This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Morici: Facing Tyranny, the GOP Had No Choice

NEW YORK ( TheStreet) -- President Barack Obama, as much as House Republicans, shut down the government. He is not willing to compromise on just about any issue, leaving the GOP with no other options.

In 2008, Obama won 53% of the popular vote and commanding Democratic majorities in congress.

Faced with an economic crisis and carrying a mandate to accomplish universal access to health insurance, Obama was justified to take bold actions. However, as the leader of a democracy, he had the obligation to weight the views of the 47% who voted for Senator John McCain (R., Ariz.) and forge consensus where possible.

Yet, over Republican objections, the president abused a fund established to aid troubled banks to bail out General Motors (GM - Get Report)and Chrysler. To reward autoworkers for campaign support, he confiscated private property by awarding 55% of the stock to the union health care trust instead of Chrysler's creditors as U.S. bankruptcy law requires.

He rewarded Wall Street bankers who supported his campaign with new lending regulations that help them acquire regional banks. Now, more than half of the nation's deposits are concentrated among a handful of Manhattan casinos, middle class Americans can't get decent rates on savings, and small businesses can't get adequate credit.

Obama imposed other regulations in manufacturing and energy production that reward his constituents, punishing his opponents and slowing growth in an economy increasingly challenged to create enough well-paying jobs.

Prior to the Affordable Care Act, every major piece of social legislation was accomplished by seeking a bi-partisan consensus.

Instead, Democratic leaders House Minority Leader Rep. Nancy Pelosi (D., Calif.) and Senate Majority Leader Harry Reid (D., Nev.) wholly excluded Republicans from deliberations, and created an unpopular system that compels businesses to purchase health insurance for employees, and individuals lacking employer polices to purchase plans through government-run exchanges.

Through town meetings, polls and a senate election in Massachusetts, Americans expressed opposition. Yet, Democratic leaders packaged the final legislation into a budget reconciliation bill, avoiding the need to win any GOP votes in the Senate -- an unprecedented maneuver for such a major piece of legislation.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
GM $35.52 -0.50%
AAPL $129.62 -2.20%
FB $79.34 -1.50%
GOOG $532.32 -1.44%
TSLA $247.46 -0.11%

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs