March of Fascism

Washington Post: "The administration's proposal contains two pieces.
First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy.

The Federal Reserve is widely considered to be the leading candidate for this assignment. But some critics warn that this could conflict with the Fed's other responsibilities, particularly its control over monetary policy.

The government also would assume the authority to seize such firms if they totter toward failure.
Besides seizing a company outright, the document states, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake.

Such authority also would allow the government to break contracts, such as the agreements to pay $165 million in bonuses to employees of AIG's most troubled unit.
The Treasury secretary could act only after consulting with the president and getting a recommendation from two-thirds of the Federal Reserve Board, according to the plan. "

The arrogance of power being displayed by the treasury department over the past decade is astounding. After repeated failures and increases in the federal expenditures of Olympian proportions, this department and this administration pursues even more power. Power truly has corrupted. 10 people would be able to create a seizure.
(1 Tres. Sec + 1 POTUS + 8 Fed. Rsv. Members)

The end result of this proposal would be disastrous. Where Eisenhower warned of the rise of the Military-Industrial complex, this would be an order of magnitude worse. Creation of a Federal-Industrial complex is little different from that of a centrally planned economy, which has been shown time after time to be a dismal failure, lashing the freedom of man to the will of the state, fermenting a toxic brew of equal poverty floundering in corruption and brutality.

Free corporations are free. They are not to be owned by the nation, but to serve the people in a market that thrives on competition. When the real and legitimate threat of federal take over exists, it only exacerbates the hostile business climate that Washington DC seems so intent on creating. When a climate is hostile, business move. An example of unyielding weight can be found in the States of America, most obviously California. Those seeking success will find else where to operate.

It is obscene, literally obscene that any United States President would consider it a right and proper action to seize control of corporations for 'the public good'. When the negative incentive of failure is removed, there is no reason to avoid drastic risk. When these risks perpetuate more failures, the government will comply and again seize and nationalize even more corporations. This only leads to more risks which will necessitate even more nationalizations, as a vicious, snarling tornado of nationalization and free market destruction ensues.

I can find no other explanation for this variety of economic policy other then an intentional attempt at irrevocable damage to the freedoms the United States were based on. As the lackeys in Washington applaud, the liberty of our fathers vanishes before the very eyes of a apathetic public.

The giants upon whose shoulders we stand are in very real danger of being knee capped by the neo-fascist policies of Obama and his rotating pack of liberal wolves.