All you folks, especially you lefties, who were so upset about the Patriot Act being unconstitutional… are you awake here? Or did you fall asleep when The One you were waiting for took over? Pay attention here, because in less than 3 months he’s presided over more unconstitutional government action than GWB ever thought of trying.
From this afternoon’s Wall Street Journal comes word that Helicopter Ben and Tim Geithner don’t think they have enough power yet.
WASHINGTON — The U.S. government needs to be able to take over and wind down a broad range of economically important non-bank financial institutions, top economic officials told Congress Tuesday, though who will get that authority was left as an open question.
Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner told House lawmakers the government’s experience with American International Group Inc. highlights the need to deal with increasingly complex and systemically important institutions.
I guess there’s a joke in there someplace… the reason American Socialism will never work is because they aren’t smart enough to take over the stuff that works, only the stuff that fails. But then, it quits being funny when you realise that their policies and “regulation” led to the very failures they’re trying to fix today. And remember, they’re hellbent on proving it, one way or the other.
Apparently the capitalist system they have slowly strangled to death isn’t dying fast enough for these guys, so it’s time for part two of the plan, just taking over the whole crippled mess. Remember now, these are the same geniuses who brought us the debt bubble, the housing bubble, Fannie Mae and Freddie Mac. These are the same geniuses that just spent a whole lot of time, energy, and our money to “rescue” AIG. We own it now. Constitutional? And they passed a big old bill that had a bunch of bonuses in it. And now they pass a big old bill to steal those bonuses. Yes, steal. Just how Constitutional is it, to pass a 90% tax, retroactive, on a VERY tiny targeted minority, as punishment? And not many complain. Those that do are bullied and pilloried in the press. The Democrats have both houses of Congress and the Presidency. They have nearly completed taking over control of the American economy. That sounds like the Soviet Union.
Oh, by the way, the printing presses are still running three shifts, and the country that really holds our paper is getting nervous. Did you see China is making waves about getting off the dollar? I wonder if the lefties thought of this when they were bellyaching about America not being liked overseas anymore? Seems like they missed it.
The latest call came from China’s central bank governor, who said on March 23 there should be a new international reserve currency. And a UN panel this week is to recommend moving away from the dollar and adopting a shared basket of currencies instead.
Zhou Xiaochuan’s message seemed aimed at an international audience. His essay was published on the central bank’s website in English, as well as Chinese.
In it, the governor said the global financial crisis had revealed “vulnerabilities and systemic risks” in the current monetary system.
Instead, he said the world needed something more stable — what he called a “super-sovereign reserve currency.”
Zhou didn’t mention the dollar specifically. But his comments came two weeks after the Chinese Prime Minister Wen Jiabao expressed concern over the safety of China’s estimated $1 trillion worth of U.S. investments.
Let’s see, they hold at least a Trillion of our debt now, which we can’t repay, and Ben is printing another Trillion and a half, which we don’t have. No wonder they’re nervous.
An amateur in the Oval Office, a clown posse in the Congress, unConstitutional acts, a bootlick press, even less foreign support, and an economy being driven into the abyss… and an American people so divided, so polarized, so angry, that it isn’t only the tinfoil hat crowd talking about the dangers of “social unrest“.
There are days when watching this train wreck sap the joy out of you.
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