I AM PAUL WILSON

U.S. Seeks Expanded Power to Seize Firms

I watched the circus on Capitol Hill last week. All those congress critters taking turns bloviating about the bonuses the AIG people recieved. It is all smoke and mirrors to draw attention away from the destruction that they, along with that Idiot Moron Obama, are bringing down on this country. Now this from WAPO:

Washington Post Staff Writers
Tuesday, March 24, 2009; Page 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.

So as it is the government (Obama) can seize banks, now they (Obama) is taking the power to seize more financial firms. To top it off Turbo-Tax-Timmy is going to be in charge. This administration is never dull. They pass the bill which included the authorization for the bonuses. I got a bonus each and every one of the thirty five years that I worked for the company I retired from, I hope they don’t decide to come after them. There is some new Bullshit every day, Obama is breaking all the speed limits to take this country to third world status.

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.

So now they want the authority to take partial ownership of these companies. That sounds much like the auto companies. The government dictates that the car companies produce those stupid death trap “Green Cars” that no one wants to drive. Of course there are those here in California who have bought into the green (Al Gorebot) scam. I pity them if they are in an accident.

"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.

It is about time for Americans to take a look behind the curtain. We need to know who the puppet master is. Is George Soros pulling the strings? Is it Hugo Chavez? How about Putin or Amadinnerjacket? My money goes on Soros, he ges his fingers into everything related to the Democrat party. Someone is pulling the strings on this puppet that is temporarily residing, free of rent, in our HOUSE.

When you put the clowns in charge, don’t be surprised when a circus breaks out. (Unknown but correct)