No, No Power Grab At All

Not content to settle for control over US companies, the wonderful, change is good Obama administration has decided that the time has come for the federal government to control the entire US financial system.

Geithner to Propose Vast Expansion Of U.S. Oversight of Financial System

By Binyamin Appelbaum and David Cho
Washington Post Staff Writers
Thursday, March 26, 2009; Page A01

Treasury Secretary Timothy F. Geithner plans to propose today a sweeping expansion of federal authority over the financial system, breaking from an era in which the government stood back from financial markets and allowed participants to decide how much risk to take in the pursuit of profit.

The Obama administration's plan, described by several sources, would extend federal regulation for the first time to all trading in financial derivatives and to companies including large hedge funds and major insurers such as American International Group. The administration also will seek to impose uniform standards on all large financial firms, including banks, an unprecedented step that would place significant limits on the scope and risk of their activities.

"Significant limits on the scope and risk of their activities."

Not only does the federal government want the power to seize companies and break contracts, they also want the power to dictate to them what level of risk they may assume.

So, in what way will these financial companies be private companies? In what ways will they not be mere extensions of federal power?

How short will the federal leash need to be, before the People of this nation realize the great danger of this administration?

Will they wait until there is no leash at all?

Oh, Dear Lord, What Fools Have Been Placed Over Us?

China put forth a proposal to drop the dollar as the global currency and who hitches his wagon to that Chinese horse?

Why, our own tax-cheat, Geithner!

Geithner 'open' to China proposal

Geithner, at the Council on Foreign Relations, said the U.S. is "open" to a headline-grabbing proposal by the governor of the China's central bank, which was widely reported as being a call for a new global currency to replace the dollar, but which Geithner described as more modest and "evolutionary."

Even Obama has the good sense to not support China's proposal;

President Barack Obama described China's proposal as unnecessary during a prime-time news conference Tuesday.

"I don't believe that there's a need for a global currency," Obama said.

But, shall we delve a little deeper into Geithner's idiocy?

"I haven’t read the governor’s proposal. He’s a very thoughtful, very careful distinguished central banker. I generally find him sensible on every issue," Geithner said, saying that however his interpretation of the proposal was to increase the use of International Monetary Fund's special drawing rights -- shares in the body held by its members -- not creating a new currency in the literal sense.

He hasn't even read it, yet! He is making statements about what the US is "open" to, and hasn't a clue what it is. He is going entirely by his opinion of the governor of China's central bank.

Maybe this explains his tax problems; he never read the forms.