Obama: new powers needed in financial area
By MARTIN CRUTSINGER
WASHINGTON (AP) — President Barack Obama seeks new powers that would allow his administration to seize troubled companies like the insurer AIG — and take ownership of their toxic assets — if their collapse would threaten the financial system.
Obama said Wednesday his administration will soon propose new financial industry oversight that includes a "resolution authority" that would have powers similar to those of the Federal Deposit Insurance Corp., which can seize control of banks, take over their bad assets and sell the good ones to competitors.
Administration officials did not provide any details on how the new resolution authority would be financed. That could be a key sticking point in Congress.
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http://www.google.com/hostednews/ap/...ugkNAD970NM6O0
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Isn’t this pretty much the classical definition of economic fascism?
Buckle up. Things are gonna get ugly from here on out.