Ok, so apparently that illegal bill passed by Congress last week completely ignoring Article 1, section 9, paragraph 3 about no Bills of Attainder or Ex Post Facto laws and totally nullifying the 4th and 14th amendments wasn't enough - he wants more!
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http://www.washingtonpost.
By Binyamin Appelbaum and David Cho
Washington Post Staff Writers
Tuesday, March 24, 2009; A01
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.
The administration plans to send legislation to Capitol Hill this week. Sources cautioned that the details, including the Treasury's role, are still in flux.
Treasury Secretary Timothy F. Geithner is set to argue for the new powers at a hearing today on Capitol Hill about the furor over bonuses paid to executives at American International Group, which the government has propped up with about $180 billion in federal aid. Administration officials have said that the proposed authority would have allowed them to seize AIG last fall and wind down its operations at less cost to taxpayers.
The administration's proposal contains two pieces. First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy. The Federal Reserve is widely considered to be the leading candidate for this assignment. But some critics warn that this could conflict with the Fed's other responsibilities, particularly its control over monetary policy.
The government also would assume the authority to seize such firms if they totter toward failure.
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.
Geithner plans to lay out the administration's broader strategy for overhauling financial regulation at another hearing on Thursday.
The authority to seize non-bank financial firms has emerged as a priority for the administration after the failure of investment house Lehman Brothers, which was not a traditional bank, and the troubled rescue of AIG.
"We're very late in doing this, but we've got to move quickly to try and do this because, again, it's a necessary thing for any government to have a broader range of tools for dealing with these kinds of things, so you can protect the economy from the kind of risks posed by institutions that get to the point where they're systemic," Geithner said last night at a forum held by the Wall Street Journal.
The powers would parallel the government's existing authority over banks, which are exercised by banking regulatory agencies in conjunction with the Federal Deposit Insurance Corp. Geithner has cited that structure as the model for the government's plans.
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Hmm, so what's their reason why they should be allowed to take over private companies? Simple. In order to 'limit the danger their collapse would pose to the economic system.' Does that sound familiar?
The economy is about to collapse. The world as we know it will collapse. It will be the worst financial catastrophe ever. Worse than the Great Depression. Only Obama can save it. Yes, those were the reasons for passing the first and second bailouts (which led to the AIG bonuses, which in turn led to those who voted for it being given campaign contributions by those companies - isn't that interesting...).
Let's not forget that those bills were rushed through. (Especially the second one!) Barely 24 hours passed between the time the bill was finalized and the time it was passed! So much for openness and disclosure.
Obama had this to say: Uh, we uh... uh, did what we, uh... thought was, uh... best uh... at, um, that, uh, time... and, um... we, uh... just had to, uh, act in order, uh, to, um, prevent, uh, this crisis. Um, there, uh, was a, um, crisis, which um, we, had to prevent, uh, from, um, becoming, uh, a, uh, worse, uh, the worst, uh, crisis in, um, modern times, uh, since uh, the founding, uh, of the, um, country, and crisises. Um, who, uh, wants to, uh, talk, um, bowling?
So not only has Congress essentially bypassed the necessity of Due Process of Law before taking your personal property, Obama now want's increased power for them to be able to do that. Why?
Simple, the more the government controls, the more the people have to rely on them for everything. Marxism is here. Socialism and Fascism are coming. Look out France, China, Russia and Nazi Germany. Move over. Here comes the U.S.S.A.!
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