Sticky Fingers ObaMarx Grabbing For More Economic Power – Even Internationally…
Obama wants his unprecedented historic power grab before he leaves office and the crisis window is closing soon. Obama’s plan Wednesday will officially call for the supervision of global financial firms through supervisory colleges.
The Obama administration this week will propose the most significant new regulation of the financial industry since the Great Depression, including a new watchdog agency to look out for consumers’ interests.
Under the plan, expected to be released Wednesday, the government would have new powers to seize key companies — such as insurance giant American International Group Inc. — whose failure jeopardizes the financial system. Currently, the government’s authority to seize companies is mostly limited to banks.
But critics say the easing of the financial crisis that gripped the country last year appears to have reduced the momentum for some of the most far-reaching proposals, such as merging several banking regulatory agencies.
The administration’s move to seize greater power over the financial industry is quite frankly… making me seize. This is so incredibly unconstitutional and will completely crush the economy. The banks are already too tight on lending and Obama wants to regulate them more – makes tons of sense!/sarc. Too many regulations on the free market make it completely dysfunctional – can we not let capitalism work? Why is it that difficult?
What’s worse? This new push for regulation will also give the Federal Reserve additional power and control. The Federal Reserve, as many of us already realize, has been behind many of the economic collapses/recessions in this country, since it’s creation in 1913.
The Federal Reserve, already arguably the most powerful agency in the U.S. government, will get sweeping new authority to regulate any company whose failure could endanger the U.S. economy and markets under the Obama administration’s regulatory overhaul plan.
Just what we need, an entity accountable to no one, not even an auditing agency…
To understand Obama’s intentions we could also take a look back at his G20 plan from a couple months prior:
The Financial Stability Board then has the international authority to set policies in these corporations, including compensation packages the private boards of directors in the examined companies decide to pay top executives and senior managers.
Morris charged that the Obama administration, by agreeing to create the Financial Stability Board, has gone beyond nationalizing U.S. corporations, to “internationalize” U.S.-based corporations under the control of this new global regulator.
While the G20 focused on regulating risks in hedge funds and derivatives, the authority of the Financial Stability Board extends to any banking, brokerage or business practice by a major U.S. corporation that the Financial Stability Board on its own authority determines is unduly risky.
Under the premise that the IMF and the Financial Stability Board would have the ability to make loans to important U.S. corporations, the IMF and the Financial Stability Board become the effective global regulators over the corporate world, superseding all U.S. governmental authorities, including the Federal Reserve, the U.S. Treasury, the Federal Deposit Insurance Corporation and a host of corporate regulators, including the U.S. Department of Commerce and the U.S. Department of Labor.
So Obama says no meddling in Iran but, we can meddle in Capitalism around the globe…? Huh?
