| Rath said: So suddenly regulation on financial institutions = socialising the financial sector. Honestly you guys, this is a massive over-reaction to very little news, after the financial crisis we all knew that some regulation would have to come into being and this doesn't actually detail what that regulation is. It just confirms that its coming. And Mafoo, I don't know why, but I expected better from you than this b latant misrepresentation of the facts. |
Regulation is when Congress passes law, and then the judicial branch enforces it. That's not what this is going to be. This is going to be an executive branch department with broad control over the finical system. There will be no judges, no trials. The president and his people will speak something, and it will be followed.
And I never said this is socialism, it's closer to a dictatorship. Obama has tried to strong arm finical institutions for several months, and has failed. He wanted some to take 30 cents on the dollar for loans when they had every right not to, when they didn't he publicly vilified them in an attempt to negatively impact there business.
Well, if you can't get your way though bully tactics, the next solution is to pass law that requires them to listen to you. That's what this is. My guess is if what Obama is going to propose was passes a year ago, that when Chrysler failed, Obama would have be well within his rights to not give the major lenders anything, and give all the money to The United Auto Workers (like he wanted to).
Why anyone would want to give one man this kind of power, is beyond me.
