The Marxist power grab continues....

UPDATE 2-Dem bill urges new US powers over financial firms
Tue Oct 27, 2009 8:16pm EDT
* Financial Services Oversight Council would be set up

* Treasury would head council to monitor, address risks

* Federal Reserve, FDIC would get new authorities

* Obama says bill urgent, crucial (Updates with Obama letter to Frank)

By Kevin Drawbaugh and Rachelle Younglai

WASHINGTON, Oct 27 (Reuters) - The U.S. government would gain far-reaching new powers to regulate, and even shut down, large financial firms that threaten economic stability under a draft bill released in Congress on Tuesday.

Congressional Democrats and the Obama administration agreed on the legislation, which seeks to protect taxpayers from having to pay for more bailouts, while holding financial firms to much higher capital standards.

"No financial system can work effectively if financial institutions and investors operate with the belief that the government will act to protect them from the consequences of their failures," President Barack Obama wrote in a letter to Barney Frank, chairman of the House of Representatives committee on Financial Services on Tuesday.

Under the bill, the Federal Reserve could limit credit exposures, block acquisitions, restrict pay and bonuses and, in extreme cases, order bankruptcy at financial holding companies it finds severely undercapitalized.

The bill states that the Federal Deposit Insurance Corp -- already able to seize and dismantle failing banks -- could extend Treasury Department credit to solvent banks and non-bank financial firms alike to prevent financial instability.

Any losses from FDIC actions would have to be repaid by "assessments on large financial companies," not taxpayers, a provision reflecting public anger over bailouts of firms such as AIG (AIG.N: Quote, Profile, Research, Stock Buzz), Citigroup (C.N: Quote, Profile, Research, Stock Buzz) and Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz)

These firms and many others got billions of dollars in taxpayer aid through a series of confused emergency actions undertaken last year by the Bush administration in response to the worst financial crisis in generations.

For factbox on legislation, click on [ID:nN27270990].

Obama and Democrats have been working for months on a package of proposals to tighten bank and capital market regulation, with a key goal being to prevent a repeat of the 2008 bailouts and the political uproar that followed.

"It is very important that we reach agreement on comprehensive reform as soon as possible so that we can restore confidence among American taxpayers and the world," Obama wrote in his letter to Frank.

"We can and we we must build a stronger financial system, one that is less prone to periodic crisis, one that provides strong protections for consumers and investors, and one in which no firm is 'too big to fail'," Obama said.

"We cannot meet these tests with a set of small changes at the margin," he stressed.

The bill released on Tuesday aims squarely at a post-crisis market perception that the bailouts showed a handful of financial giants have become "too big to fail," or are shielded from downside risk by an implicit government guarantee.

"Congress authorizing the wind-down of financial institutions of all sizes is critical because it will do away with 'too-big-to-fail,' which everyone wants," said John Dearie, executive vice president for policy at the Financial Services Forum, a group of financial services firm CEOs.

The bill should clarify how troubled firms can be dealt with and "what various stakeholders can expect, giving the markets the opportunity to more accurately price capital and credit provided to large financial institutions," he said.

The legislation still must undergo congressional consideration, with financial services sector lobbyists and Republicans certain to offer resistance to parts of it.

The bill would put Treasury Secretary Timothy Geithner at the head of a Financial Services Oversight Council, the latest iteration of a proposed systemic risk regulator that the administration has been developing for months.

The council would monitor threats to the financial system and recommend to member agencies ways to reduce risk at specific firms they oversee.

Neither the council nor the Fed would be allowed to release publicly the names of firms found to pose a threat to stability and slated to be held to tougher standards by regulators.

The U.S. Office of Thrift Supervision would be abolished under the bill, which would also require financial holding companies to keep so-called "living wills" on hand describing how they could be rapidly unwound in urgent circumstances.

FDIC extension of credit or guarantees of the obligations of distressed firms "shall not include provision of equity in any form," under the language of the proposed legislation. (Additional reporting by Ross Colvin; Editing by Eric Walsh)

No votes yet

This will only escalate. So far these commie policies aren't impacting the proletarians, but when that happens watch 'em beech.

