Don't Get Too excited about the Headline
Hey folks,
What did I see first thing this morning? This headline from the AP Fed, Treasury chief to get grilled on AIG. You might think this is a good thing. After all it was little Timmy Geithner that started this whole mess with the AGI bonuses by ALLOWING them to happen. So you may be thinking to yourself, "Great, now we can get to the bottom of all this. Find out who in the Obama Administration it was that told Geithner, as he claims, to include the language that OK ed the Bonuses."
But do not get to excited by the show. That is not the REAL news here. According to the piece from the AP, the march toward tyranny continues for the Obama Administration.
WASHINGTON – The Federal Reserve's chairman and the secretary of the treasury are making a rare joint appearance at a congressional hearing, ostensibly to take a scolding over the handling of bonuses at AIG, the giant insurance company that has become the symbol of reckless risk-taking on Wall Street.
But after venting their spleen yet again at a House hearing Tuesday, lawmakers also were expected to press Fed boss Ben Bernanke and Treasury Secretary Timothy Geithner on the new risks to taxpayers from their latest effort to save tottering banks and the U.S. economy: a plan to take over up to $1 trillion in dodgy mortgage securities with the help of private investors.
OK. Great right? Read carefully. Understand what this following part means.
At the same time, Bernanke and Geithner are likely to once again call on Congress to enact legislation that would allow the government to safely dismantle a big financial institution, like American International Group Inc., to minimize any damage to the U.S financial system and the broader economy.
Obama last week said his administration soon will propose new financial industry oversight that includes a "resolution authority" with powers similar to those of the Federal Deposit Insurance Corp., which can seize control of banks, take over their bad assets and sell the good ones to competitors.
The proposal would give the treasury secretary the unprecedented power, after consulting with officials at the Fed, to take control of a major financial institution and run it. The treasury chief is an official of the administration, unlike the FDIC, which is an independent regulatory agency.
You need to fully understand what this means. If you have to, read that again.
The proposal would give the treasury secretary the unprecedented power, after consulting with officials at the Fed, to take control of a major financial institution and run it. The treasury chief is an official of the administration, unlike the FDIC, which is an independent regulatory agency.
Translation time, the Obama Administration wants Congress to pass a law that says that the Obama Administration can determine that a PRIVATE company is just too big. It will then allow the Obama Administration to come in and take over that company by law. Break it up. Sell it. Run it. Take the profits from it. Whatever they decide to do. Screw the Stock Holders, Owners, and CEOs. They are just evil anyway right? Making unfair and unreasonable profits while their employees make minimum wage or just a little over that. Why would they stop at financial institutions? They won't. Big Oil? Some in the Auto Industry? What about Power Companies? Why not Wal-Mart?
Folks, as I have been warning you for over two years now, the new Liberal Movement is a Quest for Tyranny. Obama thinks he is some kind of King or Emperor, and Pelosi and Reid think that they are some kind of Princess and Prince with unlimited power and authority over the Peasants in this country. They have shown a willingness to undermine a sitting President, put our Troops in harms way in the time of War for political gain, COMPLETELY ignore and even violate the Constitution, enact laws that give them even more power and authority over you, all in the name of "helping you." For your own good.
The headline here is not even remotely important. It is show. The rest of this story is about AIG, bonuses, outrage, and the same thing that the willing Mainstream Media as all agreed to use to distract you from the REAL story here. Can you imagine if Bush was to ask Congress for authority to seize private industries? Imagine the Headlines then.
There are people in this country that are so ignorant as to what Socialism ACTUALLY is that they want this. I was debating someone just yesterday about the Socialism aspect of Obama when they said this.
"You still don't get it Pete, this is what this last election was all about. Unfortunately as it turns out Obama is the furthest thing from a socialist."
As I have said before, elections and ignorance have consequences. This last one proves that they can bring about a total change in our country. However, what some fail to see is that not all change is good.
