by William Teach | March 24, 2009 7:57 am
Call it socialism, nationalism, progressivism, or fascism (the digital brownshirts legislation and organizing for America issues surely make a good case, as well,) but, whatever you call it, it should cause serious concern for those who love what our country is founded on
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.
Where to start, where to start. Heck, why bother, the story says it all. The federal government, under the rule of an incompetent and inexperience far left ideologue, who put a pretty much incompetent guy in charge of Treasury, will have the power to seize private firms, which would then be under the control of a political entity. Sure, it is meant as a means of making sure that teetering institutions do not crash, but, isn’t that really what should happen in a free market system, as set for by the Founders? And the Obamateur admin plans to send this legislation to Congress this week.
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.
The Treasury secretary could act only after consulting with the president and getting a recommendation from two-thirds of the Federal Reserve Board, according to the plan.
That is the only bright spot. But, if they are all following Obama’s line, how many companies end up being run by the federal government, which couldn’t, and wouldn’t, take the time to read a $787 billion bailout bill? And does it then become the power to sieze firms they are just worried about? Then ones that are deemed important?
Source URL: https://rightwingnews.com/top-news/obamas-creeping-fascism-power-to-seize-private-firms/
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