More hubris on the way: Der Fuhrer is seeking expanded powers to seize U.S. firms.
The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.
The government at present has the authority to seize only banks.
Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president’s Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.
As Glenn Reynolds (Instapundit) noted:
Insulation from the political process is only important when there’s a Republican in the White House.
Government seizure of property–public and private–is the first step towards Communism.
His regime is starting to resemble Hugo Chavez with every passing day.
Congratulations, Obamabots. You have that Marxist government you wanted.