"I'm as mad as hell, and I'm not going to take this anymore!"
--Howard Beale
I'm with Howard Beale.
From the Washington Post:
The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.
The government at present has the authority to seize only banks.
Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president's Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.
The administration plans to send legislation to Capitol Hill this week. Sources cautioned that the details, including the Treasury's role, are still in flux.
Treasury Secretary Timothy F. Geithner is set to argue for the new powers at a hearing today on Capitol Hill about the furor over bonuses paid to executives at American International Group, which the government has propped up with about $180 billion in federal aid. Administration officials have said that the proposed authority would have allowed them to seize AIG last fall and wind down its operations at less cost to taxpayers.
The administration's proposal contains two pieces. First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy. The Federal Reserve is widely considered to be the leading candidate for this assignment. But some critics warn that this could conflict with the Fed's other responsibilities, particularly its control over monetary policy.
The government also would assume the authority to seize such firms if they totter toward failure.
Besides seizing a company outright, the document states, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake. Such authority also would allow the government to break contracts, such as the agreements to pay $165 million in bonuses to employees of AIG's most troubled unit.
WHAT THE HELL?
This is America.
NO, NO, NO.
This is insane. I can't believe it.
And this, also from the Washington Post:
"Our system permitted a scale of risk taking that has caused grave damage to the fortunes of all Americans," Geithner said in testimony before the House Financial Services Committee. " . . . We must create a new resolution authority so that the federal government has the tools it needs to unwind an institution of the size and complexity of AIG."
"UNWIND."
That's the term for the government seizing control of a firm.
...Appearing on television news shows this morning, White House spokesman Robert Gibbs said the White House wants "resolution authority to go in and be able to change contracts, be able to change the business model, unwind what doesn't work."
I keep thinking of all the Dems and fringe Left nutjobs and other kooks who railed against the Bush administration for its alleged power grab, yet this "unwinding" and "seizing" crap is no big deal.
The Obama administration is tyrannical.
It's a power grab like we've never seen.
Let me be clear: I HOPE OBAMA FAILS. I AM MAD AS HELL, AND I'M NOT GOING TO TAKE THIS ANYMORE!
11 comments:
I'm not comfortable with that much government involvement either, and even though you will not see it this way, neither are a majority of my left-of-center brethren. But, at this point, it's a necessary evil.
My pet peeve is the inability of people to take responsibility, and like it or not, this situation, though not solely, is largely the making of a Republican President and Congress. Take responsibility for it.
In this instance, "you broke, you bought it" may not be apropos. It's more like "you broke it, so now it's our turn." Sorry, you'll just have to live with it.
And "unwind" is just industry jargon for closing up shop, dotting the i's, tucking in a business that has been shuttered.
Right.
And the Obama administration plans on seizing and unwinding to grow the government and destroy the private sector.
Dismantling the private sector is absolutely not a necessary evil.
That's the way Obama and his radical Left comrades are selling it. BS.
Sounds like a replay of conservative hyperbole about FDR. Radical, dismantling capitalism, etc. FDR saves the free market economy. I'm hoping Obama succeeds in replicating that success.
Republicans have been revealing publicly in unguarded moments why they hope President Obama fails.
Well, I'm not a Republican.
This isn't an unguarded moment.
I want Obama's socialist revolution to fail.
Maybe World War III will save our economy just as World War II saved the mess that FDR made. I guess its something to look forward to; it could happen.
That's right. World War II turned the economy around. FDR just kept the misery going.
And FDR issued that executive order authorizing the internment of thousands and thousands and thousands of Japanese Americans.
What an accomplishment!
Now Geithner makes a stupid comment that roils the currency market - http://www.bloomberg.com/apps/news?pid=20601068&sid=aVevdIrBPtUE&refer=home
I'm starting to think that the focus is now going to be crashing the dollar.
Geithner's a disaster, and Obama fully supports him.
President Bush was the one who started the bailouts.
Bush began nationalizing an insurance company.
Bush added the $17 Trillion drug program.
Bush had a government mandated school imitative called no child left behind.
Bush created a wiretap system and allowed the Vice President to live in another world between the executive and legislative branch where his house did not exist on Google Earth.
And Republicans say that Obama is getting our government too involved with the people of America and being a tyrant?
WTF???
It is truly amazing that some people were able to close there eyes when Bush/Cheney was in office, when the real abuse of power happened.
But now that we have Obama in office suddenly some people think that Obama is trying to take over and destroy America. They say Obama is a tyrant and a dictator.
Are these people serious? They are obviously very naive people.
Big Pharma (which is not a bad thing we need them) and the health insurance companies are LAUGHING at you people. Why?
They have fooled you into working for them by believing in and spreading the misinformation and lies about health care reform and Obama's domestic agenda.
They have you working against your own self interest. That is why they are laughing at you.
And because of the lies and misinformation the atmosphere in this country is getting very dangerous. Everyone needs to calm down and think rationally.
ARHaldeman
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