Peter
Sources:
AP - Fed, Treasury chief to get grilled on AIG
Hey folks,
What did I see first thing this morning? This headline from the AP Fed, Treasury chief to get grilled on AIG. You might think this is a good thing. After all it was little Timmy Geithner that started this whole mess with the AGI bonuses by ALLOWING them to happen. So you may be thinking to yourself, "Great, now we can get to the bottom of all this. Find out who in the Obama Administration it was that told Geithner, as he claims, to include the language that OK ed the Bonuses."But do not get to excited by the show. That is not the REAL news here. According to the piece from the AP, the march toward tyranny continues for the Obama Administration.
WASHINGTON – The Federal Reserve's chairman and the secretary of the treasury are making a rare joint appearance at a congressional hearing, ostensibly to take a scolding over the handling of bonuses at AIG, the giant insurance company that has become the symbol of reckless risk-taking on Wall Street.
But after venting their spleen yet again at a House hearing Tuesday, lawmakers also were expected to press Fed boss Ben Bernanke and Treasury Secretary Timothy Geithner on the new risks to taxpayers from their latest effort to save tottering banks and the U.S. economy: a plan to take over up to $1 trillion in dodgy mortgage securities with the help of private investors.
OK. Great right? Read carefully. Understand what this following part means.
At the same time, Bernanke and Geithner are likely to once again call on Congress to enact legislation that would allow the government to safely dismantle a big financial institution, like American International Group Inc., to minimize any damage to the U.S financial system and the broader economy.
Obama last week said his administration soon will propose new financial industry oversight that includes a "resolution authority" with powers similar to those of the Federal Deposit Insurance Corp., which can seize control of banks, take over their bad assets and sell the good ones to competitors.
The proposal would give the treasury secretary the unprecedented power, after consulting with officials at the Fed, to take control of a major financial institution and run it. The treasury chief is an official of the administration, unlike the FDIC, which is an independent regulatory agency.
You need to fully understand what this means. If you have to, read that again.
The proposal would give the treasury secretary the unprecedented power, after consulting with officials at the Fed, to take control of a major financial institution and run it. The treasury chief is an official of the administration, unlike the FDIC, which is an independent regulatory agency.
Translation time, the Obama Administration wants Congress to pass a law that says that the Obama Administration can determine that a PRIVATE company is just too big. It will then allow the Obama Administration to come in and take over that company by law. Break it up. Sell it. Run it. Take the profits from it. Whatever they decide to do. Screw the Stock Holders, Owners, and CEOs. They are just evil anyway right? Making unfair and unreasonable profits while their employees make minimum wage or just a little over that. Why would they stop at financial institutions? They won't. Big Oil? Some in the Auto Industry? What about Power Companies? Why not Wal-Mart?
Folks, as I have been warning you for over two years now, the new Liberal Movement is a Quest for Tyranny. Obama thinks he is some kind of King or Emperor, and Pelosi and Reid think that they are some kind of Princess and Prince with unlimited power and authority over the Peasants in this country. They have shown a willingness to undermine a sitting President, put our Troops in harms way in the time of War for political gain, COMPLETELY ignore and even violate the Constitution, enact laws that give them even more power and authority over you, all in the name of "helping you." For your own good.
The headline here is not even remotely important. It is show. The rest of this story is about AIG, bonuses, outrage, and the same thing that the willing Mainstream Media as all agreed to use to distract you from the REAL story here. Can you imagine if Bush was to ask Congress for authority to seize private industries? Imagine the Headlines then.
There are people in this country that are so ignorant as to what Socialism ACTUALLY is that they want this. I was debating someone just yesterday about the Socialism aspect of Obama when they said this.
"You still don't get it Pete, this is what this last election was all about. Unfortunately as it turns out Obama is the furthest thing from a socialist."
As I have said before, elections and ignorance have consequences. This last one proves that they can bring about a total change in our country. However, what some fail to see is that not all change is good.
Peter
Sources:
AP - Fed, Treasury chief to get grilled on AIG
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