In a story from the Washington Post today:
“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 administration’s proposal contains two pieces. First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy. The Federal Reserve is widely considered to be the leading candidate for this assignment. But some critics warn that this could conflict with the Fed’s other responsibilities, particularly its control over monetary policy.
The government also would assume the authority to seize such firms if they totter toward failure.
Besides seizing a company outright, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake.”
In creating legislation of this magnitude, the Federal government is tossing aside any and all pretenses of supporting a free market system. This is not an attempt to protect any citizen of the United States or any company from failure, but instead to impose full governmental control of the entire economic system. Socialism, Marxism, communism – give it the the label you want – if this legislation passes, the United States of America as it was originally founded, is dead and buried!
Welcome to the United Socialist States of America.
Tags: bailout, corruption, crazy, economics, economy, evil, insanity, morons, politics, scary, stupidity
I would’nt call it Marxism as Marxism stress everyone working together without the need of a government or church. I would call it the final push towards Totalitarianism by our lovey men in office. Just hope goose stomping class was more fun the PE.
Goose stomping class is more fun then PE was.
Are you referring to “Goose stepping”? Goose stomping sounds messy…
I like stomping, you know take the class so you can scare the crap out of the minorities, intellectuals, or whatever as you come to stomp out what little rights they have left.
[...] Satan’s Garden placed an interesting blog post on USSAHere’s a brief overviewPoliticalMarch 24th, 2009 In a story from the Washington Post today:“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 administration’s proposal contains two pieces. First, it would empower a government [...]