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Obama to propose strict new regulation of financial industry (new powers of Gov't Seizure)
LA Times ^ | 6/16/09 | Jim Puzzanghera

Posted on 06/16/2009 3:50:33 PM PDT by pissant

The plan would give the government new powers to seize key companies whose failure jeopardizes the financial system, as well as creation of a watchdog agency to look out for consumers' interests.

Reporting from Washington -- The Obama administration this week will propose the most significant new regulation of the financial industry since the Great Depression, including a new watchdog agency to look out for consumers' interests.

But critics say the easing of the financial crisis that gripped the country last year appears to have reduced the momentum for some of the most far-reaching proposals, such as merging several banking regulatory agencies.

They're also concerned that the proposed agency whose mission would be to protect consumers against financial misconduct wouldn't have the authority to do so for a wide-enough range of products.

Under the plan, expected to be released Wednesday, the government would have new powers to seize key companies -- such as insurance giant American International Group Inc. -- whose failure jeopardizes the financial system. Currently, the government's authority to seize companies is mostly limited to banks.

(Excerpt) Read more at latimes.com ...


TOPICS: Breaking News; Crime/Corruption; Front Page News
KEYWORDS: bho44; bhofascism; democrats; economy; fascism; government; larrysinclairslover; obama; seizure; socialism; whitehouse
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Shades of Hugo Chavez
1 posted on 06/16/2009 3:50:33 PM PDT by pissant
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To: pissant

We need more oversight of the Financial Industry 5 years ago when Barney Frank and the Dems refused. Today banks have more auditors breathing down their necks then ever before. We DO NOT need more oversight now. We needed it when banks were making terrible loans. In fact, more government oversight is the LAST thing we need right now.


2 posted on 06/16/2009 3:53:45 PM PDT by Always Right (Obama: more arrogant than Bill Clinton, more naive than Jimmy Carter, and more liberal than LBJ.)
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To: pissant

More powha to the Fed. Woot! =.=


3 posted on 06/16/2009 3:53:47 PM PDT by cranked
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To: cranked

Then when a BANK doesnt dance to his tune he can sieze it. Nice.


4 posted on 06/16/2009 3:59:39 PM PDT by MattAMatt
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To: pissant

Define how the watchdog decides and on what criteria the failure of a company “jeopardizes the financial system”

“I won.”

Again.


5 posted on 06/16/2009 4:00:45 PM PDT by combat_boots (“No heresy, no wickedness, not even the devil himself, can succeed without first counterfeiting goo)
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To: pissant
Did you see 2 weeks ago, SEC pop quiz visits to all small investing firms? NAPFA (look them up, they are the good guys) was furious.

So now he wants control off all firms. Define firms? Even the mom and pop Credit Union? What is left for this thug not get his hands on?

6 posted on 06/16/2009 4:29:17 PM PDT by taildragger (Palin / Mulally 2012)
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To: pissant
There's a bill in congress to give $108 Billion of our money to the IMF to bailout foriegn banks. What else was there to expect?
7 posted on 06/16/2009 4:35:11 PM PDT by rvoitier
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To: pissant

So....we need more Inspector General types that Obama can fire at will and Politicize with Mafia replacements ? ?


8 posted on 06/16/2009 4:35:18 PM PDT by 4Speed
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To: pissant
The plan would give the government new powers to seize key companies whose failure jeopardizes the financial system...

I guess "the financial system" is now a more important institution than the Constitution of the United States.

By the way, who makes the determination of which companies would, if they fail, jeopardize the financial system? Or do we just nationalize everything to be sure?

9 posted on 06/16/2009 4:35:54 PM PDT by Steely Tom (RKBA: last line of defense against vote fraud)
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To: pissant

We need to make REALLLY sure they’re making zero-down housing loans to illegals! And dishwashers, and parking-lot attendants...!

This will help!


10 posted on 06/16/2009 5:13:51 PM PDT by gaijin
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To: pissant

his housing bill was a doosie too. IOt’s in session now being quietly passed.
You wont be able to sell your home to anyone outright anymore unless a bank is involved.
if you own rental properties and fall behind on loans, well the government can just take them before bankruptcy is filed.

The people serve Obama now ....


11 posted on 06/16/2009 6:00:01 PM PDT by Munz ("We're all here for you OK? It's a circle of love" Rham Emanuel)
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To: pissant
The failure of Talk Radio could jeopardize the financial system.

Seize it.

12 posted on 06/16/2009 6:01:02 PM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: pissant

You took the words right off of my keyboard.


13 posted on 06/16/2009 6:23:09 PM PDT by clintonh8r (General James Mattoon Scott: Where are you now that we need you?!)
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To: pissant
Shades of Hugo Chavez

Obama likes to see Chavez profusely blush green because of envy.....it excites him.

14 posted on 06/16/2009 6:33:51 PM PDT by EGPWS (Trust in God, question everyone else)
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To: pissant
Currently, the government's authority to seize companies is mostly limited to banks.

You say that like its a bad thing.

15 posted on 06/16/2009 7:06:55 PM PDT by Raycpa
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To: Munz

Hey, that’s interesting. Do you know the bill number or name? I like to read stuff like that.


16 posted on 06/16/2009 7:11:31 PM PDT by DBrow
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To: Munz; DBrow

Also, wasn’t there something in there making owner-financing of a house sale illegal? That was part of the “bank involvement,” right?


17 posted on 06/16/2009 7:30:54 PM PDT by Zeppelin
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To: pissant

Hey Wall Street - you still love this guy and his friends? How much money you going to give him next election cycle? How many fundraisers you going to throw him and his goons?

It just goes to prove: the best and brightest aren’t necessarily on Wall Street or at Ivy League colleges....


18 posted on 06/16/2009 8:41:04 PM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: pissant

I’m going to ask it again:

WTF country am I living in????

Why doesn’t Zero just rescind the Constitution and appoint himself ‘President for Life’ and be done with it?


19 posted on 06/16/2009 10:42:10 PM PDT by radiohead (Buy ammo, get your kids out of government schools, pray for the Republic.)
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To: pissant

http://globaleconomicanalysis.blogspot.com/2009/06/obama-asks-congress-for-power-to-punish.html


20 posted on 06/17/2009 5:05:16 AM PDT by FromLori (FromLori)
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