Geithner to Seek Unprecedented Powers, Insiders Say

Geithner to Seek Unprecedented Powers, Insiders Say

www.cnn.com

Treasury Secretary Tim Geithner will push for unprecedented new regulatory powers on Tuesday to seize financial institutions whose failure would pose serious risks to the U.S. financial system, according to two senior administration officials.

Geithner is expected to make his case in testimony before the House Financial Services Committee.

With such "resolution authority," the federal government could intervene and aggressively reorganize a troubled business -- such as insurance giant AIG -- before its problems ripple through the global financial system, the administration officials said.

In the absence of such early intervention, AIG ended up needing a taxpayer bailout of at least $170 billion to contain financial instability.

The authority would allow the government to sell or transfer assets and components of a troubled company, including renegotiating or dissolving executive compensation agreements and addressing risky derivatives portfolios, the officials said.

(visit the link for the full news article)

I don't know what to think about this. The government taking control of companies that are a risk to the economy?

To me, that spells out the first steps to government taking over anything they want to take over, whenever they want to take it.

This doesn't give me a warm, fuzzy feeling at all. :shk:

www.cnn.com
(visit the link for the full news article)

Somebody posted this a few minutes ago in the global meltdown forum. www.abovetopsecret.com...

The words "Government seeks more power" is enough to make me cringe.

Here's another story on this:

The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.

The government at present has the authority to seize only banks.

Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president's Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.

Source

Congress should be weary of the powers it gives away to the executive branch.

It is Congresses job to write laws to regulate businesses to ensure that businesses serve the best interest of the community as a whole.

They are probably already running peoples lifes telling people how to life there entire lifes. So this is no surprise.

Originally posted by jam321
Congress should be weary of the powers it gives away to the executive branch.

It is Congresses job to write laws to regulate businesses to ensure that businesses serve the best interest of the community as a whole.

That is unless of course, said businesses have lined enough pockets in congress to ensure that things go their way. Or they could just get one of their CEO's put in charge of the treasury and have him take care of things.

when are people going to get that everything the government touches, it screws up! We are getting buried in this financial mess because every step they have taken has made it worse. So yeah lets let then step in and reorganize companies? Truly crazy.

Welcome to the "change we can believe in"!

It was bound to come about sooner or later,just happens to have come up sooner. Due to the current crisis they can get anything they want from the people they need to get it from.That includes all of us that aren't the mega rich. The mega rich corporates wanted to take over...only problem is they weren't paying off enough people on the governmental side of things. So guess what the governmental side is going to take over the corporate side and flush them for trying to screw the world with their pay us or else blackmail scheme.
I mean really look at the markets lately! Nothing has changed for the better in the real world and yet now that the government is talking about all their plans the market is going up? Why now? Before when they came around with the talking heads the market was dropping by leaps and bounds, now that they are talking about taking over completely the markets are surging? When the talks of it back a few weeks ago where crashing the markets and sending investors running for another country.....market manipulation hunny plain and simple.
Make people think that this is what the public as a whole wants and ALL of them will follow in due time. It's the pack mentality and it is working to a T. No one wants to be the odd man out so eventually they will all fall inline and do what they are told. Environmental Psychology 101

Originally posted by skeptic1
I don't know what to think about this.

I know exactly what to think about this. Be afraid. Be very afraid.

The government taking control of companies that are a risk to the economy?

Yes ... and they will do such a good job nationalizing and running the entire country, won't they? Afterall, they do such a good job with the government.


I swear the Obama administration is following ATLAS SHRUGGED .
I encourage everyone to read it. It's prophecy.

reply to post by FlyersFan


I was being rhetorical with that comment.

It is scary. The government is stepping into more and more areas where they don't belong and nothing is being done to stop them. :shk:

People are either blind or don't care.

But, DC sure isn't wasting this crisis.

[edit on 3/24/2009 by skeptic1]

People are either blind or don't care.

People are busy getting worked up over executive bonuses. The media / government has successfully convinced people that our focus should be there instead of the bigger picture.

Yeah god forbid anyone take a look at the trillion dollar global money laundering scheme that is the federal reserve.

