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xavierx
Joined: Nov 06, 2004
Posts: 5427
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 Posted: Mon Oct 26, 2009 10:16 pm Post subject: Obama To Take Over All Industries |
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http://www.nytimes.com/2009/10/26/business/economy/26big.html?_r=2&...rtner=r
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Congress and the Obama administration are about to take up one of the most fundamental issues stemming from the near collapse of the financial system last year — how to deal with institutions that are so big that the government has no choice but to rescue them when they get in trouble.
A senior administration official said on Sunday that after extensive consultations with Treasury Department officials, Representative Barney Frank, the chairman of the House Financial Services Committee, would introduce legislation as early as this week. The measure would make it easier for the government to seize control of troubled financial institutions, throw out management, wipe out the shareholders and change the terms of existing loans held by the institution.
The official said the Treasury secretary, Timothy F. Geithner, was planning to endorse the changes in testimony before the House Financial Services Committee on Thursday.
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Nope, no economic fascism here. Just a government plan to take 100% control over private companies, fire everyone, and bankrupt all the share holders.
When will you all wake up? First it was banks, then auto companies, working on taking over all health care companies, and now all other financial institutions, with the full intent of taking away share holders money (including your 401K investment in these companies). Will you finally say "enough" when Obama takes over your company and puts you out of work or demands you take a 90% pay cut? Is that what it will take? |
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Gezzer
Joined: Oct 19, 2008
Posts: 666
Location: Buckinghamshire England
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| Posted: Tue Oct 27, 2009 4:50 am Post subject: |
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when a company or organisation becomes that large/great it will/may/could/would require Govt. help to survive when in trouble then that becomes a threat to a nations economy
that is to say any nations economy
no company or organisation should ever be allowed to become bigger/greater/larger then Govt. or allowed to exist in a form that would endanger the nation because of its size as the collapse of that company/organisation would/could/will/may collapse the whole economy without the intervention of Govt.
in essence the greater/larger a company/organisation becomes that collapses or moves into a financial situation which requires Govt. intervention will, by its own failure, create a 'so called' socialist environment by the very need of requiring Govt. help/aid/support/money
in others words 'self inflicted' socialism … |
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bern
Joined: Mar 12, 2007
Posts: 1432
Location: ann arbor
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| Posted: Tue Oct 27, 2009 9:23 am Post subject: [Login to view extended thread Info.] |
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| Gezzer wrote: |
when a company or organisation becomes that large/great it will/may/could/would require Govt. help to survive when in trouble then that becomes a threat to a nations economy
that is to say any nations economy |
The problem is, nobody knows when an organization gets that big. Even now, many economists say that any of the rescued banks should have been allowed to fail, much like Lehman was allowed to fail. When you put that decision into the hands of a bureaucrat with governmental power, it becomes dangerous to liberty.
Remember, a bank bureaucrat can't physically restrain you, imprison you, or execute you. But a government bureaucrat can, because those powers are reserved for government in our society. Because government has such great power, it should severely restrict the areas in which it exercises it. |
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