Can you even imagine giving unchecked power to this character who clearly works for unnamed people who aren’t even remotely interested in the taxpayers or the citizens of the USA? And can you even imagine a President of a DEMOCRACY thinking this is a good idea? Or the Congress of the USA even listening to this horse shit, much less considering it?
Treasury Secretary Timothy Geithner asked Congress Tuesday to give the White House unprecedented powers to seize large insurers, investment firms and hedge funds, leaping beyond its present authority to seize only banks.
Geithner argued for such authority during the House Financial Services Committee’s hearing on the handling of bonuses paid to executives at American International Group.
“As we have seen with AIG, distress at large, interconnected, non-depository financial institutions can pose systematic risks just as distress at banks can. The administration proposes legislation to give the U.S. government the same basic set of tools for addressing financial distress at non-banks as it has in the bank context,” Geithner told the committee.
“The proposed resolution authority would allow the government to provide financial assistance to make loans to an institution, purchase its obligations or assets, assume or guarantee its liabilities and purchase an equity interest,” he said.
President Obama said later Tuesday that he hopes “it doesn’t take too long to convince Congress” that it should approve the new powers.
A Constitutional lawyer, President Obama? Really? Aside from the fact that Tim Geithner has appeared to screw up everything he touches, and aside from the fact that the Bilderberger Theory is starting to look more real every day, with Tim Geithner in the middle of it, the odor of this idea is extremely foul. Tim Geithner having the utimate power to seize ownership of any business he wants, even if they aren’t using bailout money is the antithesis of capitalism. Is that the idea, wink wink? In China, the government can seize whatever it wants. What is this, the new Union of Soviet Socialist Republic? Is this a joke????? There are millions of immigrants in the USA who LEFT countries and came here to get away from this kind of crap.
This “idea” is an unprecedented assignment of power to Nationalize any American businesses at will—to a man nobody elected, and man who works for a President, and a man who would be virtually an unchecked loose canon, who appears bent on the Nationalization of American Corporations (whether they are in trouble or not!) on behalf of the Republic of Barackistan.
Specifically, the Treasury secretary asked for powers similar to those of the Federal Deposit Insurance Corporation, which has authority to seize control of banks, take over their bad assets and sell good ones to competitors.
“AIG highlights broad failures of our financial system,” Geithner told the House Financial Services Committee. “We must ensure that our country never faces this situation again.”
Geithner made it clear he believes the treasury secretary should be granted unprecedented power, after consultation with Federal Reserve Board officials, to take control of a major financial institution and run it. The treasury chief is an official of the administration, unlike the FDIC, which is an independent regulatory agency.
The FDIC is an independent agency. They do not have the authority to seize banks that are not in trouble. The Secretary of the Treasury works for the President of the United States, and serves at that President’s pleasure………or, in this case, somebody’s pleasure. And he wants authority to take any business he wants and Nationalize it?
More and more you have to ask yourself……..who the hell IS this guy who has the arrogance and audacity to demand this kind of power? And what kind of President thinks it’s a great idea?????
How many of you would hire Tim Geithner to run anything, much less give him unchecked and unaccountable power to take over any business he wants, whether they want him there or not? Anybody?
I’m a little concerned,” House Minority Leader John Boehner told reporters during a press conference. “This is an unprecedented grab of power and before that occurs, there ought to be a real debate about whether we should give that authority to the Treasury secretary.”
House Democratic leaders also showed reservation over supporting the administration’s call for expanded authority.
House Majority Leader Steny Hoyer told reporters Tuesday: “I want to discuss it with a number of people. Obviously one of the issues that Congress is concerned about is the delegation of authority. We are talking about huge sums of money — huge consequences for one individual.”
“At this point in time, I want to look at it more carefully,” he added.
Who do you want to “discuss it with”? Your lobbyist contributors? Thought so. Mr. Hoyer, you are a sellout against the entire concept of Democracy and Free Market and should be run out of Congress on a rail for even treating this like it’s not a totally insane assault upon a Free Market. You should go run for office in China.
Why don’t you Congressional wimps grow some cajones?? You all sound like a bunch of snot-nosed dumb children waiting to ask Mommy what to do next.
How the hell did these people get into to Congress? Any fool can see that this is a power grab of the worst unaccountable and UnAmerican kind. How dumb can they be to even listen to this kind of despot-generating horse crap and dignify it with such a limp answer? They all deserve to lose their powers for the political whores that they are.
My God. No wonder America is falling apart, much to the thrill of its Robber Barons. No wonder more and more States are shoring up their Sovereignty rights.
Filed under: Another reason America is falling apart, Bailout Party, Bamboozled, Barack Obama, Congress, Depression, Economy, Government Inefficiency, Government Thievery, Hoodwinked, Tim "Turbo Tax" Geithner | 66 Comments »