This would be good news if they actually broke up companies that were "too big to fail".

And I'm pretty sure Zeitgeist has no idea what Marxism actually is...

Pink Slip

He's a typical conservative. He doen't have to know anything. He's told what to think.

Typical mouth breathers...cant even comment on the presented article....just go into scoff mode....the govt grabs at the financial sector...you scoff...

Obama's fellow travelers....useful idiots...

Ofcorse I know what marxism is ...I USED TO BE A LIBERAL DEMOCRAT....a fact you guys keep dancing around...

I'm in a union...I'm surrounded by good little mouth breathers such as yerselves....obamatons.....

The problem is you guys clearly dont know what Marxism is...or that you are practicing it...

Every policy you guys advocate is right out of the democratic socialists playbook....

You peckerheads are in for a rude awakening ...

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

We have a playbook? I never got mine and I haven't been in a union since I was a kid working at Krogers. I'll see if I can the DNC to send me a new one.

To your original post... the banking and finance industry as in desperate need for regulation and more importantly enforcement. No company should ever be “too big to fail”. We stop companies from getting too big or owning monopolies (think AT&T/Standard Oil) in the past, but now our politicians (Ds and Rs) are owned by corporations.

Everything you are is right here :

http://socialistparty-usa.org/

THIS is why I left the democrat party....I finally woke up to the fact that Liberal desires and socialist desires are ONE AND THE SAME.....liberals even parrot socialist agit-prop without even knowing it....

EXTENSION OF REMARKS OF HON. A. S. HERLONG, JR. OF FLORIDA

IN THE HOUSE OF REPRESENTATIVES

Thursday, January 10, 1963

Mr. HERLONG. Mr. Speaker, Mrs. Patricia Nordman of De Land, Fla., is an ardent and articulate opponent of communism, and until recently published the De Land Courier, which she dedicated to the purpose of alerting the public to the dangers of communism in America.

At Mrs. Nordman's request, I include in the RECORD, under unanimous consent, the following "Current Communist Goals," which she identifies as an excerpt from "The Naked Communist," by Cleon Skousen:

[From "The Naked Communist," by Cleon Skousen]

CURRENT COMMUNIST GOALS

1. U.S. acceptance of coexistence as the only alternative to atomic war.

2. U.S. willingness to capitulate in preference to engaging in atomic war.

3. Develop the illusion that total disarmament [by] the United States would be a demonstration of moral strength.

4. Permit free trade between all nations regardless of Communist affiliation and regardless of whether or not items could be used for war.

5. Extension of long-term loans to Russia and Soviet satellites.

6. Provide American aid to all nations regardless of Communist domination.

7. Grant recognition of Red China. Admission of Red China to the U.N.

8. Set up East and West Germany as separate states in spite of Khrushchev's promise in 1955 to settle the German question by free elections under supervision of the U.N.

9. Prolong the conferences to ban atomic tests because the United States has agreed to suspend tests as long as negotiations are in progress.

10. Allow all Soviet satellites individual representation in the U.N.

11. Promote the U.N. as the only hope for mankind. If its charter is rewritten, demand that it be set up as a one-world government with its own independent armed forces. (Some Communist leaders believe the world can be taken over as easily by the U.N. as by Moscow. Sometimes these two centers compete with each other as they are now doing in the Congo.)

12. Resist any attempt to outlaw the Communist Party.

13. Do away with all loyalty oaths.

14. Continue giving Russia access to the U.S. Patent Office.

15. Capture one or both of the political parties in the United States.

16. Use technical decisions of the courts to weaken basic American institutions by claiming their activities violate civil rights.

17. Get control of the schools. Use them as transmission belts for socialism and current Communist propaganda. Soften the curriculum. Get control of teachers' associations. Put the party line in textbooks.

