Skip to comments.Geithner Is Overreaching on Regulatory Power (China and Russiain to have a said U.S banks)
Posted on 04/05/2009 3:01:35 PM PDT by AmericaCitizen
Geithner Is Overreaching on Regulatory Power We don't need more politics in our economics. The proposal is being offered as a clever political solution to the turf war that might have erupted if the Treasury or FDIC alone were given this quasi-nationalization authority, with no input from the Fed.
But the real issue is whether this expansion of regulators' powers is wise.
(Excerpt) Read more at online.wsj.com ...
President Obama has just gave China and Russiain g20 to have a said in America banking system
DickMorrisReports - 4.3.09
America conspiracy dick morris
Good going 0
(international regulation, international supervision.)
It really amounts to a global economic government.
Let me read you from the communique, Greta. We agree to a framework of internationally agreed upon high standards. We will set up a financial stability board with a strengthened mandate to extend regulation and oversight to all systemically important financial institutions, instruments and markets including hedge funds, all anything that they decide is important to the system to endorse and implement tough new principles on paying (ph) compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms.
Just when Obama is accused of socialism, hes essentially creating world economic governance. This means that the FSB, this newly created board, (Financial Stability Board)
, patterned on the Financial Stability Forum that now exists, headed by an Italian banker, populated largely by the European bank executives, will make the decisions on what standards our own SEC and Federal Reserve board should apply to all firms in the United States of any significant size about executive compensation, market activities, and a whole range of issues that used to be under free enterprise reserved for private decision making.
This is an unbelievably radical document! This trivializes everything Obamas done until now!
VAN SUSTEREN: All right, the Financial Stability Board that youre speaking of two questions. Who makes up this board? Actually, its three. Who makes up the board? Who decides who makes up the board? And is the board almost a sort of a an intellectual exercise, in the sense hat it makes reference to what people what countries should do, or is it or is it mandatory?
MORRIS: Well, its made up the central bankers of the G-20 states. And one of the ironies and things about this is the
United States has about 60 percent of the assets of the G-20 no, Im sorry, about 40 percent of the assets of the GDP of the entire G-20, and yet we have one vote and Argentina has one vote.
But the central bankers make this up. They essentially are more or less a self-perpetuating oligarchy. Theyre not really chosen by anybody. I suppose theyre appointed by their prime ministers and presidents, but thats a lengthy and arms length process.
And as to whether their rules will be advisory or mandatory, itll be up to them. Clearly, this communique indicates that they want agreed upon high standards, which means uniformity. And they presumably will have the power to compel this through their member states.
You know, Ive had a long experience in dealing with the European Union, and this is how they operate. All the focus was on how much will there be in the stimulus package, $1.1 trillion. And did Obama win? Did Sarkozy win? And in the meantime, they slip this in under the radar, which is absolutely creating an international economic union.
VAN SUSTEREN: Did anybody oppose it, any country say, Look, this is a lousy idea?
Watch Gretas interview with Dick Morris MORRIS: Yes, Obama. This was so unbelievable. Obama was the one pressing for less regulation and more spending. And he had to convince the Europeans. But eventually but Obama himself is a socialist, I believe, and he had no problem really with this.
This truly creates a global economic system. From now on, dont look to Washington for the rule making, look to Brussels.
VAN SUSTEREN: All right, the $1.1 trillion loan for the IMF, who pays that $1.1 trillion? I mean, I know that were quite a generous nation.
MORRIS: I think we pay. VAN SUSTEREN: We contribute a lot. But Im trying to figure out how much were you know, were putting into the kitty.
MORRIS: I forget the exact number. I think we pay 250 and the other countries chip in the rest. But the point is that the European the IMF, the International Monetary Fund, and the FSF, the Financial Stability Forum, are basically European operations. Theyre run by Europe. The World Bank is run by the United States.
And at Bretton Woods, when they set this up, they sort of said Europe has the IMF and the United States has the World Bank. And what that means, really, is that European socialists are going to be making the regulatory rules concerning compensation for all, all systemically important U.S. firms. All!
VAN SUSTEREN: And we got to go. We got to go, Dick. Thank you.
this international s-— is (TREASON)
This interview’s been posted a few times over the past few days...if you haven’t watched it, it’s an interesting theory of why Geithner hasn’t been let go, and why he wants the “power” to choose which CEOs stay and which go.
Bill Moyers interviews William Black:
Sovereignty means “supreme, independent authority. ” National sovereignty means “supreme, independent authority in government.” The United States bought its sovereignty with the blood of sovereign individuals who laid down their lives so this nation could be free from the dictates and demands of another nation.
The United States joined the community of nations as a sovereign nation. Over time, however, little by little, this sovereignty has been stolen.
