For those of you that read the Constitution noting all legislation must originate in the congress - u outta luck.
This chit needs to be brought to a stop. It is like we are living in a dictatorship.
THIS MUST BE STOPPED!
It is time to march on Washington.
Start calling to protest this dictatorship:
202-225-3121
Spread the word.
Lord, please help us.
Every dictatorship starts with a flurry of legislation consolidating power.
Wow, I can see people lining up to buy stock in companies that can be taken over by the government.
Plus, I can see highly educated people lining up to be CEO’s to have the government snatch thier pay at the last minute.
Nice.
So I ask again, are they stupid or intentionally bringing down this country?
Here is abumper sticker I saw the other day..
Barack Obama is loud and makes you feel good, but is just hot air..
Much Like A Fart!!
Judge Napolitano said on Fox yesterday that this is not Constitutional and that Congress does not have the power to legislate this.
May be true...but Congress no longer considers the Constitution has any import.
If a company is “in trouble”, it is in general the creditors, not the Federal government, that have a stake and the right to take action. An exception is when the Federal government represening the creditors. For example, if a bank is insolvent, the FDIC can intervene, because it is responsible for making depositors whole (up to FDIC limits).
Life and property insurance companies are regulated by the states, and if a state regulator finds a company insolvent, it can intervene and put the company in “run-off mode” and prohibit it from issuing new policies.
AIG’s credit default swaps were not federally insured, although for some reason they have been made a responsibility of the Federal government. When AIG could not make payments on these swaps, its counterparties had the right to force bankruptcy.
I don’t see why a general, vague right to seize “troubled” companies is needed, except for the frightening prospect that Obama wants the power to expropriate investors.
There is a well-established process called bankruptcy for dealing with insolvent companies, but I guess for the Dems that process leaves too much power with relatively apolitical judges.
Federal government siezes corporations in night time raid, Herr Obama calls for new era of federal corporatism
How’s everyone enjoying the ride on America’s Ship of Fools?
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.
I can think of no downside to giving the most inept departments and leaders more power.
Punish Success / Reward Failure! Yes we can!
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