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)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.
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