What the Hell is going on here? Government seeks economic power grab

Posted by Joel Friedlander | 1 Comment

The Treasury Chief Is Expected to Ask Congress for New Powers.

The Obama administration plans to ask Congress for the authority to take over financial institutions in distress, expanding its existing powers to include insurance companies and other less-regulated market players, officials said on Tuesday.

“The United States government does not have the legal means today to manage the orderly restructuring of a large, complex non-bank financial institution that poses a threat to the stability of our financial system,” Mr. Geithner said in a statement prepared for delivery before the House Financial Services Committee.

“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,” the White House press secretary, Robert Gibbs, told CNN on Tuesday.

Are you frightened?  I’m scared silly!  Do we really want the government to regulate everything that might have an affect on the financial system?  I don’t!

If the government can change contracts whenever it wants there will be no such thing as a contract.  I’m not even sure what to call the kind of power that the government wants to give to the Treasury Department, but it is way over the top. 

It goes beyond fascism, communism, socialism, to something like “Enlightened Despotism.”  Yes, that’s it!  They know better than the rest of us and therefore they have to be able to take control of us to prevent pain to the country. This demand is insane, positively insane.

They want to unwind whatever doesn’t work.  Well, they haven’t been able to determine what will work in this country since the Constitution, given the dozens of economic crashes we have had, so what makes anyone think that the Treasury Department, or anyone else for that matter, is going to know what is going to work?

Everyone in this country is in such a panic over the economic decline that the government thinks that it can do anything that it wants. The last administration said that in time of War the President can do whatever he wants to protect the country without violating the Constitution. That power was soundly rejected, AFTER 8 YEARS, and now the new administration wants ABSOLUTE POWER to control the economy.

Why are we turning into an authoritarian state? Are we afraid to run our own economic affairs? Does everything have to be protected by the government?

If the government did absolutely nothing to prevent the failure of any business, bank or otherwise, the weak ones would fail, we would go into a steep economic decline, followed by a recovery. Yes, people would lose their jobs by the millions, but the same money that is now being thrown at the failing banks and other institutions could be doled out to the Americans without jobs for a year or two to keep them from suffering too much while the economy recovered.

LISTEN CONGRESS, YOU MUST STOP THIS PATERNALISM BEFORE IT DESTROYS AMERICA!!!!!!!!!!!!!!!

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