Geithner Asks Congress for Broad Power to Seize Firms

United States
March 24, 2009 10:44am CST
Is this not another large step towards Socialism? How far will this go before the government contols everything? Treasury Secretary Timothy F. Geithner today told Congress the administration will seek unprecedented power to seize non-bank financial companies whose collapse could jeopardize the economy, a move Geithner said would have allowed the government to bail out insurance giant American International Group at a far lower cost to taxpayers. The government at present has the authority to seize only banks. http://www.washingtonpost.com/wp-dyn/content/article/2009/03/24/AR2009032400847.html?wpisrc=newsletter
4 people like this
9 responses
• United States
24 Mar 09
I saw that and thought that we are really making the move towards becoming a socialist nation. Piece by piece we are trading democracy for communism and then Obama can declare himself dictator. He is going to need to bring the troops home to keep order in this country.
2 people like this
• United States
24 Mar 09
He is not wasting any time in getting what he wants. I am amazed that this great nation is allowing him to do this!
3 people like this
@suspenseful (40326)
• Canada
25 Mar 09
Sounds like a step into a dictatorship with Obama as dictator and guess what many Americans will be all in favor especially those of the black variety because they feel this is revenge. And many Americans will be blind to what is going on because they believe that it is time for === I do not need to say the obvious. Seizing banks who do not follow financial rules is one thing, but to seize banks and financial institutions because you want to not have the American people blame you for taxing them too high is another thing.
@Lakota12 (42794)
• United States
24 Mar 09
WHy wopuld they want to sieze anything that is failing I would think they would start up something else and run it right!
2 people like this
@jjstream (313)
• United States
24 Mar 09
This can become a slippery slope for the politicians in their insatiable appetite for more power and control. Geithner and Larry Summers, can wrap their arms around this issue by engaging private equity groups more fully, and giving them tax incentives to buy or takeover financial institutions that are struggling, without the need for more authority from Congress, and without the need for any federal intervention at all. Congress should either reject Mr. Geithner's request, or place strict conditions to prevent abuse of these new powers.
2 people like this
@peavey (15808)
• United States
24 Mar 09
This is a blatant power grab. I saw it on Reuter's this morning and my heat skipped a beat. If we don't stop these people soon, we won't have any power to stop them at all.
2 people like this
@di1159 (1580)
• United States
25 Mar 09
It's very scary. My father immigrated to the United States from Cuba a few years prior to the Castro revolution and although I was born in the US, I've had quite an education on Socialism and Communism. The problem is most people don't even notice. Socialism and Communism sound good on paper as anyone who has read Marx can attest, however when the theory is put into practice, its quite a different result. It creeps over a society little by little and the public goes along with it not realizing future consequences until its too late. I pray our country never gets there and the wonderful people of this country will prove themselves once again.
1 person likes this
@eaforeman6 (8983)
• United States
24 Mar 09
My question is, how much do they want to seize? Are they going to work towards seizing everything and when does it stop? How can people think that their wont be corruption anyway? DO, we the people get any vote on this? This looks like forcing it on us...and no choices here?
1 person likes this
@xParanoiax (7005)
• United States
26 Mar 09
Socialism? How about fascism? Bush started it, Obama looks deadset to finish it. _ I'm close to saying, "Screw them both!"
• United States
27 Mar 09
Good idea except that we are the ones getting screwed. I think I am getting so frustrated at being one the people who are intelligent enough to recognise we are getting screwed but can't do a thing about it.
• United States
27 Mar 09
Can't do a thing about it? Honey, the people have more power than he ever could...it's by living our lives, by being creative in the actions we take that we can do something about it. It may not have the affect we want, but it's definitely not nothing. Protest! Yell on the airwaves, over the net. Garden. Help others to find a way of life that won't be so easily hurt by the changing times. Talk about radical subjects, like if a revolution might become necessary with those around you. You can do alot. Just by living, just by thinking, just by talking. I know, alot of us have a ton of roadblocks in front of us about doing this...but I'm just a kid, and though it's been like a race uphill for me, I'm doing it...and I can see how I'm making a difference. More and more lately, I get people thanking me for talking about things most people'd never notice, let alone think to talk about, saying, "I now realize that for so long, I've been asleep. But now that my eyes are open..." Our government ain't the solution; we are!
@jjstream (313)
• United States
26 Mar 09
The goverment is probably going to continue seizing corporations that they deem too big to fail, until such time the market is stabilized. When this show is all said and done, I suspect Congress would try and water down some of these new powers, much in the same way they reversed themselves on taxing AIG bonuses up to 90%, which as we all know they did a couple of days ago. The problem is years from now, if there's a new financial crisis are they going to pony up say 4 trillion dollars to get it under control? and in doing so wouldn't that skyrocket inflation, make stuff more expensive, and raise our taxes once again?.. It seems they only bail out companies that have made large campaign contributions to them.