Pointing with dismay to the AIG debacle, the nation's top economic officials argued Tuesday for unprecedented powers to regulate and even take over financial goliaths whose collapse could imperil the entire economy. President Barack Obama agreed and said he hoped "it doesn't take too long to convince Congress."
U.S. Seeks Expanded Power to Seize Firms
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.
US GOVTS: Proposed Resolution Authority To Be Led By Treasury, FDIC
That's a HUGE category of private property the government wants to grab.
Power power power. Anyone who thinks we're not headed for fascism is an idiot.
I couldn't make my way through the circus they called a press conference. Ugh. Talk about overexposed.
Text of Obama's news conference
Full text of Barack Obama's online town hall meeting
PRUDEN: Taking the show on the road
The president is aware not only that "it's the economy, Stupid," but he understands that Stupid can't think about two bad things at once. Worrying about where groceries come from is only human, and it helps close the sale abroad when Stupid is foolishly spending all his outrage on the AIG bonuses.
Obama’s just not that into you
Obama has to oppose nationalization today in order to achieve it tomorrow. He has to show the country and the world that he is doing all he can to help the private sector to sort things out with government help. He must ostentatiously invite the hated demons of Wall Street to join him in rescuing the banks in order, later, to say that he did his best to avoid having to take over the banks. Only then will nationalization be an acceptable alternative — when he has run out of other options.
Meanwhile, he makes sure the private sector won’t play ball by going after their bonuses, sending an implicit message to the other executives on Wall Street that reads: Stay away.
Even when he takes over the banks, as he almost inevitably will, he is going to have to dress up the nationalization as a temporary measure forced on him by the economy and the previously unrealized depth of the problem. He will cite the example of Sweden, where the government nationalized the banks only temporarily and returned them to private hands quickly.
You can’t be for nationalization. But Obama hopes to accomplish it nonetheless.
Obama lays out US-Mexico border strategy
Clinton Admits U.S. Demand Feeds Mexico’s Drug Trade
Obama Mexico border plan not enough-US senator
The U.S. Guns In Mexico's Drug War
Makes a nice pretext for all sorts of crackdowns, doesn't it?
Obama Tells Digital Town Hall Expect to Lose More Jobs
Obama, NATO chief talk Afghanistan, Russia
Gateway Pundit: Obama's Hitler Youth Will Not Be Allowed to Express Religious Beliefs
EU Presidency: Obama Plans 'a Way to Hell'
White House: Obama To Meet Presidents Of China, Russia
No Need For Global Currency, Obama Says
I foresee the expiration date on this one coming very, very soon.
EU says dollar secure as reserve currency
Not so much.
Geithner sends dollar on roller-coaster ride - MarketWatch
Treasury Secretary Timothy Geithner shook markets on Wednesday when some of his comments over China’s call for a new global reserve currency led to confusion over U.S. policy and triggered a brief plunge in the dollar.
A world currency moves nearer after Tim Geithner's slip
UN panel touts new global currency reserve system
Global currency 'could save world economy'
Global currency flies with push from Russia and slip from Timothy Geithner
Meltdown 101: Will China global currency idea fly?
WASHINGTON -- China's central bank has called for the creation of a new global currency as an alternative to the dollar, in the latest sign of that country's growing assertiveness on the international stage. But would the idea even work?
China ‘Super Currency’ Call Shows Dollar Concern
German President calls for new financial order
Pax Consortis: A new global order?
U.K. leader hears advice from banks about G-20
Global situation 'extremely worrying': IMF
Rudd to meet World Bank president
U.N. urged to reject bar on defamation of religion
Soros: G20 a make or break event for markets
But at least he's having a good crisis! :
'I'm having a very good crisis,' says Soros - who made £1billion as the world plunged into recession
U.N. urges G20 to back $1 trillion aid for poor nations
Papering over the cracks at G20
The U.N.'s 'Alliance of Civilizations'
International brawl looms over Arctic rights
U.S. bill seeks to rescue faltering newspapers
Caught on Tape: Government Ineptitude
Shock!
Levin: US and Russia should unite against Iran
Sorry, they'll unite against us.
US lawmaker: missile threat from Iran exaggerated
WASHINGTON — A candidate for a top nonproliferation post in the Obama administration played down today the threat from Iran’s long-range missile program as a reason to build a European missile defense system.
aaaaaaaaaarrrrrgggggghhhhhhhhh!
Call for help: Postal chief says agency crashing
And just think, the government wants to run lots more businesses!
Pentagon should establish fourth military service to wage cyberwars
California's Wipeout Economy
Libraries, Booksellers Face Anti-Lead Ban On Older Books for Kids
Pentagon criticizes China on military transparency
U.S. Sees Chinese Military Rise, and a Need for More Contact
Sounds like we're a-scared of 'em to me.
The non-kosher kosher hot dog riot
Missouri State Highway Patrol orders militia report shut down
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