"Change would give US power to seize firms; 'Resolution' unit would take over toxic assets" by Jennifer Loven and Martin Crutsinger, Associated Press | March 19, 2009
WASHINGTON - President Obama said yesterday he will seek new powers that would allow his administration to seize troubled companies such as the insurer AIG - and take ownership of their toxic assets - if their collapse would threaten the financial system.
Obama said his administration will fast-track new financial industry oversight that includes a "resolution authority" that would have powers similar to those of the Federal Deposit Insurance Corp., which can seize control of banks, take over their bad assets, and sell the good ones to competitors....
I'm just wondering when liberals are going to start waking up to the no-change change.
Also see: Slow Saturday Special: Obama's Shield
Obama's Fast-Track F*** of the American People
Obama Breaks Wind Over Environmentalists
Obama's Face Fart
Bush Endorses Obama's Agenda
Obama vigorously defended Treasury Secretary Timothy Geithner.... Obama told reporters that Geithner "is making all the right moves in terms of playing a bad hand."
"There has never been a secretary of the treasury, except maybe Alexander Hamilton, right after the Revolutionary War, who's had to deal with the multiplicity of issues that Secretary Geithner is having to deal with, all at the same time," said Obama, with Geithner standing at his right elbow. "And, you know, he is doing so with intelligence and diligence. Nobody's working harder than this guy."
Of course, he was IN CHARGE of the NEW YORK FED while all this was going down, but Amurkns love eating Obama shit so you ain't supposed to notice things like that.
Geithner was scheduled to discuss the "resolution authority" idea with House Financial Services Committee Chairman Barney Frank, who talked to Obama about it yesterday. Administration officials did not provide any details on how the new resolution authority would be financed. That could be a key sticking point in Congress.
The new authority would be part of a broader regulatory reform agenda that Obama is preparing to send to Congress in an effort to deal with lax oversight that many blame for creating the current financial crisis, the worst to hit the country in seven decades.
As bloggers have been pointing out, the CONTRIVED CRISIS was created to DO JUST THIS! MORE REGULATION and MORE GLOBALIST GOVERNMENT!!!
The broad outlines of the overhaul are expected to be unveiled as early as next week, before Obama attends the Group of 20 meeting of major industrial countries and developing nations in London on April 2. European countries have pushed the administration to take a tougher approach to financial regulation, believing it was lax enforcement in the United States that led to the crisis that has now pushed the global economy into recession.
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