in Congress will try to
impeach President Obama, especially if he takes executive action to slow
deportations.'
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