The Obama administration will detail on Thursday a wide-ranging plan to overhaul financial regulation by subjecting hedge funds and traders of exotic financial instruments, now among the biggest and most freewheeling players on Wall Street, to potentially strict new government supervision, officials said.
The Treasury secretary, Timothy F. Geithner, will outline the broad revamping of the regulatory system, which goes further than expected, in a hearing on Thursday. He is expected to say that the new rules are necessary to prevent a repeat of the excesses that nearly wrecked the global financial system and plunged the economy into a recession.
The plan, which would require congressional approval, would give the government vast new powers over “systemically important” banks and other financial institutions that are so big that their collapse would jeopardize the economy as a whole.
The house just passed another radical obama plan…the youth bill requiring all able-bodied youth to serve the ‘state’.
Wannabe Anglican has link to the vote:
http://wannabeanglican.blogspot.com/2009/03/house-passes-obama-youth-bill.html
There are generally five big categories of management in large corporations: finance, sales/marketing, human resources, operations, and technology.
All of them are systemically important to America and any large companies in those five areas would jeapardize the economy as a whole were they to collapse.
I propose that we give the government vast new powers over such systemically important large companies, in particularl the transportation and logistics segments, technology segments, construction segments, and huge staffing/hr segments.
You know, you would never guess that the Federal Government is a government of limited powers carefully constrained by the Constitution and ceeded to it by the people and the states. I am sure glad that it can’t exercise unfettered police powers like the states.
So, is anybody really surprised by all this. Our president was raised by a grandfather who was a socialist and communist sympathizer. His grandfather picked out a black mentor for the teenaged Barack who was an unrepentant radical and communist (see article at http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=79467 for details). College education at Columbia and Harvard. How could poor Barack turn out to be anything other than a committed socialist who views American society as an oppressor of the worker class (never mind his privileged private school education and college years in the Ivy League elite).
As for regulatory reform, how about basing everything on creating a level playing field where the small, individual trader/investor is put on a par with the big greedy, manipulative players like George Soros. This seems to be more in line with our constitutional guarantees for “equal rights” rather than the socialist “equal results by punishing those who have done too well” (except for the intellectual, governing elites; they’re special) mentality that is being pushed on America.
The anti Obama hysteria is becoming more and more comical. GA/FL, did you even read the post you ref’d? Because there has been no “mandatory service” requirement passed. To quote your own source “the legislation states that a commission will be set up to investigate, Whether a workable, fair, and reasonable mandatory service requirement for all able young people could be developed, and how such a requirement could be implemented”.
People are more complacent when their freedom is lost in increments and it is couched in altruistic verbage. But the end result is the same. And some of us who remember the lessons of history are not fooled.
I agree, but so far nothing has been lost. It’s a proposal of whether it can even happen and just what kind of service might happen. So there seems to be a lot of objections about a un-known and policy un-enforced “policy” only because it comes out of the current administration.
Now where was the outrage about the so-called Patriot Act if you feel this way?
[blockquote]The anti Obama hysteria is becoming more and more comical.[/blockquote]
Comicial isn’t the word I’d use for anything that’s going on right now. Maybe Obama thinks it’s funny (a la 60 Minutes), but most of us are terrified.
Dan Collins at Protein Wisdom put it well, I think:
[blockquote](Obama) wants to take my money and leave my children in debt and make them do mandatory voluntary service, and socialize the health care system, and weaken the military, and grow the size of government, and make it more intrusive, and take away our guns, and ghettoize religion, and force physicians and pharmacists to either do things they believe to be unethical or give up practicing as part of the socialization of medicine, and make injured military pay for their treatments, and make our children wards of the state, and destroy our economy with his cap and trade schemes, and lots of other pernicious (things), but I really wish him all success apart from all that stuff.[/blockquote]
Ignore it all you like, Matt, but there’s little doubt that what Collins says is true.
Mike L President Obama stated that he wanted a civilian defense force AS POWERFUL AND WELL FUNDED AS THE MILITARY! Those are Obama words not mine.
[i] Slightly edited by elf. [/i]
From the IHT report:[blockquote]Hedge funds have generally not been implicated in the financial collapse, which stemmed primarily from reckless mortgage lending and exotic financial instruments tied to subprime mortgages.[/blockquote]The underlying causes of the crisis appear to be problems with the mortgage markets. We would do well, first, to deal with removing government incentives to make reckless mortgage loans. If underlying mortgages were sound, surely the derivatives would not have caused the explosions we have seen, and if people who cannot afford houses were not enticed into buying them, the real estate prices might not have soared above rational levels.
Going to be tough for the Administration to balance the conflict between its inherent desire to suck the financial services industry dry while at the same time keeping it producing enough revenue and profit to avoid sinking the economy.
[url=http://www.infowars.com/house-passes-mandatory-national-service-bill/]This site[/url] spells out Obama’s plans for his mandatory civilian drafted/volunteer corps much plainer.