Obama Seeks Expanded Power to Seize Firms

**mikesilvia** · 03-24-2009, 09:43 AM

The socialist take over has gone to the second level. Controlling all the banks was not enough.

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.

Soon, you will walk into a bank, insurer or even try to open up a mutual fund. When you walk into the office there will be the bank employee there. You will fill out the loan paper work. The loan officer will see that you qualify for the loan, but will have to walk over to the government worker who will look you over and either stamp "approve" or "disapprove. Here is what you are losing/gaining:

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 socialist take over of America failed in the 80s, but has full steam ahead in 2009 and Americans are oblivious to it. I hope everyone enjoys calling each other comrade and waiting for a government employee to approve your loan or investment purchases.

**OnePimpTiger** · 03-24-2009, 09:43 AM

Geithner to seek unprecedented powers, insiders say

Treasury Secretary Tim Geithner will push for unprecedented new regulatory powers on Tuesday to seize financial institutions whose failure would pose serious risks to the U.S. financial system, according to two senior administration officials.

Geithner is expected to make his case in testimony before the House Financial Services Committee.

With such "resolution authority," the federal government could intervene and aggressively reorganize a troubled business -- such as insurance giant AIG -- before its problems ripple through the global financial system, the administration officials said.

One step closer...