Article 2 of the Convention on the Law of the Sea declares: “The sovereignty over the territorial sea is exercised subject to this Convention and to other rules of international law.” This treaty, if ratified, will steal a little sovereignty from the United States.
A little sovereignty was stolen by the North American Free Trade Agreement, by Article 511, which requires that each member nation conform its laws to NAFTA’s uniform regulations within 180 days of the issuance of regulations. These NAFTA regulations are issued by non-elected bureaucrats. Their power to compel the United States to change its laws is the usurpation or theft of national sovereignty.
Is the New World Order just an invention of parnoid conspiracists? Find out in “Hope of the Wicked: Master Plan to Rule the World”
The U.N.-funded Commission on Global Governance declared in 1995 that national “sovereignty has to be exercised collectively.”
There is no such thing as “collective” sovereignty. Sovereignty is “supreme and independent authority,” or it is not sovereignty. A nation that exercises its sovereignty “collectively” is not a sovereign nation, but a member of a collective government that exercises authority over the members of the collective.
The Brookings Institution has issued a new Action Plan, which claims that:
International cooperation today must be built on the principle of responsible sovereignty, or the notion that sovereignty entails obligations and duties toward other states as well as to one’s own citizens.
Brookings’ “responsible sovereignty” sounds very much like the U.N.’s “collective sovereignty” neither is the “supreme and independent authority” for which our forefathers died.
It is little wonder that the Brookings Action Plan is a reflection of the plan offered by the Commission on Global Governance. Of the 16-member group that produced the document, 13 are members of the Council on Foreign Relations, the organization created in 1921 expressly to prepare the United States to accept the United Nations and the idea of global governance.
The European counterpart to the CFR is the Royal Institute of International Affairs, also known as the “Chatham House Gang.” They have been far more successful in preparing Europe for the notion of “collective” sovereignty. It took decades to create the European Union, but it is now firmly in place and is exercising considerable power in the United Nations and in the G20 meetings.
The people who exercise this power hold the common belief that an international government should regulate the affairs of individuals, organizations, companies and the governments of subsidiary nations.
(Column continues below)
The Obama administration appears to share this belief. Obama has publicly committed to support an international system of regulations on energy use. As a senator, Obama’s Global Poverty Act attempted to force the U.S. into compliance with the U.N. directive to increase payment of international aid to 0.7 percent of GDP at an estimated cost of nearly $845 billion over 10 years. Obama has demonstrated his determination to ignore free-market principles by bailing out private industries and then exercising management-by-government.
Obama by his actions believes that government is the solution to all problems caused by the failure of capitalism. The truth is that government intervention in free-market capitalism is the cause of the problems.
The massive intervention proposed by the Obama administration can only worsen the domestic situation in the long run. And Obama’s propensity to submit to the international community’s regulatory regime is sure to redistribute America’s wealth to achieve a more equitable global poverty for all.
This situation is not simply a possibility for some future generation. It is a real and present danger. It is happening now with every deficit-laden bill passed by Congress and with every new international entanglement that steals a little more of our national sovereignty.
There is only one remedy: Throw the bums out!
Start looking, now, for a replacement for your representative and your senators. A good, simple yardstick to measure your representative’s dedication to the Constitution is to ask him/her to co-sponsor the Enumerated Powers Act (H.R. 450) or to explain in writing why not. If you get a mealy-mouthed non-responsive reply, tell the editor of every newspaper and every talk show host in your district. Voters must hold their representatives accountable.
This current batch of people who populate the government appear to have little regard for the principles of freedom founded on the national sovereignty won at Valley Forge. They appear eager to watch that sovereignty be stolen, little by little, through more and more international entanglement. They seem hell-bent on stripping sovereignty from every individual and doling out instead limited freedoms to those who conform to government-prescribed values.
The sovereignty of individuals and of our nation is in great jeopardy. Now is the time for individuals to stand up and be counted.
watch the end
I thought anyone who conspred against America was automatically tried for treason?
*********I thought anyone who conspred against America was automatically tried for treason?*********
Where have you been sleeping?
jane Fonda, Bill Ayres,John Kerry the list goes on and on of people who have worked against this government or been in violation of the Logan act.
Wouldn’t you rather walk into a future of “pas-encore-vu”???
Video is 15 years old. wow.
it time to get out of this international system
but but but............some Demcratic attorney sap told me Geithner was a folking genius!!!!!!!!!!
