Here's something that would make Mussolini proud, the Obama Administration is seeking expanded power to seize other businesses.
The Washington Post reported today:
The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.
The government at present has the authority to seize only banks.
Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president's Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.
The administration plans to send legislation to Capitol Hill this week. Sources cautioned that the details, including the Treasury's role, are still in flux.
This is socialism, pure and simple. The government would then dictate a company's policy once it takes control of it. Some firms are already regretting accepting TARP funds as they are being dictated to by the Obama Administration. The Adminstration is couching it in terms that a move such as this would prevent further damage to the economy. Another example of soft tyranny.
If the Obamatrons get this power, they will stop at nothing in seeking to seize further power.
What's next? Martial law?
To read the full article, go here.
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