Readers of The Texas Pilgrim are sophisticated enough not to need from me an outline of how the Obama administration is debauching constitutional contract law in the various “bailout” transactions. Very bright people like Richard A. Epstein are explaining this much better that I am qualified to do. In fact, I suggest that you “google” his May 4, 2009 National Review article, “Why Constitutions Matter”, for a history of this debauchery leading to the present crisis.
Of all the unintended consequences of currently unfolding domestic policy, it is this one that will be most difficult to reverse, for it goes to the essence of the immorality that underlies the project. George Will captured it best, as follows:
“The Obama administration’s agenda of maximizing dependency involves political favoritism cloaked in the raiment of ‘economic planning’ and ‘social justice’ that somehow produce results superior to what markets produce when freedom allows merit to manifest itself, and incompetence to fail. The administration’s central activity–the political allocation of wealth and opportunity–is not merely susceptible to corruption, it is corruption.”