Geithner Seeks Broad Power To Seize Firms

CBS News ^ | 3/24/09 | Binyamin Appelbaum, David Cho and Debbi Wilgoren.

[RangerM]

The Obama administration will ask 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, White House spokesman Robert Gibbs said this morning.

[Hildy]

We’ve already past the point of what and what not should be discussed in polite company. How about open ballots? Did you ever in your life think we’d be seriously discussing ridding America one of its most sacred rights? How about the Fairness Doctrine? Seriously?

[thecabal]

Hugo Chavez is a piker compared to these guys.

[Upstate NY Guy]

Scared yet?

Yup.
What an amazing scam the DemonRats have come up with. First they create the policies that cripple business, then they grant themselves the power to take control and sieze the assets of the businesses they crippled. And they hoodwink the public into beliving they are saviors.

Rush is right. The AIG bonus outrage is a pure diversion to take your eyes off the real scam.

[George Smiley]

Name the chapter of “Atlas Shrugged” that this echoes.

[Chgogal]

I second that and tea bags are on their way. The timing is perfect. I'm suffering from a nasty cold and therefore, drinking tea like a camel at an oasis. Many, many tea bag sleeves are going to Congress. ; )

And there is a tea party in my home town come April 15th!!!

[syriacus]

I’m watching the hearings.....Geithner makes the same expressions and hand movements as Liar in Chief Bill Clinton.

[syriacus]

keep asking this question on other threads devoted to this but nobody has answered: Why in the world are our corporate heads and business leaders just sitting by and watching this happen without even a murmur of complaint?

Good question.

Someone needs to be brave enough to step forward and speak truth to power.

I realize Obama will crush them.

[syriacus]

What’s the difference between 0bama and Chavez?

Up until today Chavez had a bigger thumb for controlling businesses.

[Chgogal]

I’m listening as well...not good.

[syriacus]

NY Times says Greenspan, Summers and Rubin twisted arms to keep derivatives unregulated.

Democrats in Congress went along, as did Republicans and Clinton.

The Reckoning: Taking Hard New Look at a Greenspan Legacy

Mr. Greenspan’s legacy may ultimately rest on a more deeply embedded and much less scrutinized phenomenon: the spectacular boom and calamitous bust in derivatives trading.[snip]

“Proposals to bring even minimalist regulation were basically rebuffed by Greenspan and various people in the Treasury,” recalled Alan S. Blinder, a former Federal Reserve board member and an economist at Princeton University. “I think of him as consistently cheerleading on derivatives.”[snip]

Robert E. Rubin, the Treasury secretary then. Treasury lawyers concluded that merely discussing new rules threatened the derivatives market [snip]

In early 1998, Mr. Rubin’s deputy, Lawrence H. Summers, called Ms. Born* and chastised her for taking steps he said would lead to a financial crisis, according to Mr. Greenberger.

* Brooksley E. Born had called for greater disclosure of trades and reserves to cushion against losses.

[Chgogal]

What's her name for Minnesota is doing a fine job.....asking B and G about constitutionality of actions, global currency,....etc.

[syriacus]

I think she did well, too.

Bernanke and Geithner sure seemed “twitchy” when they gave across the board promises to refuse to switch from away from the dollar

[Sen Jack S. Fogbound]

Whatever happened to "WE THE PEOPLE"?

These broad power grab by the Federal Government is clearly not Constitutional !!!

[TexasRepublic]

“I’m Hugo Chavez and I support this message.”

Hugo didn’t move this fast. It took him years to consolidate power before making his moves. Obama is thankfully foolish enough that people might see through him in time to stop him.

[syriacus]

The administration is not merely putting us on a slippery slope....The administration is greasing the slope.

[Lazamataz]

I just elevated this to breaking news.

A deathplunge into outright communism is Breaking News in America.

[avacado]

Chavez seizes control of Venezuela's oil ports

Chávez Orders Federal Takeover of Venezuelan Ports

Chavez seizes control of transport systems

Link:

[Uncle Miltie]

BOOOOMMMMMM!!!!!!

There goes the market.

[Uncle Miltie]

"Why in the world are our corporate heads and business leaders just sitting by and watching this happen without even a murmur of complaint?"

BAAAAA!!! BAAAAA!!!!!

We are spineless wimps raised in MBA Schools without knowledge of History, Politics, Tyranny, Philosophy, Patriotism or Economics.

[<1/1,000,000th%]

Why not allow the companies to quit paying their taxes?