CrackedWorld

Today Timothy Geithner asked Congress to give him the authority to seize control over companies that he considers to be troubled. Companies like AIG. In doing so he asked our congress to take another bold step closer to Socialism. Giving the government control over companies that they see unfit to run themselves. When the government is running supposed private companies, and distributing the wealth created by those companies we have socialism.

Geithner argued for such authority during the House Financial Services Committee’s hearing on the handling of bonuses paid to executives at American International Group. FoxNews

The very same bonuses discussed here, that Geithner, Obama, and Christopher Dodd made legal through their sitmulus plan. Dodd placed the clause in the bill after succumbing to pressure from President Obama and The Treasury Department. This is a Power Grab which has been planned carefully. They have built in excuses to ask for the  socialist motion.

In a nutshell Geithner wants the same power the FDIC holds over failed banks all for one person to control.

Geithner is asking that the treasury secretary be granted unprecedented power, to take control of a major financial institution and run it. The treasury chief is an official of the administration, unlike the FDIC, which is an independent regulatory agency.

Under this authority the treasury secretary would have extraordinary power. The ability to take over and a run a major financial institution. Even the FDIC is an Agency, meaning a group of people not just one person. Not to mention the fact that he is using AIG as a reasoning behind the request. The AIG scandal was caused by the government in the first place. It is also prudent to acknowledge that unlike the FDIC, Secretary Geithner  would be able to manipulate nondepository financial institutions, or those that do not accept deposits like insurance companies and brokerage firms. Its not just about protecting the depositors savings here.

These guys want control over companies that they may not be qualified to operate. Who says that Mr. Geithner, or any other future Treasury Secretary knows anything about running an insurance company?

What makes these officials think they are capable of running any company at any time better than the people who are already running it, even if they’re running it in to the ground?

The biggest problem I have with this idea is that once again the government wants to interfere with business and try to be all things to all people. They want all encompassing power over all facets of our economy and our lives. They wanted to control the census, now they want to control the financial sector.

This is Socialism any way you slice it.  These companies should simply be allowed to fail and none of these issues would be at hand. There would be no AIG bonuses and no need for a new sweeping power for the treasury secretary.

Socialism is un-america! Do you hear that Speaker Pelosi? Socialism is un-american!

In a little over 60 days this new government has orchestrated the bonus payments to top AIG executives (in exchange for campaign contributions); passed the largest spending bills in the history of our nation; restructured income taxes to redistribute wealth; and now they want to SEIZE CONTROL of private businesses and finacial institutions.

Barney Frank stated that AIG may have guarenteed the bonus payments but they can not guarentee that  these executiveskeep their jobs. He then went on to point out that the government owns 80% of AIG.

They want to decide who gets fired at these companies.

Barney Frank forgot one thing if the government owns 80% of AIG it means that the tax payers own that 80% not him and his cronies.

This is just another power grab by the left.

Here is food for thought: How will it be determined which companies should be taken over by the government?

Chew on that and remember, It’s a Cracked World, this could happen to you!

Tags: Economy, Politics