Screw that Atlas Shrugs nonsense. If you want to read a book that will shed some light on the current crisis, read "The Creature from Jekyll Island"

[edit on 24-3-2009 by djzombie]

I woke up in a bad mood today, I posted this elsewhere, but I'm hoping unlike there, someone may be inclined to educate me as to why my observations are incorrect:

"The saddest part of this equation is the fact that it is NOT the United States that is devaluing the dollar. We do NOT have control over monetary policy NOR do we control the production of monies or interest rates.

That Monopoly belongs to the Fed who has engineered the American "flavor" of this crisis from the start. Global financial control is their goal, and even China is playing right into their hands..., not that they know it, they think "their" Central Banker is loyal to them ( )

Perhaps it will all work out for the best, assuming the banker-puppets in the Federal government realize that we DO have an opportunity to CREATE a truly competitive currency here.

Once the global currency is established, which you should all realize by now is a foregone conclusion and well within the global community's power to do, we can abolish the FED charter for betraying the public trust, failing to live up to their responsibilities to the economy. Then we can start producing our own HARD currency - IT IS POSSIBLE.

China's complaints are disingenuous because those in power know very well exactly what is happening to the dollar. And it is within their power to actually 'help' us, though they won't - because the bankers control their economy just as they do ours, England's, and every other nation where the International Bank of Settlement (THE Central Bank) has a branch disguised as a 'public' governmental institution.

... please wake up ... It's the Central Bank paradigm that is destroying the global economy, NOT the citizens of the world. Commercial exploitation - unchecked by human decency and liability - is what has brought us to this crossroads. The utter illogic of unrestricted "Fractional Reserve Lending" MUST BE CONFRONTED."

later....

"Evidently, people still think this is about nations...,

Who controls the money?

Neither nation.

The use of the words "China" and "The United States" is a distraction from the parties which exercise singular control over the entire debacle.

The Banking system (The Central Banks Cartel) has engaged in economic terrorism to further their consolidation of economic control. Why is this so darn hard to understand?

Every nation seem to suffer from leadership 'entrenched' in the scam. History is repeating itself, blatantly.

This nexus point is where the US can recover from the controls artificially imposed upon it. Perhaps that is why they are trying to force the dollar into hyperinflation. Or perhaps, they just don't care as long as they and their future generations are 'on top' in the end."

Geitner's move is just the loose end that needs tying up after the last Treasury Tzar vacated office. The more power we give the bankers masquerading as 'public servants' the more quickly they will seal our fate.

Could it be that they mean well? Why am I so cynical about that? My heart is breaking for our country.


[edit on 24-3-2009 by Maxmars]

reply to post by Maxmars


Do you think the average citizen is smart enough to put together what we here at ATS can put together?

Or, do you think that TPTB are counting on the tiny attention span of the average citizen to allow them to get away with anything??

there are many conspiracy theorists in this thread

but many previous presidents have warned the U.S. that bankers and govt. will try and do this, so I guess some of america's best presidents were also conspiracy theorists.

Tell that to the next person that says you speak of conspiracies.

Geithner to seek Unprecedented Powers

Sort of reminds you of an "economic" Patriot Act. huh?

It's a brave new world, welcome to the monkey house!

[edit on 24-3-2009 by whaaa]

While 8 years of GW style neocon mismanagement of the U.S. government has certainly been poorly executed, the private sector, primarily the investment community, has done even worse.

It is a sad fact that the private sector, after de-regulation, has failed even more spectacularly than the GW controlled federal government.

If you want to get rid of the Fed Res and private sector control of our monetary system, then you should support this effort by our elected representatives in Congress and the Executive branch, to start putting forth some effort to better control our monetary system so that it better serves the needs of the people rather than the needs of the super rich to continue to rape the people.

Here is a point from the article that I think needs to be given some attention.

"Banks also failed in 2008," Frank said. "But the fact is that we have in place mechanisms . . . that contained the damage. . . . We need to give somebody, somewhere, in the federal government. . . the authority to do what the FDIC can do with banks.

Geithner said such authority would have allowed the government to bail out AIG last year at a far lower cost to taxpayers, a position backed by Federal Reserve Chairman Ben S. Bernanke.

1984 eat your heart out....

lets allow a private organization to own all of the country, is there no one out there besides the few that see how wrong this is?

Geithner, Bernanke, and Greenspan should be in prison for the outright theft of the American People.



Cripes how can we just let them get away with this?

How much will we take before we hit our boiling point?