Obama administration: "Let us seize everything" - DFWstangs Forums
 
LinkBack Thread Tools Display Modes
post #1 of 40 (permalink) Old 03-24-2009, 08:41 AM Thread Starter
Worship me
 
AL P's Avatar
 
Join Date: Mar 2000
Posts: 34,345
Obama administration: "Let us seize everything"

I'm sure we can trust them, they would never abuse this power at all. Let me guess, next all these companies will need to report to the Feds, like FDIC insured banks do. Or they'll have to pay for an insurance fund, again, like the FDIC. These people are fucking insane.



http://www.washingtonpost.com/wp-dyn...302830_pf.html

U.S. Seeks Expanded Power to Seize Firms
Goal Is to Limit Risk to Broader Economy

By Binyamin Appelbaum and David Cho
Washington Post Staff Writers
Tuesday, March 24, 2009; A01



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.

Treasury Secretary Timothy F. Geithner is set to argue for the new powers at a hearing today on Capitol Hill about the furor over bonuses paid to executives at American International Group, which the government has propped up with about $180 billion in federal aid. Administration officials have said that the proposed authority would have allowed them to seize AIG last fall and wind down its operations at less cost to taxpayers.

The administration's proposal contains two pieces. First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy. The Federal Reserve is widely considered to be the leading candidate for this assignment. But some critics warn that this could conflict with the Fed's other responsibilities, particularly its control over monetary policy.

The government also would assume the authority to seize such firms if they totter toward failure.

Besides seizing a company outright, the document states, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake. Such authority also would allow the government to break contracts, such as the agreements to pay $165 million in bonuses to employees of AIG's most troubled unit.

The Treasury secretary could act only after consulting with the president and getting a recommendation from two-thirds of the Federal Reserve Board, according to the plan.

Geithner plans to lay out the administration's broader strategy for overhauling financial regulation at another hearing on Thursday.

The authority to seize non-bank financial firms has emerged as a priority for the administration after the failure of investment house Lehman Brothers, which was not a traditional bank, and the troubled rescue of AIG.

"We're very late in doing this, but we've got to move quickly to try and do this because, again, it's a necessary thing for any government to have a broader range of tools for dealing with these kinds of things, so you can protect the economy from the kind of risks posed by institutions that get to the point where they're systemic," Geithner said last night at a forum held by the Wall Street Journal.

The powers would parallel the government's existing authority over banks, which are exercised by banking regulatory agencies in conjunction with the Federal Deposit Insurance Corp. Geithner has cited that structure as the model for the government's plans.
AL P is offline  
Sponsored Links
Advertisement
 
post #2 of 40 (permalink) Old 03-24-2009, 08:43 AM
not exclude
 
exlude's Avatar
 
Join Date: Jun 2003
Posts: 9,838
So where is the check & balance in this?
exlude is offline  
post #3 of 40 (permalink) Old 03-24-2009, 08:47 AM
How you doin'
 
STANGGT40's Avatar
 
Join Date: Mar 2001
Location: 8 Rib > 6 Rib
Posts: 28,254
this is a never ending thing...especially if (when) this goes through. they love to use fear to push their agenda.
STANGGT40 is offline  
 
post #4 of 40 (permalink) Old 03-24-2009, 08:52 AM
DFWMUSTANGS.NET
 
Join Date: Jun 2007
Posts: 3,635
I can see MANY Hedge Funds Unwinding if this gets through. What is the upward incentive to work when the GOVT can come in and take everythign you have worked for, for any reason they deem fit?
sc281_99-0135 is offline  
post #5 of 40 (permalink) Old 03-24-2009, 09:41 AM
BP
Keep your unicorns
 
BP's Avatar
 
Join Date: Apr 2000
Location: At the Dexter Lake Club
Posts: 12,422
When are they going to go after radio/TV? I mean Fox news is probably losing money along with AM radio. Might as well seize them along with Sirius/XM.

