Posted on 03/24/2009 8:46:54 AM PDT by Scanian
The Obama administration now wants unfettered power to seize assets, abrogate contracts, and take over management of private corporations if it believes their failure would cause systemic damage to the economy. This is how Robert Gibbs justified it this morning:
“We need resolution authority to go in and be able to change contracts, be able to change the business model, unwind what doesn’t work,” Gibbs said on CNN in one of several morning television interviews aimed at promoting the administration proposal. ” . . . This is the exact type of authority that will allow us to deal with the problems in AIG . . . that will address the systemic risk without having to put [a failing firm] in bankruptcy.”
On its face, this is an assault on free enterprise. We’re no longer talking about companies coming hat-in-hand to the government begging for a bailout and agreeing to let the government tell them what to do. The Obama administration is now seeking the go-ahead to make these decisions on its own. This is truly scary — worse than anything we’ve seen out of this crew so far
(Excerpt) Read more at commentarymagazine.com ...
I think the Nazis had similar power. The precedent should not be lost on anyone. Unfortunately, it will be.
Let’s see that would put the most incompetent people on the planet in charge of how business is run.
God help us all, this is definitely unconstitutional.
Well shazam! I thought that's what corporate lawyers and courts were for. Learn something new every day!
If this went through Venezuela's Chavez wouldn't be calling Obama an ignoramus anymore.
Yes, Comrade, Capitalism is so over.
I can see it already...
CALPERS or some other huge government workers union is invested in a company which they feel is not giving them a good enough return on their retirement investments. The union gets their buddies on Capitol Hill to seize the private company and sell off the pieces to fatten the union’s coffers.
But, did they grab it as aggressively as Odmama?
Now you get it!
In “Unjust Desserts” ( http://www.amazon.com/dp/1595584021/?tag=yahhyd-20&hvadid=49207559511&ref=pd_sl_15nnpo2aww_e) how the rich are taking our common inheritance and why we should take it back, it discusses these very methods.
BINGO. Why no one is screaming for the impeachment of this entire administration is beyond me. Gutless wonders all of them.
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