Yesterday, President Obama was seeking expanded powers to control the pay of executives, in firms that had NOT gotten bailout money from the Fed govt. His actions were accompanied by assurances from his various advocates, that we could trust him to only do this with firms that could do great harm to the country by having financial troubles.
Many of those same advocates were telling us just last week, of course, that we could trust him not to control ANY wages except those in companies that received bailout money.
Today, he is trying to get the power to seize complete companies, again including those which did NOT receive any bailout money.
Can I have a show of hands? How many still believe we're not heading deeper into a socialist form of government, at breakneck speed?
Obama's Chief of Staff Rahm Emanuel said a while ago, that every crisis is an opportunity to do things you couldn't do during calmer, more rational times; and his Secretary of State Hillary Clinton quickly chimed in and agreed.
Now we're starting to see exactly what they had in mind. The fact that most of these "things" are unconstitutional, doesn't seem to matter to these people.
Never in the history of the United States have we had so many people, with such an extreme-leftist attitude, seated in so many of the highest offices in the land.
And WE put them there.
We get the government we deserve.
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U.S. Seeks Expanded Power to Seize Firms
U.S. Seeks Expanded Power to Seize Firms
Goal Is to Limit Risk to Broader Economy
By Binyamin Appelbaum and David Cho
Washington Post Staff Writers
Tuesday, March 24, 2009; A01
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.
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.
(Full text of the article can be read at the URL above)
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