WASHINGTON — The Federal Reserve could become the supercop for "too big to fail" companies capable of causing another financial meltdown under a proposal being seriously considered by the White House.
The Obama administration told industry officials on Friday that it was leaning toward making such a recommendation, according to officials who attended a private one-hour meeting between President Barack Obama's economic advisers and representatives from about a dozen banks, hedge funds and other financial groups.
Treasury Secretary Timothy Geithner and other officials made it clear they were not inclined to divide the job among various regulators as has been suggested by industry and some federal regulators. Geithner told the group that one organization needs to be held responsible for monitoring systemwide risk.
Treasury Secretary Timothy Geithner? Isn't he the one that was stymied by the US tax code? And now he wants to be in charge of this nebulous "too big to fail" business classification? This guy couldn't properly declare all his income even when given a specific instruction on how to do so, but we should trust him to oversee every "too big to fail" business in the country?
That sound you just heard was my spinchter turning coal into diamonds here, folks.
They're not even pretending anymore. They've gotten a taste of the socialist soup, realized that the vast bulk of Americans don't give a flying rat's ass whether the government takes unprecedented control over business and they like it. There's been negligible outcry, as businesses that prosper are marginalized; businesses that they themselves have been called "too big to fail" - like Chrysler and GM - have been given billions upon billions and still failed.
And no one seems to notice or care.
As long as
Socialism. Just because it hasn't worked anywhere else it's been tried doesn't mean it work here if we only DO IT HARDER.
Gah, I'm off to the range.
That is all.
5 comments:
I notice they aren't calling him a "Finance Czar".
Maybe because if they did, people might see this Administration for what it's becoming.
My wife says you need to relax that sphincter or you won't hit your target. Damn I love that woman.
How about this rule:
If you are "too big to fail", then you are "too big to live" and let's break those bastards up into smaller entities that can fail without dragging the rest of us under with them.
this is a drive-by squeeing. I'm back online. WOOHOO!
Shoot em all, let God sort them out... Oh, sorry, wrong post :-)
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