Obama's Latest Big Government Power Grab- Private Sector in Danger

Just when you thought things couldn't get any worse. Obama Man, defender of all that is socialist and unwieldy, comes to the rescue.

The latest shock to the system, if Obama gets his way, will be the creation of a new government authority over non-bank financial institutions. The best part is that there probably won't be the creation of a new bureaucracy. After all, Obama isn't interested in creating government programs that don't work. He's going to skip the middle man simply take CEO power itself for the administration over these financial giants. And the peasants rejoiced.....

Check out this odd description of what exactly the administration wants:

Yahoo- Decrying AIG, top officials ask strong new control

Geithner made it clear he believes the treasury secretary should be granted broad powers — after consultation with Federal Reserve officials — 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.

Personally, I think it is bad enough that such an entity as the FDIC has the power to take over any private sector institution in certain circumstances. What is even worse is the idea that an inherently partisan member of any Presidential administration, much less the Obama team, could actually have the power to seize a financial company and place it under the control of the President. Unfortunately, this isn't the most disgusting thing I've heard this week. Obama has hit a new record when it comes to the fast-paced presentation of lunatic ideas.

The hits just keep on coming:

Washington Post- Geithner Asks Congress for Broad Powers to Seize Firms

Appearing on television news shows this morning, White House spokesman Robert Gibbs said the White House wants "resolution authority to go in and be able to change contracts, be able to change the business model, unwind what doesn't work."

The power to change contracts....are you serious? Not only do they want to control multi-billion dollar firms, they want to be able to retroactively change a past contract. What this means in addition to the obvious abuse of power is that individuals out in the private sector are going to think twice or even a third time about doing business with a troubled company simply because they will understand that the government could come in at any time and void the contract.

It makes me wonder, does Obama really enjoy doing such damage to a free market system?

And get a load of this:

"This is common sense. This isn't anything crazy," Gibbs told CNN. " . . . If the Treasury had resolution authority on AIG, you wouldn't have to put it in bankruptcy to change executive compensation, you could do that automatically."

Ok, the very fact that he has to say this concept is not crazy pretty much means it is the nuttiest thing to come down the pike yet. Listen carefully to what Gibbs just stated. Obama wants the power to change how people are paid...rich people that is. The pushing of and the exploitation of the American's envy of the rich just blows my mind.

If Obama could have simply just done away with the payment of CEOs at the top of AIG, he would have. Does anyone have a problem with the idea of the President or anyone else in government simply deciding how much CEOs get paid? Of course, the process for determining how these people would be paid won't be based on any country-first ideals, it will be purely political and be designed the serve whatever purposes the President desires at the time.