Thomas Sowell nails it. Try this:
Just where in the Constitution of the United States does it say that a president has the authority to extract vast sums of money from a private enterprise and distribute it as he sees fit to whomever he deems worthy of compensation? Nowhere.
But the Constitution says that private property is not to be confiscated by the government without "due process of law." Technically, it has not been confiscated by Barack Obama, but that is a distinction without a difference.
BP is unpopular and rightly so. What happens, though, when the precedent is established and the government deems some other enterprise unworthy. Do I hear slippery slope? Read the whole excellent column here.