18. Gain control of all student newspapers.

19. Use student riots to foment public protests against programs or organizations which are under Communist attack.

20. Infiltrate the press. Get control of book-review assignments, editorial writing, policymaking positions.

21. Gain control of key positions in radio, TV, and motion pictures.

22. Continue discrediting American culture by degrading all forms of artistic expression. An American Communist cell was told to "eliminate all good sculpture from parks and buildings, substitute shapeless, awkward and meaningless forms."

23. Control art critics and directors of art museums. "Our plan is to promote ugliness, repulsive, meaningless art."

24. Eliminate all laws governing obscenity by calling them "censorship" and a violation of free speech and free press.

25. Break down cultural standards of morality by promoting pornography and obscenity in books, magazines, motion pictures, radio, and TV.

26. Present homosexuality, degeneracy and promiscuity as "normal, natural, healthy."

27. Infiltrate the churches and replace revealed religion with "social" religion. Discredit the Bible and emphasize the need for intellectual maturity which does not need a "religious crutch."

28. Eliminate prayer or any phase of religious expression in the schools on the ground that it violates the principle of "separation of church and state."

29. Discredit the American Constitution by calling it inadequate, old-fashioned, out of step with modern needs, a hindrance to cooperation between nations on a worldwide basis.

30. Discredit the American Founding Fathers. Present them as selfish aristocrats who had no concern for the "common man."

31. Belittle all forms of American culture and discourage the teaching of American history on the ground that it was only a minor part of the "big picture." Give more emphasis to Russian history since the Communists took over.

32. Support any socialist movement to give centralized control over any part of the culture--education, social agencies, welfare programs, mental health clinics, etc.

33. Eliminate all laws or procedures which interfere with the operation of the Communist apparatus.

34. Eliminate the House Committee on Un-American Activities.

35. Discredit and eventually dismantle the FBI.

36. Infiltrate and gain control of more unions.

37. Infiltrate and gain control of big business.

38. Transfer some of the powers of arrest from the police to social agencies. Treat all behavioral problems as psychiatric disorders which no one but psychiatrists can understand [or treat].

39. Dominate the psychiatric profession and use mental health laws as a means of gaining coercive control over those who oppose Communist goals.

40. Discredit the family as an institution. Encourage promiscuity and easy divorce.

41. Emphasize the need to raise children away from the negative influence of parents. Attribute prejudices, mental blocks and retarding of children to suppressive influence of parents.

42. Create the impression that violence and insurrection are legitimate aspects of the American tradition; that students and special-interest groups should rise up and use ["]united force["] to solve economic, political or social problems.

43. Overthrow all colonial governments before native populations are ready for self-government.

44. Internationalize the Panama Canal.

45. Repeal the Connally reservation so the United States cannot prevent the World Court from seizing jurisdiction [over domestic problems. Give the World Court jurisdiction] over nations and individuals alike.

Note by Webmaster: The Congressional Record back this far has not be digitized and posted on the Internet.

------------------------------------------------

Once again...you guys scoff and pretend there is no such thing as communists...while sane people understand that Communism and socialism are responsible for hundreds of millions of deaths....

There is a point you guys keep dodging...

You may have noticed there are millions of Americans such as myself that are going to tell you to screw...

At some point you are going to have to resort to violence ,in the form of Govt force ,to accomplish your goals....

Just how far are you prepared to go?

What is your final solution?

What will you do when we resist?

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

'THIS is why I left the democrat party'

Exactly how is the Democratic party different since you evidently aligned yourself with its point of view/philosophy?

Or hasn't it really changed, but evidently before you 'saw the light' you were a complete moron who didn't know any better? Were you somehow duped? Tricked? Taken for a fool?

Is that what you're saying here, lol, that at one time you were an ignorant stooge who didn't know any better?

Because in most instances people who are idiots/morons/ignorant stooges in their past will repeat that particular behavior again and perhaps even yet again over the course of their lives.

Maybe that accounts for many of your comments in this forum.

Exactly how is the Democratic party different since you evidently aligned yourself with its point of view/philosophy?

