History was wrong...

[CoveMom]

FIRST, they take away all the money...

http://www.washingtonpost.com/wp-dyn...302830_pf.html


Bury your guns now.

[JagFan]

Bury my guns and finish stuffing the mattress with cash. This is down right scary.

[pied]

Not all financial institutions are banks:

The authority to seize non-bank financial firms has emerged as a priority for the administration after the failure of investment house Lehman Brothers, which was not a traditional bank, and the troubled rescue of AIG.

"We're very late in doing this, but we've got to move quickly to try and do this because, again, it's a necessary thing for any government to have a broader range of tools for dealing with these kinds of things, so you can protect the economy from the kind of risks posed by institutions that get to the point where they're systemic," Geithner said last night at a forum held by the Wall Street Journal.

The powers would parallel the government's existing authority over banks, which are exercised by banking regulatory agencies in conjunction with the Federal Deposit Insurance Corp. Geithner has cited that structure as the model for the government's plans.

Certainly you may e against the act of a government entirely, but this helps the government intervene in companies that are like banks but not techincally so, like Lehman/AIG/etc.

[JagFan]

Not all financial institutions are banks:



Certainly you may e against the act of a government entirely, but this helps the government intervene in companies that are like banks but not technically so, like Lehman/AIG/etc.

We fully understand that all financial institutions are not banks. My question is where will it stop? When they totally take over wall street or the local small businesses. My belief is firm that the government needs to be involved as little as possible.

[stevefoxsc]

hahah yeah right gl taking our guns, this aint england.

[ktCarl]

This is being hashed over in the politics thread.