Obama’s Banana Republic Plan: Can We Take Over Whole New Industries?

24 Mar, 2009 by John Hawkins

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So far, all we’ve seen from the Obama administration are stunning incompetence, the highest deficits since World War 2, and a lust for power that is more reminiscent of a South American dictator than an American President.

Now, after their bungling in the banking industry has turned out to be a complete disaster, Obama is looking to seize companies in new industries,

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.

I don’t care what their reasoning is, what lame excuses they make up, or how they justify it, under no circumstances imaginable should this insane power grab be allowed to occur. Obama is absolutely out of control and unless Congress puts the brakes on hard, he is going to decimate the economic future of our country with his statist, Leninesque blundering.