Government craves power-Investment Banking-finance industry
Government Craves Power Over the Investment Banking-Finance Industry:
The government has recently forced banks to provide loans to individuals who could not afford to pay their mortgages at sub-prime rates, thus reward poor fiscal responsibility. In fact, people with no income and no job at all were able to get loans. Investment banks, in the name of business, packaged up bad assets and sold them to investors at a large profit. Of course, loans soon defaulted causing a cascade of financial instability throughout the world. Financial institutions (Investment Banks) were particularly as they took most of the loss. As they began to fail one by one, the government chose to save them via the tarp money funded purely on taxpayer dollars. To justify their spending, they blame the failed economy on free market greed.
If the government can convince the American people that the recession was a result of greed, then they might have a chance of pushing through further beurocratic sanctions on our financial industry. Every excuse will be made in the upcoming months to pass legislation consolidating institutions such as the Securities Exchange Commission, FDIC, and the Federal Reserve. They claim that if a commission is formed to oversee these government programs, that the overall system will become more efficient. In essence, we will be implementing more government to control the government we already have. Why can we not just become more proficient with the system we already have?
No big surprise, the Obama Administration is after more power and more government control. Obama’s appointee, Tim Geitner, states “with new laws in place government will be able to take control of troubled institutions before it’s too late.” What’s frightening about the proposed laws is they allow Obama to take over companies without any approval from congress. Traditional checks and balances are tossed aside. Any troubled company that is deemed too large to fail could be a potential government takeover and the spending of more taxpayer dollars. Some individuals also believe that the new laws will be detrimental to free market competition. If the government is literally printing money to allocate to a specific company, then how can another company financially compete? The legislation completely undermines the “American way” of doing things; individuals start small, take risk, and inevitably succeed or fail based upon their own hard work.
Currently, our liberal government, with the help of the Obama Administration dictates who businesses can hire, how much employees can be paid, and what specific aspects of business contracts can be maintained. The Constitution provides no agency the authorization to disregard basic rights; moreover, it is expressly designed to prevent this from happening. New government Czars are set up to deal with the automobile industry, financial banking industry, and soon to be, the healthcare reform. Any more power dealt to the federal government will only increase the rate at which the United States converges with socialism.
Article: Government Craves Power Over the Investment Banking-Finance Industry, By: stock-broker-security.com
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IT CURRENTLY LOOKS LIKES OBAMA WILL NOT HAVE HIS WAY WITH CAP AND TRADE AS WELL AS HEALTH CARE REFORM. YOUR ASSESSMENT OF THE SITUATION IS CORRECT BUT PREMATURE; DON’T GIVE UP YET ON THE POWER OF THE PEOPLE.