Obama Demands Sweeping New Powershttp://canadafreepress.com/index.php/article/12044
By Matthew Vadum Tuesday, June 16, 2009
President Obama is demanding dangerous, sweeping new powers to seize financial services companies.
According to the Los Angeles Times, the proposal expected to be unveiled Wednesday will be â€œthe most significant new regulation of the financial industry since the Great Depression, including a new watchdog agency to look out for consumersâ€™ interests.â€
The plan would give the government "new powers to seize key companiesâ€”such as insurance giant American International Group Inc.â€”whose failure jeopardizes the financial system." The news report notes that â€œ[c]urrently, the governmentâ€™s authority to seize companies is mostly limited to banks.â€
Isnâ€™t this too cute by half? The left plunges the country into financial crisis through a number of measures such as the Community Reinvestment Act (CRA) and by pushing Fannie Mae and Freddie Mac and others to lend to the uncreditworthy, and now offers to save the country through more Big Government regulations.
President Obama, by the way, personally contributed to the increasingly hostile environment for banks when he represented the plaintiffs in the 1995 class action lawsuit Buycks-Roberson v. Citibank. The suit demanded that the bank grant mortgages to an equal percentage of minority and non-minority mortgage applicants. Under pressure, the bank settled the case three years later after agreeing to beef up its lending to unqualified applicants.
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Matthew Vadum Most recent columns Source: Capital Research Center Matthew Vadum is Editor of Organization Trends and Foundation Watch, two monthly newsletters published by Capital Research Center, a Washington D.C.-based think tank that focuses on the politics of philanthropy. He has appeared on â€œDaily Show with Jon Stewart,â€ â€œCBS Evening News with Katie Couric,â€ â€œOâ€™Reilly Factor,â€ â€œAmericaâ€™s Nightly Scoreboard,â€ â€œG. Gordon Liddy Show,â€ â€œMichael Reagan Show,â€ â€œJanet Parshallâ€™s America,â€ â€œThe Lars Larson Show,â€ â€œGreg Knapp Experience,â€ â€œPolitics of Money,â€ â€œGlenn Beckâ€ and has been published in the Washington Times, Boston Herald, Las Vegas Review Journal, American Spectator, Human Events.