Obama to propose strict new regulation of financial industry

Obama to propose strict new regulation of financial industry

www.latimes.com

Reporting from Washington -- The Obama administration this week will propose the most significant new regulation of the financial industry since the Great Depression, including a new watchdog agency to look out for consumers' interests.

Under the plan, expected to be released Wednesday, the government would have new powers to seize key companies -- such as insurance giant American International Group Inc. -- whose failure jeopardizes the financial system. Currently, the government's authority to seize companies is mostly limited to banks.

(visit the link for the full news article)

What next?

The government would now have the power to seize "key companies". Who makes the "key company" determination? Unless I misread the article, it seems that if something was to happen to one of the major US oil companies (let's say for the sake of argument that some Tax violations were found (read: drummed up-pun intended) and the company was at risk of failure, the US Government can seize the corporation?

So now it's the Hugo Chavez playbook?

and I ask again...

WHAT NEXT?!




www.latimes.com
(visit the link for the full news article)

I belive this is how it started in Nazi Germany so many years ago, Not to mention what went on in Italy. When you put too much power in someone's hands you end up with a dictator.
I have heard that ACORN is currently ordering a whole bunch of brown shrits.