GE owns NBC/Universal and they got a nice bailout check. It's only a matter of time.
BP is offline  
post #6 of 40 (permalink) Old 03-24-2009, 09:44 AM
Aspiring Bean Counter.
 
Slowhand's Avatar
 
Join Date: Feb 2006
Location: Howard Johnson's Earthlight Room
Posts: 12,279
Quote:
such as guaranteeing losses
Bahahaha! What the fuck is this? The riskless market?! I'm not sure if I'm supposed to take this seriously. Jesus H. Christ, we're fucked.

Slowhand is offline  
post #7 of 40 (permalink) Old 03-24-2009, 10:00 AM
Out
 
Join Date: Apr 2000
Posts: 41,952
Quote:
Originally Posted by Slowhand View Post
Bahahaha! What the fuck is this? The riskless market?! I'm not sure if I'm supposed to take this seriously. Jesus H. Christ, we're fucked.
Now I can take out that multi-million dollar small business loan to start my freindship bracelet factory.
Denny is offline  
post #8 of 40 (permalink) Old 03-24-2009, 10:03 AM
Lifer
 
93coupelx's Avatar
 
Join Date: Sep 2003
Location: Commiefornia
Posts: 1,152
Fuck

None are more hopelessly enslaved than those who falsely believe they are free --Johann Wolfgang von Goethe
93coupelx is offline  
post #9 of 40 (permalink) Old 03-24-2009, 10:07 AM
IA2
 
mikeb's Avatar
 
Join Date: Mar 2001
Posts: 22,413
Just like hugo chavez nationalizing his industries, but at least hugo calls it for what it is.

This shit is scary. And this administration is insane.
mikeb is offline  
post #10 of 40 (permalink) Old 03-24-2009, 10:55 AM
Token Troll
 
GhostTX's Avatar
 
Join Date: Nov 2004
Location: Sherman
Posts: 4,101
Hopefully, Congress will call it what it is...

'05 Redfire Mustang

"Self-government won't work without self-discipline." - Paul Harvey
GhostTX is offline  
post #11 of 40 (permalink) Old 03-24-2009, 11:35 AM
BP
Keep your unicorns
 
BP's Avatar
 
Join Date: Apr 2000
Location: At the Dexter Lake Club
Posts: 12,422
Quote:
Originally Posted by GhostTX View Post
Hopefully, Congress will call it what it is...

Not with guys like Chris Dodd running the show. When the chairman of the Banking, Housing, and Urban Affairs committee is corrupt and the secretary of the treasury is a tax cheat how do you expect us to get anything right?

Hey, the American people elected these guys. It must be what the majority of the country wanted.
BP is offline  
post #12 of 40 (permalink) Old 03-24-2009, 12:56 PM
HERE WE GO STEELERS
 
Geor!'s Avatar
 
Join Date: Dec 2003
Location: HERE WE GO!!!
Posts: 18,685
Our good friend Jody is going to be a goverment employee! Hip hip horray!
Posted via Mobile Device
Geor! is offline  
post #13 of 40 (permalink) Old 03-24-2009, 01:00 PM
T-MINUS
 
Sean88gt's Avatar
 
Join Date: Sep 2000
Posts: 28,540
When do we take back the country?

1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "

"[T]he people alone have an incontestable, unalienable, and indefeasible right to institute government and to reform, alter, or totally change the same when their protection, safety, prosperity, and happiness require it." --Samuel Adams


Sean88gt is offline  
post #14 of 40 (permalink) Old 03-24-2009, 01:02 PM
Crash Test Dummy
 
Monsoon X's Avatar
 
Join Date: Apr 2000
Location: never never land
Posts: 21,966
This is about as scary as when the Bush Admin used the fear of terror to basically take away our rights to a phone call and bail. I hope this bill fails or gets redone so as to take away potential clauses that can make the Gov a monster when it sees fit.