These dishonest people like Carl Rove and Rush & Hannity and the politicos know about the only way to bail out the automakers would be to have a fair trade were foriegn makers had to pay a tax to sell there cars in this country like we have to in order to sell in their countries. But they don’t care. These men call themselves conservatives and care nothing of the growing military threat of China and it’s alliance with Russia. They don’t care the we will have no Steel and industrial strength left to defend ourselves from a Chinese attack once they destroy General Motors and the rest of the auto industry. And they don’t care. No bankruptcy can General Motors bring wages as low as Korea’s or China or allow them to compete against German and Japanese cars brought in our country tax free, while the taxes double the cost of the few cars we export and to them. All the car companies need are loan guarantees for daily operating capital.
Etc. and a tax on imported autos as they do on our auto exports.
Don't forget who is doing a pretty damn good job at destroying industries from within.
Also, welcome to Free Republic
thank to treasury The Great American Yard Sale
No thanks, but good luck with that if its your thing.
Over the past five years, foreign takeovers of U.S. companies have steadily risen. Among the more notable: Swiss pharmaceutical maker Novartis’ $39 billion staggered buyout of Alcon, the world leader in eye care; British energy distributor National Grid’s takeover of utility KeySpan Corp. for $11.8 billion; Saudi Arabian petrochemical company SABIC’s acquisition of GE’s plastics division for $11.6 billion; and Italian aerospace company Finmeccanica’s pending takeover of the U.S. military contractor DRS Technologies in a $5.2 billion deal. Some 55% of foreign direct investment in the U.S. came from the Old Country last year, with extra impetus now coming from its currency advantage. Says Scévole de Cazotte, senior policy director for Europe at the U.S. Chamber of Commerce: “European companies are very much conscious of the potential windfall. You buy cheap now with the belief that in 10 years the currency will have rebounded.”
Infrastructure is a prime example. Barcelona-based Abertis has been buying up airport-operation contracts from Atlanta and Burbank, Calif., among others, and a variety of service contracts in tele communications and parking garages. Now it is seeking a $12.8 billion deal to operate the Pennsylvania Turnpike, but the state legislature has balked. The road to growth leads to the U.S., says Abertis spokesman Toni Brunet, who notes that states and municipalities have lagged behind European public entities in privatization. “In terms of infrastructure, the U.S. is an emerging market,” says Brunet.
Indeed, European infrastructure firms calculate that the U.S. needs a massive infusion of capital to modernize its roads, bridges and power lines, highlighted by a recent spate of blackouts and the tragic collapse of a Minneapolis highway bridge last year. Steve Lucas, cfo of British power utility National Grid, says estimates are that the U.S. will spend $2 trillion in the next two decades upgrading electricity and gas infrastructure. “That’s bigger than China,” he notes.
Beware, PWI (posting while intoxicated) can lead to headline horrors like this one. It's a hugh and series problem.
Let's take the PA Turnpike you stated. I drive that pike from time to time. It is unionized and you DO NOT get a job there unless you know someone or area family member. Same thing with MANY of the sanitation plants. I know some of those folks as well. Nice people to have a BBQ with, but the "on te job" work ethic of a looter.
Let's move on to one you did not mention; Westinghouse. A once great company. Again, unionized and left to the dust bins of American commerce. I worked there and can tell you stories of the East End Center and how INEFFICIENT it was due to; UNIONs.
I do not argue the point that there is TOO much foreign interests in the United States in the Private Sector. I wish it were different too. But reality is, for companies to survive in TODAY's America with the Federal Government regulating EVERYTHING, taxing everything and lawyers at every turn suing everything; American Bussiness' are operating in protective mode, not entrepreneurial mode.
Recognize first that Union's and their outdated model and suffocating contracts are killing the very life force they wish to work for. Democrats that say they are for the working class LIE (Witness the Coal Minors union swinging left in the '08 election. Sorry guys! President Obama has you in his sights!).
If you are genuine and posting with concern, I feel right there with you.
I suspect however you are trolling this site as of the moment.
Check the date. They have schemed a long time for this to happen. May God Save the Republic.
Longer than you and I’ve been born.
you are a nut
President Obama is seting up a new international system
Exhibit A of our soundbite society. This discussion deserved an hour of its own. Instead, on to the next irrelevant subject!
No, he or she just noted that your command of the English language is imperfect, as evidenced by your freeper name and your posting, and he or she assumed that the errors are a result of PUI- Posting Under the Influence. He failed to take into consideration the possibility that English is not your native tongue.
but that show your (character)
Other possibilities include :
A. A disability, in which case making too much of an issue of English skills would be wrong and hurtful because you are doing your best.
B. You attend or did attend a public school, and will, like most people, improve your skills with experience.
C. You are a foreigner who hasn't yet mastered the language and are too sensitive to admit it or to improve, pretending to be a US citizen for some silly reason. (Talk about character.)
But on second thought, perhaps the other poster was spot-on.