Do You Think Obama is a Socialist... Do You Care?

[TheRealMafoo]

Rath said:

TheRealMafoo said:

Rath said:
@Mafoo. What bill is this one that you're talking about?

Is it regulation (which seems more likely) or the power to nationalise (which you make it sound like)?

http://money.cnn.com/2009/06/17/news/economy/regulatory_reform/index.htm?postversion=2009061717

In the details of this bill, he has the right to take over a bank, even if they are profitable, if he deems it's needed.

In the Chrysler deal, he wanted the top bank to take 10 cents on the dollar for there debt in an attempt to keep Chrysler out of Bankruptcy. They said no. If this goes through, it will give him the power to no need to ask. He can just tell them they are taking 10 cents on the dollar.

Not something I want my government to have control over.

I don't know how anyone could read that article, and not think Obama is moving towards Socialism.

I read the article you just linked to and I couldn't find the bit where it said Obama can take over a profitable bank if he deems its needed. Can you quote it to me?

It seemed like stricter regulation and the much needed ability to wind down financial firms 'too big to fail'.

Gah, You made me look harder for it :p

Here is the article I first read this in:

http://money.cnn.com/2009/06/15/news/economy/market_reorganization/index.htm?postversion=2009061512

"The U.S. financial system is far less centralized than other mature economies, according to Geithner, pointing to the between 8,000 and 9,000 banks throughout the country. To hold a vast system accountable, he said that there has to be a more centralized regulation system."

"Another component of the plan, which 'will be available only in extraordinary circumstances,' according to Geithner and Summers, creates an option to dissolve financial companies that are too big to fail."