Tuesday, March 24, 2009

Wake Up People- Geithner Asks Congress for Broad Power to Seize Firms

Ok this is truly scary. I don't scream communism and socialism as to evrything Obama does as some pundits do. However this is truly Frightening.

The Washington Post reports:

Treasury Secretary Timothy F. Geithner today told Congress the administration will seek unprecedented power to seize non-bank financial companies whose collapse could jeopardize the economy, a move Geithner said would have allowed the government to bail out insurance giant American International Group at a far lower cost to taxpayers. The government at present has the authority to seize only banks. ..............................

Linda Chavez explains quite clearly what is going on here:

On its face, this is an assault on free enterprise. We’re no longer talking about companies coming hat-in-hand to the government begging for a bailout and agreeing to let the government tell them what to do. The Obama administration is now seeking the go-ahead to make these decisions on its own. This is truly scary — worse than anything we’ve seen out of this crew so far.
These are the same people who believe that no threat to national security justifies warrant-less searches or electronic eavesdropping, not even on non-citizens who are outside the U.S. But they are quite willing to bypass the courts in order to seize companies and rewrite contracts. We already have an effective system through our bankruptcy laws to re-negotiate contracts (a system many Democrats seem to believe is too onerous to subject union autoworkers to). Beware the future if we give up on the notion that contracts are sacrosanct, subject to change only by the agreement of the parties, or through a carefully conducted bankruptcy procedure in which all parties who have a stake in the outcome have the chance to be heard. This is the path to economic ruin and tyranny

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