It's actually gotten worse....it's like ollie ollie ox in free for commies these days...we got open Marxists in the whitehouse...

Or hasn't it really changed,

See above:

but evidently before you 'saw the light' you were a complete moron who didn't know any better?

I thought like you do ....I evolved....That fact that you cant get you head around it speaks volumes...

Were you somehow duped? Tricked? Taken for a fool?

Pretty much...like you are still....

Is that what you're saying here, lol, that at one time you were an ignorant stooge who didn't know any better?

At one time I thought much like you,code pink, dogboy, G-spot....yes...

Because in most instances people who are idiots/morons/ignorant stooges in their past will repeat that particular behavior again and perhaps even yet again over the course of their lives.

Meh...I chalk it up to arrested development.....some people simple never evolve past adolesence....

Maybe that accounts for many of your comments in this forum.

You mean like addressing your points instead of instant strawmans, ad homs, our plain old insults?

You piped up...but once again...you dodged the question...

What is your ultimate solution?

“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”

Exhibit A of why you cannot be taken seriously and all you do is throw mud around to see what sticks on the walls.

I've read you on here crowing about how liberals were actually fooled by Obama, how he was basically continuing Bush's policies on torture and detainment, still waging war in Afghanistan, still in league with banks and financial institutions on sweetheart deals, having guys like Tim Geither around running things at Treasury, and questioning why liberals aren't complaining like they did under Bush.

Now, somehow out of all this, Obama does a 180 and becomes a 'marxist.'

Do I have you confused with someone else, perhaps your fellow traveler Libs?

By your definition all of our allies are socialist countries, Canada, England, Germany… How you rectify this?

BTW – I’m a capitalist through and through, I just don’t think that corporations have more rights than I do. Yes I know where are communists in the world, but I don’t see them everywhere I look and in every action someone does that I disagree with. I am not a communist…Pink, McCaskey and I don’t meet at some secrete headquarters and talk about the over throw of the US government. We just want a government that works and looks out for us and not always putting the people’s business behind big business.

Also let’s review a few of the communist manifesto…
1. U.S. acceptance of coexistence as the only alternative to atomic war.
Because not wanting nuclear war is a communist thing?
To quote Ronald Reagan…
“We seek the total elimination one day of nuclear weapons from the face of the Earth.”

2. U.S. willingness to capitulate in preference to engaging in atomic war.
Depends on the situation. Should Kennedy have waged nuclear war over the Cuba Missile Crises?

3. Develop the illusion that total disarmament [by] the United States would be a demonstration of moral strength.
I’ve never said this or believe this.

4. Permit free trade between all nations regardless of Communist affiliation and regardless of whether or not items could be used for war.
Huh? This is a big business thing. If anything American union members would be ecstatic not to have to compete against the slave labor of China, Bangladesh and Vietnam.
BTW – American is one of the biggest arm dealers in the world and they don’t all go to our friends.

5. . Extension of long-term loans to Russia and Soviet satellites.
They’re loaning us money now.

7. Grant recognition of Red China. Admission of Red China to the U.N.
This happened under Nixon’s watch…

9. Prolong the conferences to ban atomic tests because the United States has agreed to suspend tests as long as negotiations are in progress.
I have no problem with this. We can wipe out the world several times over and computer simulations are very accurate. Further testing doesn’t provide much…

22. Continue discrediting American culture by degrading all forms of artistic expression. An American Communist cell was told to "eliminate all good sculpture from parks and buildings, substitute shapeless, awkward and meaningless forms."
It’s conservative who continually rally against art.

26. Present homosexuality, degeneracy and promiscuity as "normal, natural, healthy."
You have me there. Wanting to treat gay people with respect is part of a communist agenda. Someone should explain that to Larry Craig and Mark Foley.

37. Infiltrate and gain control of big business.
You may have something there since big business does want unrestricted trade with communist China.

And we know you have read it and keep a copy in your pocket.

http://www.marxists.org/archive/marx/works/1848/communist-manifesto/ch01.htm

Don't blame me,
I didn't vote for a
socialist.

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