Tim Geithner unveiled a new plan today that continues the Obama Administration's war on Wall Street.
And like every other socialist/totalitarian item on the agenda, they have to act fast and act now to get the most out of the "crisis".
Regulation = control and power.
Team "O" wants to destroy free market capitalism. More proof of Obama's war on investors. Welcome to The United Socialist States of America (USSA).
March 26 (Bloomberg)
U.S. Treasury Secretary Timothy Geithner said regulation of the U.S. financial system needs a broad overhaul to heal a crippling lack of confidence caused by the credit crisis.
“To address this will require comprehensive reform,” Geithner said at a House Financial Services Committee hearing. “Not modest repairs at the margin, but new rules of the game.”
Geithner’s proposals would bring large hedge funds, private-equity firms and derivatives markets under federal supervision for the first time. A new systemic risk regulator would have powers to force companies to boost their capital or curtail borrowing, and officials would get the authority to seize them if they run into trouble.
The Obama administration is counting on public anger over the taxpayer-financed rescues of American International Group Inc., Bear Stearns Cos. and other firms to help it win approval for the changes, which could be the most sweeping since the 1930s. Policy makers want to improve the oversight of the financial system now rather than wait until the crisis is over, administration officials said on condition of anonymity.
I swear Obama has Hitler’s playbook in his back pocket and just going down a list. I cannot believe he thinks he is going to get away with this. He won’t. In 2010, he is going to lose Congress and destroy the Democratic Party.
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