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Obama seeks expanded power

post #1 of 3
3/24/09 at 7:41am
Thread Starter 
http://www.washingtonpost.com/wp-dyn...302830_pf.html

Quote:
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.
And Timothy Geithner, the turbo tax cheater is the one that would exercise the power. Oh joy, it doesn't get much better than that.

It is reinforcing my opinion that the AIG scandal was just a ploy to get people up in arms so they can do this. Wanna take bets to see if it goes through.?
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post #2 of 3
3/24/09 at 2:40pm
Quote:
Originally Posted by ckblv View Post
http://www.washingtonpost.com/wp-dyn...302830_pf.html



And Timothy Geithner, the turbo tax cheater is the one that would exercise the power. Oh joy, it doesn't get much better than that.

It is reinforcing my opinion that the AIG scandal was just a ploy to get people up in arms so they can do this. Wanna take bets to see if it goes through.?
Oh I agree!! It's also a cover up for this stupid stimulus mess Obama got us into.
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post #3 of 3
3/24/09 at 10:44pm
I don't know if it's a ploy, but it's quite typical of government to take every advantage of adverse situations to gather new power for itself. This started with John Adams and has been continuing ever since. Some of the Presidents considered our greatest Presidents have done the most to use circumstances to accrue power for the Executive Branch: Lincoln and FDR come to mind. And every President from JFK on, with the last President striving to rival FDR. Now it looks like the Obama administration is intent on eclipsing FDR, and by a wide margin. I don't know why we should be surprised. It's the nature of the beast.

I wouldn't bet against it. The mood of the country is pretty ugly. These proposals are going to be put forward as the solution, as the fix, so that these things never happen again. So the people are going to be phoning and emailing their legislators to do something, and this is the something they're going to do. THE REALLY IRONIC THING is that it's very likely little or none of these broader powers are really necessary because now that we know the dangers, they're not very likely to be repeated. And these powers aren't going to prevent the next disaster, because nobody knows yet what that's going to be.
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