The more plausible explanation is that this is a sop to the maritime unions, part of the union movement that gave Obama and other Democrats $400 million in the 2008 campaign cycle. It's the Chicago way: dance with the girl that brung ya.
Or the decision to deny Louisiana Gov. Bobby Jindal's proposal to deploy barges to skim oil from the gulf's surface. Can't do that until we see if they've got enough life preservers and fire equipment. That inspired blogger Rand Simberg to write a post he dated June 1, 1940: "The evacuation of British and French troops from the besieged French city of Dunkirk was halted today, over concerns that many of the private vessels that had been deployed for the task were unsafe for troop transport."
Finally, there's the $20 billion escrow fund that Obama pried out of the BP treasury at the White House when he talked for the first time, 57 days after the rig exploded, with BP Chairman Tony Hayward. It's pleasing to think that those injured by BP will be paid off speedily, but House Republican Joe Barton had a point, though an impolitic one, when he called this a "shakedown."
For there already are laws in place that ensure that BP will be held responsible for damages, and the company has said it will comply. So what we have is government transferring property from one party, an admittedly unattractive one, to others, not based on pre-existing laws but on decisions by one man, pay czar Kenneth Feinberg.
Feinberg gets good reviews from everyone. But the Constitution does not command "no person ... shall ... be deprived of life, liberty or property, without due process of law except by the decision of a person as wise and capable as Kenneth Feinberg." The Framers stopped at "due process of law."
Obama doesn't. "If he sees any impropriety in politicians ordering executives about, upstaging the courts and threatening confiscation, he has not said so," write the editors of The Economist, who then suggest that markets see Obama as "an American version of Vladimir Putin." Except that Putin is an effective thug.
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