More Expansions Of Federal Power That Is Totalitarian.
Recognize the face? Yes they do look much alike. Both wanted to destroy the private sector so the "state" could take complete control. Hitler stripped the firearms from the people before declaring himself dictator. Obama wants to strip firearms from Americans. He knows he can never "rule" nor can any dictator when the people have firearms to prevent total takeover by a totalitarian regime.
The House financial regulation bill provides for no judicial review and does not require any objective evidence of imminent failure to trigger the takeover provisions.
Essentially, this bill permits the government to launch an unfriendly takeover of any financial institution it wishes without risk or other counter-measures possible.
This is socialism desguised as a fix for a straw man problem the federal government created.
The carter administration and clinton administration made the manufactured financial crisis expand while doing nothing to control or regulate the growing financial disaster. It was encouraged and expanded.
The private sector took advantage of the governments lack of regulation and expanded the financial disaster.
The government required banks to make bad loans to people who could not afford to get the loans. The banks resold the bad loans as derivatives and other "financial" instruments.
Fanniemae and freddiemac expanded and acted like a speculation clearing house.
The US government created the manufactured crisis. The US government now wants to fix the strawman manufactured financial crisis.
This is Totalitarian control of the private sector.
Obama is a communist that will destroy the US economy by killing off large sectors at a time through government takeovers.
Obama is a traitor and a FRAUD. As long as Americans "cling to their guns" obama and others like him must stay at arms length.
"If they bring a knife to the fight, we bring a gun," Obama said at a Philadelphia fundraiser.
Now that obama is "president" he will bring a gun to the fight.
Remember obama wants your firearms and will bring a gun to take your firearms away if he thinks he can get away with it.
Obama considers Americans as people who cling to their guns and will defend themselves with a knife. This is what he said.
I say cling to your knife and guns and remember to bring your guns to the fight. Obama has warned you he will bring a gun to the fight. He was talking about the general election. If obama wanted to bring a gun to defeat republicans in the general election don't you think he would bring a gun to defeat any other oppostion as president? Obama is not bluffing. Americans are not bluffing. Obama is a coward and a strawman. He can be defeated just as hitler was.
(Story Reports)
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Published on TheHill.com on April 13, 2010
If the financial regulation bill that passed the House last year becomes law, President Obama and his Treasury Secretary will acquire the right to take over any financial institution they wish to, provided that, in their sole opinion, it is both “too big to fail” and on the brink of insolvency. The House bill provides for no judicial review and does not require any objective evidence of imminent failure to trigger the takeover provisions.
Once the government takes over such a company, it will acquire the right to replace the entire board of directors, fire the management of the company, wipe out stockholder equity and even sell off divisions of the company.
Essentially, this bill permits the government to launch an unfriendly takeover of any financial institution it wishes without risk and with no poison pill or other counter-measures possible.
This legislation, essentially, confers on the federal government police powers that, under our system, are the exclusive preserve of state and local government. The blank check the bill gives the feds to take over any financial institution is really more of an exercise of eminent domain than it is an extension of traditional federal regulatory power.
This grant of power to the executive branch is unprecedented and potentially totalitarian. Consider:
• Will Obama, or any future president, target companies that are particularly vocal in their opposition to his policies or generous in funding his political opponents? Will the fact that Obama would have this power force companies, investors, CEOs and managers to self-censor their opinions and political involvement because they fear the wrath of a vengeful president?
• Will this grant of authority force companies to hesitate before they grow and expand? Will it function the same way the antitrust powers of the Justice Department do in making companies re-examine mergers and acquisitions with a view toward what Justice will think of their resulting market share? In antitrust situations, where a specific action brings companies under scrutiny — like a merger — such concern is not unreasonable. But when the simple act of making money, showing a profit and expanding in size puts a company in federal crosshairs, does this not have the potential to attenuate the capitalist focus on growth?
• In an environment where the feds are looking over the shoulder of every financial institution to see if they should take it over and shut it down, will this not force financial companies to follow the most risk-averse lending policies possible? Doesn’t this mean that it only makes sense to buy government paper, since consumer loans, mortgages and business lending could be considered risky and lead to a federal takeover? Isn’t this policy precisely the opposite of what we need to catalyze economic growth?
• In a political world where contributions from financial institutions are sought and widely given, doesn’t this power give the president and his party unlimited fundraising ability, simply by baring its teeth and showing the power it has to take anybody over and fire anybody? Given the fact that Goldman-Sachs was the second-largest donor to Obama’s campaign, giving $954,795, doesn’t this new power raise the specter that the federal government could take over financial institutions so as to make the competition lighter for its donors? Already, there is considerable evidence (cited in our new book, 2010: Take Back America — A Battle Plan) that Goldman profited handsomely from the decision of its former CEO — Bush’s Treasury Secretary Henry Paulson — to allow Lehman Brothers to fail. Now that the Treasury secretary will have the takeover power, might it not be used as irresponsibly and with as many bad consequences as Paulson used his power in the Lehman crisis?
While the focus on the regulatory bill has been on the consumer protection provisions, which I tend to support, there has been far less scrutiny on these horrific expansions of federal power.
Fidel Castro and Hugo Chavez could only dream of this power.
http://www.dickmorris.com/blog/2010/04/14/obamas-terrible-powers/
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