"An enemy at the gates is less formidable, for he is known and
carries his banner openly. But the traitor moves amongst those
within the gate freely, his sly whispers rustling through all the
alleys, heard in the very halls of government itself... A murderer
is less to fear." --Marcus Tullius Cicero
As reported two weeks ago in
The
Patriot Post (and practically nowhere else), Indiana
Treasurer Richard Murdock filed an appeal with the U.S. Supreme
Court seeking review of the legality of the Obama-forced bankruptcy
of Chrysler, LLC.
Murdock is petitioning the Court to rule on Barack Obama's blatant
disregard of the U.S. Constitution, Article 1, Section 8, which
explicitly authorizes Congress, and
not
the president, to determine bankruptcy laws. In particular, Murdock
is challenging the president's unashamed indifference to more than
220 years of bankruptcy precedent, which puts senior, or secured,
creditors ahead of junior, or unsecured, creditors during bankruptcy
proceedings.
With regard to the latter, BO unilaterally declared a 55 percent
ownership stake for the UAW, a junior creditor, and he donated a 20
percent ownership stake to non-creditor and non-investor Italian
automobile maker Fiat, which was also given options for an
additional 15 percent. (Fiat exchanged not even one penny for its
ownership stake or options, and the jury is still out as to the
politics behind that unsavory deal.)
Adding insult to injury, BO announced that he would bestow senior
creditors only 29 cents on the dollar for their bond holdings. From
the onset of this fiasco, the largest senior creditors, representing
$6.6 billion, calculated Chrysler's value to be at least 90 cents on
the dollar. Other private and public senior creditors, representing
$300 million, along with private analysts, concurred. Even Chrysler
itself argued that it was worth more than 29 cents per dollar.
But, when BO and his Treasury thugs held firm, everyone prepared to
do battle in bankruptcy court. Then, one morning, the largest senior
creditors withdrew their opposition. In an act of cowardice,
California and Michigan public funds decided to play along with
Obama's scheme, so as not to jeopardize potential federal bailout
moneys.
Only Indiana Treasurer Richard Murdock, fiduciary of three
relatively small Indiana public funds ($45 million total invested in
Chrysler bonds), stood firm.
During the discovery phase, under threats and intimidation from the
"tolerant" Left, Murdock documented how the largest senior creditors
had changed position because Obama officials had assured them
overnight, Chicago-style, that they were "too big to fail," and that
their substantial losses as Chrysler bondholders would be recovered
through other government programs.
While a stay to prevent the Obama-forced bankruptcy was eventually
rejected by the full Supreme Court, no ruling was ever made based
upon the legal merits of the case. Hence, the appeal.
Of course, this is not the only instance where BO (and George W.
Bush before him) has, with a Democrat-controlled Congress, used the
"too big to fail" ploy. Banking, investing, insurance and mutual
funds are other economic sectors that have also been usurped over
the last 12 months by Big Brother.
While each of these events, in and of itself, has been devastating
to our liberty and our pursuit of happiness, they have been mere
tactics in an end-game strategy -- that of engendering Democrats
themselves as too big to fail.
Obama's disregard of the Constitution is also evident in his naming
of some 30 so-called czars, policy coordinators who usurp even
Democrat-controlled congressional constitutional authority,
bypassing the budgetary responsibilities of the House of
Representatives and the advice-and-consent responsibilities of the
Senate.
With Leftist Democrats in control of the House and with a veto-proof
majority in the Senate (and an occasionally traitorous Republican),
Democrats are ramming through legislation unwanted by the American
public (Card Check, Cap-and-Tax, government-run health care). In
addition, they are stonewalling certain investigations and pursuing
others so as to suit their immediate political needs.
More egregiously, Leftist Democrats are surreptitiously scheming to
legalize 30 million illegal aliens and to force same-day voter
registration across the country, thereby allowing them to convert
these freshly minted "citizens" into millions of new Democrat votes.
Another dire consequence of this veto-proof Senate majority is that
Democrats are packing our courts with "living Constitution" judges.
Unlike Democrat hero Franklin D. Roosevelt's efforts to pack the
Supreme Court directly, this modern Democrat tactic seeks to stock
the appellate court level. After all, little attention is paid to
appellate nominees, and appellate courts can be altered more
stealthily than can the Supreme Court.
Significantly, packing the appellate level furnishes Democrats with
a layer of insulation between their election-stealing shenanigans
and the Supreme Court. If, for example, informed and patriotic
voters were able to file suit over a rigged election (quite
challenging and expensive, in and of itself), these "living
documenters" could stymie or accelerate appeals, depending upon
which rulings would support the desired outcome.
The fulcrum of this too-big-to-fail strategy is Obama's coercion of
his own party members, especially those vulnerable in the 2010
elections. First, consider the frustration and outrage displayed
during the August congressional recess. Then, consider Democrat
incumbents' disdain and mockery of constituents who dared to
challenge their Leftist agenda. Under "normal" circumstances, the
prognosis for such an incumbent would be very dark. Alas, these are
not normal days.
Be it by persuasion or coercion, every vulnerable Democrat is being
forced to march in Leftist lock-step, to walk the plank on each and
every piece of legislation, and, ultimately, to vote in favor of
immigrant legalization and same-day voter registration to garner the
ensuing millions of voters.
Couple these tactics and advantages with ACORN's illegal
get-out-the-vote efforts, BO's hundreds of millions in campaign fund
dollars, and the Democrat shakedown of industries and companies
around the world, and the 2010 Democrat congressional candidates
would appear to be positioned as "too big to fail."
Team Obama, however, lacks one major element in their nefarious
conniving -- the truth. Indeed, it is their brazen lying,
half-truths and obfuscations, which have awakened the sleeping giant
of American Patriotism.
We are a generous and tolerant nation, the greatest in the history
of mankind. We have freed other nations and peoples from tyrannies
and oppressions, and we have done so at great cost of our blood and
treasure. But, we have reached the limit with Obamanism, this
nascent American Communism.
While
The
Patriot Post's motto, Veritas Vos Liberabit, takes its
inspiration from John 8:32, "The truth shall set you free," as
Ronald Reagan noted, "There are no easy answers, but there are
simple answers. We must have the courage to do what we know is
morally right."
And, Edmund Burke once noted, "All that is necessary for evil to
succeed is that good men do nothing."
George Washington urged, "We should never despair, our Situation
before has been unpromising and has changed for the better, so I
trust, it will again. If new difficulties arise, we must only put
forth new Exertions and proportion our Efforts to the exigency of
the times."
Are Obama and his Democrat minions too big to fail? I say,
emphatically, NO! Indeed, they already are failures.
Still, there is much to be done to save our Republic. To paraphrase
Thomas Paine, freedom is being hunted, reason is considered as
rebellion and the slavery of fear makes men afraid to think.
Fortunately, as Paine further observed, "[S]uch is the irresistible
nature of truth, that all it asks, and all it wants, is the liberty
of appearing."
If we continue to shine the light of Truth, we may yet force these
Leftist cockroaches to scurry for cover. Let us pray for Almighty
God's guidance. Let us roll up our sleeves and extend to our
posterity proof that we were worthy of the title "American."
Semper Vigilo, Fortis, Paratus et Fidelis!
Mark Alexander
Publisher,
PatriotPost.US, with J. Adams Clymer