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"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it."

Frederic Bastiat

DO YOU KNOW WHAT THE DEMOCRATS ARE ABOUT TO DO?

By
Neal Boortz
@ October 27, 2009 7:54 AM Permalink | Comments (12) | TrackBacks (0)

As early as this week, the Democrats could introduce legislation giving the federal government even more authority over private businesses.  Where the federal government is deriving this authority is questionable ... apparently people in Washington are reading a different Constitution than I am ... but who am I kidding?  The Constitution is more like a "guideline" that gets in the way of the federal government doing what it needs to do!  Right?

 

Moving right along ... Barney Frank will be introducing legislation that would make it easier for the federal government to seize control of institutions that have been deemed "too big to fail."  The legislation would make it easier to take over the institutions, throw out management, wipe out the shareholders and change the terms of any existing loans held by the institution.

 

This is wonderful, right?  First of all ... who gets to make the "too big to fail" decision?  Why the government, of course!  And what happens then?  Well the same government that brought us Social Security, Medicare, The Postal Service, AMTRAK, and so many other sterling examples of government efficiency and business acumen will be running more and more of American business.  Just what we need. 

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What others are saying

  • It seems to be working in Europe!
    Dollar weaker, Euro stronger.
    Do the math. You probably don't like the answer you are getting do you?
    Somehow greed is back firing and you just cant see how. Thats ok, we're going to take you to the water even if you won't drink.
    The people are going to be treated like people instead of peasants. Greedy bastards prepare to lose some of that stuff you don't really need. It's going to be ok. We're all going to get sick and vacations days, not just you.
    Oh, the horror of it all.
    By Mike @ 10/27/09 05:32:43 PMreport abuse
  • Frank & company
    "...that the government has no choice but to rescue them when they get in trouble"

    Has no choice?!? That's bull***t on stilts. Whatever happened to letting the free market dictate success and failure, instead of using trillions in taxpayer funds to bailout businesses? Oh that's right, we're saddled with a socialist nutcase who thinks "wealth redistribution" and government takeovers are a good thing.

    Not only that, but when a government gives itself the power to "throw out management, wipe out the shareholders and change the terms of existing loans held by the institution", that is a big step towards a communist state.
    Communism (noun)
    ---a theory or system of social organization based on the holding of all property in common,actual ownership being ascribed to the community as a whole or to the STATE.
    ---a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party.
    Obama is hellbent on transforming America into a Banana Republic.
    By SFC MAC @ 10/27/09 02:04:55 PMreport abuse
  • Barney the QBanking Queen
    So where is the Supremem COurt in all this?!
    By Bassmouth @ 10/27/09 01:03:22 PMreport abuse
  • @Patriot -- NO
    "legal weasel clauses hidden in pages and pages of mice type that require a law degree to decipher"

    If you don't like it, don't sign the contract. It is not government's job to enforce anything there. This is where you need to take personal responsibility.
    By Twistedsaint @ 10/27/09 11:58:52 AMreport abuse
  • i read this too
    and they've got a commenter who got something to think about:

    TC said

    “make it easier for the government to seize control of troubled financial institutions, …”

    I don’t get it. TBTF, by definition, is when a corporation is already big enough to buy control of the politicians and regulators who, presumably, has the TBTF power to shut it down. So the TBTF power will never be used against the TBTF! But I suspect it will be very useful against corporate and political enemies, thus ensuring the real TBTF will grow even bigger!!

    http://dailyreckoning.com/legislating-too-big-to-fail/
    By tshirt-doctor.com @ 10/27/09 11:44:29 AMreport abuse
  • Un no un-Patriot
    It is not their job, there are already rules in place for that, they just need to be enforced. And investors have a responsibility to check out schemes before giving them money. Madoff for instance has been investigated numerous times, that alone would make me say no thanks.

    Number one rule of investing is don't invest money in a high risk stock, etc., you can't afford to lose.
    By Joyce M/Blythe @ 10/27/09 11:33:05 AMreport abuse
  • Again, It's the government's job...
    I hope most of your readers and listeners understand the role government is constitutionally obligated in protecting the people from those that look for ways to bilked, hoodoo or swindle people out of their hard-earned money.

    It includes passing laws that prevent ponzi schemes, but should also include, the practice of using legal weasel clauses hidden in pages and pages of mice type that require a law degree to decipher, a.k.a credit card terms of agreement.

    When government fails, a.k.a. Republicans, it begets the an over-reaction a.k.a. Democrats, passing laws that makes government your daddy.

    There is a balanced between the two but we are so hung-up on the two-party monopoly that we are slaves to a two-headed monster that steals our liberty and money.
    By Patriot til' Death @ 10/27/09 11:01:33 AMreport abuse
  • Re-arranging the deck chairs ... on the Titanic ... again?
    The federal government did an absolutely wonderful job regulating the antics of Fannie Mae and Freddie Mac. The did an absolutely astounding job of keeping track of the TARP money. Why not give them the job of regulating the "too-big-to-fail" companies.

    Perhaps they could consider unrepealing the ("you can't get too big to fail") law that they repealed so that this mess could start - the law enacted after the Depression to prevent a recurrence of the Depression -

    "Those who do not study history are doomed to repeat it." - a dead wise guy by the name of Georges Santayana
    By Jubilation T Cornpone @ 10/27/09 10:40:46 AMreport abuse
  • Barney Frank is the man
    Hatred on Barney Frank or Rahm Emanuel is pure anti-semitism. I already have my Rahm 2016 t-shirt
    By Klubber Lang @ 10/27/09 09:20:58 AMreport abuse
  • See Last Night's AC360 Barney Frank Interview!
    Take a look at last night's Anderson Cooper interview of Barney Frank. He had the balls to say that the federal government now needs another bank review organization to monitor when lenders are overextended in subprime loans- to people whom can't pay for them. All this while he also has a new push to force banks to extend more loans to low income families. Don't these actions counteract each other? Stop lending to bad risks! Lend more money to people least likely to pay the money back! Gee is he smart or what?
    By JoeNY @ 10/27/09 09:00:35 AMreport abuse
  • Did you see the video?
    I was watching this on maybe Kudlow, Barney was so full of himself but the funny one was Geithner, he was as giddy as a school girl!

    These morons in Washington don't have enough sense to know what businesses need help and which ones don't! Just another way to protect or control their "chosen" few.
    By Joyce M/Blythe @ 10/27/09 08:50:57 AMreport abuse
  • Americans Are P*ssies
    If this type of thing happens in other countries, people take to the streets. I think it's about time to burn some DC folk in effigy. Of course, I doubt we can find enough cloth to build a Barney Frank, enough paint to re-create Pelosi's permanent Halloween horror mask, and NO WAY we can scrape up enough horsesh*t to fill a Harry Reid.
    By Randy @ 10/27/09 08:45:13 AMreport abuse
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