______________________________
I'm just a poor negro
Monsoon X is offline  
post #15 of 40 (permalink) Old 03-24-2009, 01:02 PM
Out
 
Join Date: Apr 2000
Posts: 41,952
Quote:
Originally Posted by sean88gt View Post
when do we take back the country?
in!!!
Denny is offline  
post #16 of 40 (permalink) Old 03-24-2009, 01:09 PM
T-MINUS
 
Sean88gt's Avatar
 
Join Date: Sep 2000
Posts: 28,540
Quote:
Originally Posted by Monsoon X View Post
This is about as scary as when the Bush Admin used the fear of terror to basically take away our rights to a phone call and bail. I hope this bill fails or gets redone so as to take away potential clauses that can make the Gov a monster when it sees fit.
The fear of terror was there because we saw what happened when they executed. Our President is just doing his best to unravel the country that he doesn't care for and create the socialist model that he thinks we need.

1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "

"[T]he people alone have an incontestable, unalienable, and indefeasible right to institute government and to reform, alter, or totally change the same when their protection, safety, prosperity, and happiness require it." --Samuel Adams


Sean88gt is offline  
post #17 of 40 (permalink) Old 03-24-2009, 01:11 PM
Out
 
Join Date: Apr 2000
Posts: 41,952
Quote:
Originally Posted by Monsoon X View Post
This is about as scary as when the Bush Admin used the fear of terror to basically take away our rights to a phone call and bail. I hope this bill fails or gets redone so as to take away potential clauses that can make the Gov a monster when it sees fit.
BOTH fears are/were justified.
Denny is offline  
post #18 of 40 (permalink) Old 03-24-2009, 01:12 PM
Crash Test Dummy
 
Monsoon X's Avatar
 
Join Date: Apr 2000
Location: never never land
Posts: 21,966
Quote:
Originally Posted by Sean88gt View Post
The fear of terror was there because we saw what happened when they executed. Our President is just doing his best to unravel the country that he doesn't care for and create the socialist model that he thinks we need.

Oh bother. Just like when people thought Bush was the antichrist and a war mongeror for going to war on 2-3 fronts. You folks think Obama is Stalin renewed. I say all government leaders should be watched.

______________________________
I'm just a poor negro
Monsoon X is offline  
post #19 of 40 (permalink) Old 03-24-2009, 01:14 PM
Out
 
Join Date: Apr 2000
Posts: 41,952
Quote:
Originally Posted by Monsoon X View Post
Oh bother. Just like when people thought Bush was the antichrist and a war mongeror for going to war on 2-3 fronts. You folks think Obama is Stalin renewed. I say all government leaders should be watched.
Stalin renewed?!?! More like Stalin Whatasized!
Denny is offline  
post #20 of 40 (permalink) Old 03-24-2009, 01:18 PM
Num say'n? (tm)
 
JP135's Avatar
 
Join Date: May 2006
Posts: 5,702
Quote:
Originally Posted by Sean88gt View Post
When do we take back the country?
On it!

DFWMustangs.net
JP135 is offline  
post #21 of 40 (permalink) Old 03-24-2009, 01:21 PM
Factory Issue
 
Yale's Avatar
 
Join Date: Sep 2003
Location: Shippensburg, PA
Posts: 12,295
1929, what?

Give me a dollar.
Yale is offline  
post #22 of 40 (permalink) Old 03-24-2009, 01:24 PM
Crash Test Dummy
 
Monsoon X's Avatar
 
Join Date: Apr 2000
Location: never never land
Posts: 21,966
Quote:
Originally Posted by Denny View Post
Stalin renewed?!?! More like Stalin Whatasized!

LOL Look it's Obama! runaway

______________________________
I'm just a poor negro
Monsoon X is offline  
post #23 of 40 (permalink) Old 03-24-2009, 01:31 PM
Out
 
Join Date: Apr 2000
Posts: 41,952
Quote:
Originally Posted by Monsoon X View Post
LOL Look it's Obama! runaway
Now you're getting it
Denny is offline  
post #24 of 40 (permalink) Old 03-24-2009, 01:37 PM
Time Served
 
Join Date: Oct 2008
Location: Close To Red River
Posts: 181
Well Obama again stands aside and just nudges someone else to do the dirty work for him.

