Obama Administration Seeking New Powers To Nationalize More Companies

This plan has been on the table for months now, but Obama and his people are finally starting to push it now.

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.

The Obama administration has used the economic down turn in America as justification for all sorts of policy. The “economic stimulus” spending spree. Nationalizing car companies. Nationalizing banks. And now they want even more authority, essentially to create an agency within the executive branch that would let them nationalize companies at will.
And, on top of that, Obama wants all sorts of regulation on investment and trading that he claims will keep another economic downturn will happen but will really just give the government more control over the markets so that they can pick and choose winners and losers. Those turning players in the market into supplicants who must petition the various political leaders for permission to go about their business.
This isn’t about economic rescue. This is about control, pure and simple. It’s an opportunistic power grab, to be more specific, because there’s no way Obama would be getting away with this if it weren’t for the overall economic conditions.
But we don’t need more government oversight of the private sector. We need less, and more emphasis on letting companies that can’t succeed on their own fail. Because if more government were the answer, why wouldn’t we just turn all the companies over to Obama’s management? If the President and Congress are so brilliant, why not just let them own all the companies and make all the decisions and set all the rules and then we wouldn’t ever have to worry about a bad economy again, right?
I mean, it’s worked so well every other time it’s been tried. Look at the happy people in China and Cuba and North Korea!