Posted on 03/21/2009 10:16:32 AM PDT by BarnacleCenturion
Obama said Wednesday his administration will soon propose new financial industry oversight that includes a "resolution authority" that would have powers similar to those of the Federal Deposit Insurance Corp., which can seize control of banks, take over their bad assets and sell the good ones to competitors.
Administration officials did not provide any details on how the new resolution authority would be financed. That could be a key sticking point in Congress.
One official at a banking industry trade group in Washington said the Obama proposal raises concerns about the possible "nationalization" of banks.
(Excerpt) Read more at google.com ...
YES, Brain power would be nice.
I’ve thought from the beginning we do an RTC type thing where management and owners of the failed institutions get nothing and the taxpayers get back most or all of thier money from the sale of the assets at market prices to healthier buyers.
Isn’t this pretty much the classical definition of economic fascism?
Is lord Zero suggesting another czar?
But I thought that insurance was regulated on a state-to-state basis. IMO, what Obama is asking for is further Federal encroachment on the powers of the States (Tenth Amendment).
Buckle up. Things are gonna get ugly from here on out.
#6
Wonderful, Geitner, or Barney Frank, can take over a bank on a whim....say one of those days they want too or need too, to cover their own ass.
Obozo wants government to control everything in other words he wants to be ruler of the world. Oboso is an narcissistic egomaniac.
Can this encompass all financial institutions? I thought the story I heard said it would expand beyond banks to include all financial institutions, but there is so much information being thrown out there I could be wrong.
Legislature grants Chávez broad new powers to shape Venezuela
LA PAZ, Bolivia: Venezuela's legislature on Wednesday granted President Hugo Chávez the power to rule by decree for 18 months, enhancing his ability to both increase government control over the economy and assert greater personal authority over areas of society he considers crucial to his aspiration to build a socialist state.
http://www.iht.com/articles/2007/02/01/america/web.0201venez.php
You are correct...but don’t question him, he insisted this get passed so it has to be done.
Did you NOT get the literature that you can NEVER question O’s authority and wisdom? /Super sized sarcasm...
Buyers remorse?
http://www.opensecrets.org/industries/recips.php?cycle=2008&ind=F07
Securities & Investment: Top Recipients
Top 20 Recipients
Rank Candidate Office Amount
1 Obama, Barack (D) Senate $14,447,682
Nah. Better to let them run amok, profit on the way up, and then stick us with the tab on the way down. Again.
Obama, you candy-butted liberty-thievin’ so’s ‘n so’s! I curse yer name!
ruler of the world....
When the left constantly screamed about fascism under Bush, I think they were projecting more than anything else. They wanted to have that control.
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