Posted by
Always To The Right on Thursday, June 17, 2010 9:00:51 PM
Yesterday's "voluntary" deal between BP and the Obama administration was
nothing less than a continuation of President Barack Obama's ongoing
assault
on the rule of law.
Capitalism
only succeeds if it is a profit and LOSS system. Well-managed firms
should have every right to keep their profits, but
mismanaged firms must be allowed to suffer losses. By all accounts of
what transpired on the Deepwater
Horizon, BP is a terribly mismanaged firm. If
the damage they caused is great enough, they should be allowed to fail.
Failure is a necessary component of capitalism. But this administration
refuses to allow the rule of law to work. From Fannie Mae to Freddie Mac, from GM to
Chrysler, from AIG to Citibank, our government continues to
subvert the established rule of law. This lawlessness creates
uncertainty in the business environment, and it is a huge reason why our
economy is not
recovering as it should be.
URL to article: http://blog.heritage.org/2010/06/17/morning-bell-an-offer-bp-couldnt-refuse/