In case you haven’t noticed, President Obama and the Democrats in Congress are turning the United States into the Soviet Union.
America—-formerly the greatest free market engine of the world, whose capitalist power and democratic ideals defeated the command economics and centralized tyranny of the Soviet Union—is now in danger of becoming the Soviet Union.
The Bama is demanding unprecedented powers to seize non-bank financial institutions, such as hedge funds, investment firms, and insurers, if they look like they’re teetering and might collapse.
As of now, the federal government can only seize banks. The new powers would allow the president and his Treasury Secretary (who is appointed and unelected, by the way) to take control of other firms, firms that have not taken government bailout money, firms that are simply trying to operate, make money, and mind their own business.
First, who would decide which firms needed to be seized? Who would decide which firms were looking weak enough to take over? And by what standard? If a firm has a bad quarter, will the government rush in and take it over? Who decides—-and by what metric? This is pure arbitrariness, based on the whims of the president.
Second, with this kind of broad power, the president and his Treasury Secretary can seize whatever they want. Yesterday, it was banks. Today, it’s hedge funds. Tomorrow, it may be your company.
This is a witch-hunt on investment. It is a witch-hunt on wealth.
They want to replace Wall Street with the government. In fact, they want the government to BE the investment.
They will use whatever pretext necessary to extinguish capitalism in order to get us all as dependent on the government as possible. And when you have this kind of absolute power in the hands of the president and his Treasury Secretary, abuse and corruption are the next stop. What would stop The Bama from ordering Tim Geithner to seize a firm whose CEO or executives gave political donations to Republicans? The potential for the abuse of power is huge—-which is why we have always relied on independent agencies to carry out financial regulation. Until now.
So, say goodbye to capitalism and hello to a planned economy.
Say goodbye to freedom of action and hello to oppressive government regulation.
Say goodbye to private enterprise and hello to government seizures.
Welcome to the Soviet Union.
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