Posted on 03/25/2009 7:47:25 AM PDT by elc
Treasury Secretary Tim Geithner hopes to today send draft legislation of a bill to Capitol Hill that will give him more power to take over large financial institutions in serious trouble. The government currently has this authority with banks, but not with other financial institutions such as bank and thrift holding companies, or with holding companies that control insurance companies, futures commission merchants, and broker-dealers.
The draft legislation will -- likely later today -- be sent to Sen. Chris Dodd, D-Conn., chair of the Senate Banking Committee and Rep. Barney Frank, D-Mass., chair of the House Financial Services Committee.
As written, the bill would give the Treasury Department what's called "resolution authority," granting the U.S. government the authority to put a big financial company into receivership or conservatorship. With that authority, the government can either reorganize or shut down the company -- renegotiating or reneging on contracts (such as retention bonuses for AIG executives), transferring the company's assets and liabilities, and dealing with any derivatives portfolio.
One possible sticking point: President Obama and Secretary Geithner are seeking sole authority be given to the executive branch to put these companies into conservatorship or receivership. The legislation as written would give the decision making power to the Treasury Secretary and the chair of the Federal Deposit Insurance Corporation (FDIC), though the decision would be "informed" by the advice of the chair of the Federal Reserve Board and any other relevant regulatory agency.
(Excerpt) Read more at blogs.abcnews.com ...
We will have to re-design our country to have the Constitutional United States for people who love and hold our freedoms and liberties dear. For those who believe in our Republic and a Democratic rule of government. And a section for the non-constitutional United States for those who would rather have a government power dictate their lives, share the wealth among all with no rewards for successful hard work, and stand in line for hours for a loaf of bread and govt. controlled health care.
This means they can take over your broker on a whim, and seize YOUR assets as well, and there’s nothing you can do about it.
Everyone will be clearing out their funds from their brokerage accounts if this goes through.
Well there was that day back in November when tens of millions of our fellow Americans put Obama in office. So apparently, yes. There are people out there who trust these guys with their lives and their futures.
You probably didn't want to read that, did you?
(ring ring!) "Hello? is Obama there? No? Can I leave a message then? Ok? Good Can you tell Obama to quit trying to be a Hugo Chavez? What's that mean? it means quit trying to turn this country into a Marxist dictatorship by seizing private companies and financial institutions. Ok? Ok, thanks, bye."
That ought to do it. we can relax now. \
I can think of no downside to giving the most inept departments and leaders more power.
Punish Success / Reward Failure! Yes we can!
The two things the Obummer administration desire most are power and control, control and power and all your money, the three things the Obummer administration want most is power control and all your money and for everybody to be a slave of the centralized government, the four things the Obummer administration want is, wait I’ll start over and come in again...
Paging the Supreme Court... Paging the Supreme Court... Hello? Anybody home? Anyone awake over there at the court hourse??? You folks are the 3rd leg of the stool, remember?
Hmmmm. Taking over insurance companies. Back door to shut down private healtchcare insurance?
And twice TurboTax Timmy had no answer. He kept dancing around the questions saying 'Congress did this, blah, blah, Congress did that, blah, blah'. But Rep Bachmann was relentless on the issue of 'THE CONSTITUTION'.
Little Timmy looked like a deer in the headlights. It was like the word 'Constitution' was some obscure word used in ancient Sumeria. It was also clear TurboTax Timmy has no idea of what's IN the Constitution.
Now even ole dummy me would have tried to give the s.o.p. phoney baloney answer saying it was authorized by the 'Commerce Clause' (Congress' fall-back answer for everything) and see where that went. But the nitwit couldn't even think of that.
The bottom line is, that its NOWHERE in the Constitution. Thankfully, besides us FReepers, Rep Michelle Bachmann knows this too. (btw, she's a cutie)
(This was shown on Fox and Friends this morning)
Anyone know how they are defining which companies will be eligible for takeover? This could be far worse than it appears now.
jlt
We are. King Obama is a hard core communist and will permanently take over our Country. His RAT pack is fully committed to converting the US and as soon as possible. And the problem is nothing peaceful will stop this attack. If for some reason King Obama quits, look what we got. Biden and next Pelosi. All committed fascists.
I follow Bachmann on Twitter. She has some interesting stuff.
Yes she does.
After I posted I went to her US House page. There's video links on her questioning in the AIG hearings of yesterday. Plus there's a video from a FoxNews interview with her after the hearing.
Smart Lady. We need more like her.
“I follow Bachmann on Twitter. She has some interesting stuff.
“
Rush has a clip on his web of Bachmann go after Geithner and being stopped by Barney ...what a joke!! What a mess we are in....God help us!
Well. We're the jews this time. but the odds are worse for us now, because there is no USA to escape to.
With all due respect, and pardon the language...but I'm starting to believe FR and these Tea Parties and such are just patriotic masturbation.
It is a little venting mechanism that purges us daily of the anger and frustration that needs to build to levels where we are serious.
Calling and ranting, or posting and ranting, or asking the friggin government for permission to protest against it!!![below]....
We can do one thing and one thing only: Galt's Gulch it. Stop paying federal taxes. Period. That's the ONLY way to be patriots. Not contribute to this mess.
Quitting all our jobs is the only way to do this right now.
I'm eager to hear other solutions that don't require me to turn into dirt. But calling an entry-level anonymous switchboard operator who works for the government we want to limit just seems like playing into their game.
In fact, if you were Obama and FR didn't exist, you'd want to create it as a flypaper distraction for your critics...wouldn't you?
Not too long ago two friends of mine were talking to a Cuban refugee, a businessman who had escaped from Castro, and in the midst of his story one of my friends turned to the other and said, "We don't know how lucky we are." And the Cuban stopped and said, "How lucky you are! I had someplace to escape to." In that sentence he told us the entire story. If we lose freedom here, there is no place to escape to. This is the last stand on Earth. And this idea that government is beholden to the people, that it has no other source of power except to sovereign people, is still the newest and most unique idea in all the long history of man's relation to man. This is the issue of this election. Whether we believe in our capacity for self-government or whether we abandon the American revolution and confess that a little intellectual elite in a far-distant capital can plan our lives for us better than we can plan them ourselves. -- Reagan, October 27, 1964
I don’t think it will happen. There is now enough rage building in the country because they have already over reached. There are large segments of the population that are now “tuned in” to what’s really going on. There are many moderate / progressive types who are starting to say “this is not what I voted for”, etc. My point - I believe BHO has over reached so far, that he is going to find it increasingly more difficult to get some of this far left / Marxist style legislation pushed through.
NOBODY EXPECTS THE OBUMMER INQUISITION!
Maybe it won’t happen like this. But watch for it to come through the backdoor somehow. Just like the way they’re trying to back door the “Fairness Doctrine.”
We have to stay on our toes.
I hope Congress is smart enough not to even entertain this.
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