Geithner Asks Congress for Broad Power to Seize Firms – The Washington Post – 24 Mar 09
“…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.
” ‘As we have seen with AIG, distress at large, interconnected, non-depository financial institutions can pose systemic risks just as distress at banks can,’ Geithner said in prepared testimony submitted to the committee. ‘The administration proposes legislation to give the U.S. government the same basic set of tools for addressing financial distress at non-banks as it has in the bank context’…”
Newsletter comment: WHOA! Where does this end? Could the Feds, under this proposal, take over any corporation they deem a threat to our economy? Such as oil, food, natural gas, airlines, automobile production, the list is endless!
We encourage all to contact their representatives (I have faxed my Senators) and urge them to move VERY slowly and cautiously on such broad legislation!
Roger Young – co-editor
Geithner says new ‘rules of the game’ required – MSNBC – 26 Mar 09
U.S. plans key role in naming GM board – MSNBC – 1 Apr 09
“…Some critics characterize the White House’s removal of Wagoner as a move toward European socialism. In addition to forcing leadership changes at GM, President Obama on Monday said that Chrysler must strike a partnership with Italian automaker Fiat, and that GM must further cut its already shrunken workforce and product lines…”
Automakers Get Behind Obama Efficiency Plan, Brace for Tough Trade-Offs – FoxNews – May 19, 2009
Here comes the USSA. These sorry-assed democrats are going to change this country into their so-called Utopia. Kinda like the Hitler labor camps. Oops, sorry volunteer camps.
Waldo, you and I have very similar concerns. And what really scares me is we know from the AIG bailout our representatives seldom read the bills they vote on!
WAKE UP PEOPLE!!!
I think today’s update – posted above – at MSNBC entitled “U.S. plans key role in naming GM board” clearly indicates there is a backdoor plan to take over any private business that has accepted taxpayer funds and is ‘too big to fail’
Unfortunately, I have no idea where the President, Fed, or Treasury get the authority to do so.
GM probably would have been far better off to file bankruptcy and let the court restructure their corporation without taking government bailouts.
Meanwhile Congress says little about this powerplay which is likely unconstitutional