Obama’s Creeping Fascism: Power To Seize Private Firms
Posted on March 24, 2009
Call it socialism, nationalism, progressivism, or fascism (the digital brownshirts legislation and organizing for America issues surely make a good case, as well,) but, whatever you call it, it should cause serious concern for those who love what our country is founded on
The Obama administration is considering asking 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, according to an administration document.
The government at present has the authority to seize only banks.
Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president’s Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.
Where to start, where to start. Heck, why bother, the story says it all. The federal government, under the rule of an incompetent and inexperienced far left ideologue, who put a pretty much incompetent guy in charge of Treasury, will have the power to seize private firms, which would then be under the control of a political entity. Sure, it is meant as a means of making sure that teetering institutions do not crash, but, isn’t that really what should happen in a free market system, as set for by the Founders? And the Obamateur admin plans to send this legislation to Congress this week.
Besides seizing a company outright, the document states, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake. Such authority also would allow the government to break contracts, such as the agreements to pay $165 million in bonuses to employees of AIG’s most troubled unit.
The Treasury secretary could act only after consulting with the president and getting a recommendation from two-thirds of the Federal Reserve Board, according to the plan.
That is the only bright spot. But, if they are all following Obama’s line, how many companies end up being run by the federal government, which couldn’t, and wouldn’t, take the time to read a $787 billion bailout bill? And does it then become the power to seize firms they are just worried about? Then ones that are deemed important?
» Filed Under Anti-Capitalism, Barack Obama, Communism, Constitution, Dems In Charge: Now What?, Economy, Fascism, News, Separation of Powers, Socialism, Stupidity, Totalitarianism, liberalism
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9 Responses to “Obama’s Creeping Fascism: Power To Seize Private Firms”
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Be scared. Be very, very scared.
This is what the unwashed masses voted for…..
Be very worried….I work for a public school district in Commiefornia that was in the dutch with its accreditation body. The State sent in a “special trustee” who hand picked a new President without a competitive hiring process. The elected Board are a bunch of drones.
I live in a Communist state. It’s not fun.
The damage has been done. The administration in Washington is printing money hand over fist, will take over whatever it has to in order to build the final part of the legislative rationale to form “a more perfect Union”- the North American Union.
And half the American people sleep.
Let’s see. What goes best with my brown shirt and jackboots, a swastika or hammer and sickle?
Decisions, decisions.
As the Dems move farther and farther to the left, those whose political leanings have remained steadfast to the principles of the Founding Fathers are seen as “radicals”.
Why would the govt. taking over set things straight?
How about letting them fail? Their business, their problem. Next time don’t take risks that don’t make sense?
How can there be gain if there is no risk? How can there be capital without investment?
I’m ignorant, somebody please tell me how exactly the govt. could “take over” a hedge fund??
Who would they short? How could there not be giant conflicts of interest, of both types. The treasury is going to bail out a hedge fund? What??
“America, is like a healthy body and its resistance is threefold: its patriotism, its morality, and its spiritual life. If we can undermine these three areas, America will collapse from within.” … Joseph Stalin.
we need to seek LEGAL and LEGISLATIVE means to kick that stimulus and bailout out of water. see familysecuritymatters.org
The pretend journalists of Columbia Universty … etal.. who were clapping and in elation when President Reagan was shot now control “The Fourth Estate.” When these people became a Prop for Obama,instead of their obligations to the first amendment,this nation got the disaster of the Obama Cabal.This pernicious group spent more time in Alaska than asking any quetions about President 44 background.You would think that someone being the editor of the Harvard Review would spark some cursory examination of this facit.As this ideologue destroys Capitalism and our Nation this group will focus on Rush Limbaugh and how Partisan Republicans are.Continue to write your stories inciting people into class warfare and anti achievement-you make me sick.
I read the blog and great comments that I agree with. The Stalin quote makes you think. I feel like most free thinking, conservatives have sat on the sidelines and let thinks evolve to the mess that we have now. The Republicans let us down and continue to do so and now this Administration is coming in, printing money, spending money, changing our nation into a Government dependent if not down right socialist mess. What do we do? I have sent faxes and done my email rants, but they keep on spending and keep on changing our nation into one man’s ideal.