Next time
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Talking Points Memo
Josh Marshall
According to the Post's A1 story tomorrow, the administration is 'considering asking Congress' (i.e., this is a trial balloon) to give the Treasury Secretary powers to seize non-bank financial institutions: in other words, the Lehman Brotherses and AIGs of the financial world.
Also in the background is the emerging debate about what government agency is going to take on the new role as 'systemic risk regulator' - the Fed? or some new agency yet to be created. This is an issue that Elana Schor has been writing about at TPMDC. And it seems to be swirling in the background in the spat between the White House and Sen. Dodd.
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Filed under: 360º Follow • Bailout Turmoil • Economy • Treasury Secretary |
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Why would want to seize non-bank institutions when you paid for them?
Soon we'll have Hugo Chavez advising the President.
I do not understand why we are giving money to Bank of America when they can buy Countrywide and Merriel Lynch???? They must have money....also they are not checking who of the banks really need the money and why? Northern Trust only allows people to bank their if they deposit $500,000. There lunch in there kitchen is gourmet....check them out....
diane
Cleveland TN
Nationalisation is the only way out. It is against privatisation, but is an easy and a firm procedure to put the economy in the right direction. Congress should sanction this agenda.
On the one hand, it would probably give better control over such situations as the tanking of the economy. On the other hand, it just seems wrong somehow.
This is very extreme. I'm a full Democrat/Liberal and always have been but that doesn't mean I agree with Communism which is what this seems. I agree with Socialism which is different.
Canada isn't going through nearly the troubles that the US is so why not ask them how they're doing it? Its the regulations that need to change. There's no need to go to such drastic extremes as what Geithner is proposing.