I have a question, is there anything President Obama doesn’t want to control? The latest is his plan for new regulation of the financial industry. According to the Los Angeles Times the plan would give the government the power to seize companies.
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.
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.
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.
They want to spread their tentacles into every aspect of American life – from our diets, to our health care, to our finances. And they cloak it all under the guise of protection. What’s to stop them from seizing any business they want, for any reason they dream up?
I’ve quoted and linked to your post from Seeds of Socialism at Jeremiah Films under Obama’s White house.
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At some point I keep waiting for people to wake up. But sadly, so many are standing with their hands out for freebies that nobody is paying attention to the soft shackles being attached.
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How long before we start calling each other “Komrad?”
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