Nice headline Poodle.
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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.
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The government at present has the authority to seize only banks. - Source
The government at present has the authority to seize only banks. - Source
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I'm no financial expert of course, but I don't like the sound of this. I also don't like the idea of the government regulating CEO's salaries, and I don't like the government encouraging mobs to stand outside the homes of the rich protesting, or threatening AIG employees with piano wire lynching. And 90% tax on bonuses seems to me to be an abuse of power.
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The Obama Administration is playing around with anarchy.
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Update: President Barack Obama says he hopes "it doesn't take too long" to convince Congress to approve new authority to oversee financial firms. (Source) Gee - I wonder why?
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