Tuesday, March 24, 2009

Obama seeking expanded powers to seize firms...



Nice headline Poodle.
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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.
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The government at present has the authority to seize only banks. - Source
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I'm no financial expert of course, but I don't like the sound of this. I also don't like the idea of the government regulating CEO's salaries, and I don't like the government encouraging mobs to stand outside the homes of the rich protesting, or threatening AIG employees with piano wire lynching. And 90% tax on bonuses seems to me to be an abuse of power.
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The Obama Administration is playing around with anarchy.
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Update: President Barack Obama says he hopes "it doesn't take too long" to convince Congress to approve new authority to oversee financial firms. (Source) Gee - I wonder why?

6 comments:

  1. Just what the USA needs - Hugo Chavez with a teleprompter

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  2. T - have you read Michael O'Brien's latest newsletter reflection? It is well written and touches on some of JPII's writings concerning government, business and freedoms.

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  3. Yes. Our government bears a lot of responsibility for the banking crisis. It was government that encouraged/coerced mortgage lenders to loan to people who could not afford to pay. All under the guise of civil rights and equal housing opportunity.

    Now this same mismanaging government wants more power to step in and take over more types of entitities.

    Exciting, scary times ahead for us all.

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  4. I'm waiting for the day when they say no employee should be getting a bonus, that profits of any kind need to go to "The Man" oh, excuse me, the government.

    Larry D: Yeah.

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  5. David2:24 PM

    All Hail, Herr Obama!

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  6. That poor sweet puppy--having to be held by---ewwww.

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