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Showing posts from May 16, 2010

Obama's Finance Bill gives him "a Power Fidel Castro or Hugo Chavez would Love to have!"

Obama Finance Bill Will Allow Seizure of Companies Friday, 21 May 2010 02:38 PM Article Font Size By: Dick Morris & Eileen McGann President Barack Obama has taken the United States one more giant step towards socialism by ramming through the Senate his financial regulation bill. The bill authorizes the secretary of the Treasury — a political appointee — to seize any financial company (bank or nonbank) simply because, in his opinion, it is too big to fail and in danger of insolvency. This power can be used for political retribution, pressure for campaign funding, or any other abuse bureaucratic whim or partisan politics can conceive. It is a power Fidel Castro or Hugo Chavez would love to have! The legislation also requires that any business that extends credit, in any form, to clear the loan instrument in advance with the new consumer protection agency. The backlog of pending applications will strangle consumer credit. And the bill fails to do the one thing it must do —