Obama nudges Congress to empower regulatory units
Obama presses Congress to enact bill giving government broader nonbank regulatory powers
∑ Jennifer Loven, AP White House Correspondent
∑ Tuesday March 24, 2009, 1:07 pm EDT
WASHINGTON (AP) -- President Barack Obama said Tuesday he hopes "it doesn't take too long to convince Congress" to approve new authority to oversee big, tottering financial firms.
The administration is pushing the idea of an overarching regulator, such as the Federal Reserve, to have the ability to take over nonbank financial entities whose failure could topple the entire banking system.
Treasury Secretary Timothy Geithner is expected to detail the administration's proposal for a broad overhaul of financial sector regulations during testimony Thursday before the House Financial Services Committee. Along with the new regulating authority, the administration wants increased oversight and controls of previously unregulated markets such as hedge and private equity funds.
Those funds also are expected to be a chief target of discussions between Obama and fellow leaders of the Group of 20 major world economies next week in London, at a summit on the global financial crisis.
Obama told reporters, after an Oval Office meeting with Australian Prime Minister Kevin Rudd, that his administration is "very confident" that the U.S. will work in concert with those other nations to stabilize global financial system. French Prime Minister Francois Fillon said earlier Tuesday that the U.S. and Europe agree on the need for new international regulation of hedge funds and also for rating agencies and reforms in international accounting standards.
There have been indications the United States is at odds with some countries that want to focus more on financial regulation than on government spending to stimulate their economies.
Obama said he expects the G-20 meeting will produce a framework for broad financial regulation, but that specific issues won't be settled right away.

We donít need to restore the American Dream; we need to wake up from it.

When the rich run out of money, itís over.

Smile it makes people wonder what you are up to.
Miss D is offline  
post #25 of 40 (permalink) Old 03-24-2009, 01:42 PM Thread Starter
Worship me
 
AL P's Avatar
 
Join Date: Mar 2000
Posts: 34,345
Of course, there is nothing to worry about. The government never abuses the power it is given. If we can't trust in the free markets we can always trust in the state to do the right thing. The machine in Washington has certainly done a fine job in the last year.
AL P is offline  
post #26 of 40 (permalink) Old 03-24-2009, 01:58 PM
Time Served
 
Join Date: Oct 2008
Location: Close To Red River
Posts: 181
Oh God have they done a good job HaHa HaHa

We donít need to restore the American Dream; we need to wake up from it.

When the rich run out of money, itís over.

Smile it makes people wonder what you are up to.
Miss D is offline  
post #27 of 40 (permalink) Old 03-24-2009, 02:22 PM
Lifer
 
samuel642000's Avatar
 
Join Date: Feb 2009
Posts: 1,372
Quote:
Originally Posted by Denny View Post
in!!!
me to
samuel642000 is offline  
post #28 of 40 (permalink) Old 03-24-2009, 03:01 PM
T-MINUS
 
Sean88gt's Avatar
 
Join Date: Sep 2000
Posts: 28,540
Quote:
Originally Posted by Monsoon X View Post
Oh bother. Just like when people thought Bush was the antichrist and a war mongeror for going to war on 2-3 fronts. You folks think Obama is Stalin renewed. I say all government leaders should be watched.
They should be watched, and removed when not acting in the best interest of the country. You're just supporting him because you voted for him

1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "

"[T]he people alone have an incontestable, unalienable, and indefeasible right to institute government and to reform, alter, or totally change the same when their protection, safety, prosperity, and happiness require it." --Samuel Adams


Sean88gt is offline  
post #29 of 40 (permalink) Old 03-24-2009, 09:16 PM
PAN
 
Join Date: Mar 2002
Location: Under a rock
Posts: 20,154
Quote:
Originally Posted by Geor! View Post
Our good friend Jody is going to be a goverment employee! Hip hip horray!
Posted via Mobile Device
LMFAO! As I was reading this I was thinking that he was likely shittin' bricks as he scrolled through this thread...
Fox466 is offline  
post #30 of 40 (permalink) Old 03-25-2009, 04:37 AM
Lifer
 
