Excerpt:
"Treasury said the draft bill would enable the federal government to seize troubled bank- and thrift-holding companies as well as firms that control broker-dealers and futures commission merchants.
An Obama administration official confirmed that the legislative proposal would also give the government authority to shut down troubled hedge funds, which currently face minimal oversight. The government could potentially use the new 'resolution authority' on any nonbank financial firm that is deemed to pose systemic risk, the official added."No, there's no reason for concern in something like that, is there?
...and this:
"The Treasury department pitched its proposal for broader powers over nonbank firms as a way to reduce the need for taxpayer funds."
Yeah, right.....as if we actually are stupid enough to believe that. As if these people will EVER implement ANY measure that would "reduce the need for taxpayer funds."
It gets worse:
"'Those options do not provide the government with the necessary tools to manage the resolution of the firm efficiently and effectively in a manner that limits the systemic risk with the least cost to the taxpayer,' Treasury said.
The legislation would grant the government resolution authority to allow the government to put nonbanks in conservatorship or receivership and wind down the firm in an orderly fashion.
Under the bill, the Treasury secretary would have to make 'triggering determination' before invoking resolution authority. The secretary would have to find that the firm is in danger of becoming insolvent, that its insolvency would have serious adverse effects on the economy and financial stability, and that taking emergency action would avoid those adverse effects."
And then there's this:
Watch for oppressive wage and price controls to follow, all in the name of "protecting the economy".
And STILL the Usual Suspects have no clue why the rest of us are so concerned!
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