Join Date: Oct 2006
Posts: 7,017
Notice the expressional similarities

Mr Majestyk is offline  
post #31 of 40 (permalink) Old 03-25-2009, 05:00 AM
Out
 
Join Date: Apr 2000
Posts: 41,952
Quote:
Originally Posted by Mr Majestyk View Post
Notice the expressional similarities

I KEEL YOU(r economy)!
Denny is offline  
post #32 of 40 (permalink) Old 03-25-2009, 08:35 AM
Lifer
 
GT Dan's Avatar
 
Join Date: Sep 2005
Posts: 3,335
It's for the Greater Good!
GT Dan is offline  
post #33 of 40 (permalink) Old 03-25-2009, 09:39 AM Thread Starter
Worship me
 
AL P's Avatar
 
Join Date: Mar 2000
Posts: 34,345
Think of how this would create absolute havoc in the free market when a hedge fund takes positions that the government deems to be "risky". Then the government seizes the fund and liquidates the assets, forcing the investors to lock in losses and take their money back. Beyond absurd.
AL P is offline  
post #34 of 40 (permalink) Old 03-25-2009, 11:29 AM
Lifer
 
93coupelx's Avatar
 
Join Date: Sep 2003
Location: Commiefornia
Posts: 1,152
Quote:
Originally Posted by AL P View Post
Think of how this would create absolute havoc in the free market when a hedge fund takes positions that the government deems to be "risky". Then the government seizes the fund and liquidates the assets, forcing the investors to lock in losses and take their money back. Beyond absurd.
Lets start a DFWstangs hedge fund

None are more hopelessly enslaved than those who falsely believe they are free --Johann Wolfgang von Goethe
93coupelx is offline  
post #35 of 40 (permalink) Old 03-25-2009, 12:28 PM
Out
 
Join Date: Apr 2000
Posts: 41,952
Quote:
Originally Posted by 93coupelx View Post
Lets start a DFWstangs hedge fund
Who says there isn't one already?
Denny is offline  
post #36 of 40 (permalink) Old 03-25-2009, 01:01 PM
Lifer
 
93coupelx's Avatar
 
Join Date: Sep 2003
Location: Commiefornia
Posts: 1,152
Quote:
Originally Posted by Denny View Post
Who says there isn't one already?
Well how do I invest? No risk FTW

None are more hopelessly enslaved than those who falsely believe they are free --Johann Wolfgang von Goethe
93coupelx is offline  
post #37 of 40 (permalink) Old 03-25-2009, 01:05 PM
Out
 
Join Date: Apr 2000
Posts: 41,952
Quote:
Originally Posted by 93coupelx View Post
Well how do I invest? No risk FTW
Kindly paypal the amount of $5,000USD to our account on the Bank of Kenya, attn:Prince Nderi. Thank you for your time and consideration in this matter.
Denny is offline  
post #38 of 40 (permalink) Old 03-25-2009, 01:10 PM
DFWMUSTANGS.NET
 
Join Date: Jun 2007
Posts: 3,635
Quote:
Originally Posted by Denny View Post
Kindly paypal the amount of $5,000USD to our account on the Bank of Kenya, attn:Prince Nderi. Thank you for your time and consideration in this matter.
I thought this was a scam......until I saw it was the bank of Kenya. Whoo... For a moment there, I thought it said Nigeria.

Paypaling the money now, since it's legit.
sc281_99-0135 is offline  
post #39 of 40 (permalink) Old 03-25-2009, 01:11 PM
Out
 
Join Date: Apr 2000
Posts: 41,952
Quote:
Originally Posted by sc281_99-0135 View Post
I thought this was a scam......until I saw it was the bank of Kenya. Whoo... For a moment there, I thought it said Nigeria.

Paypaling the money now, since it's legit.
Ya... you can't trust those fucking Nigerians
Denny is offline  
Sponsored Links
Advertisement
 
Reply

Bookmarks

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the DFWstangs Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome