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The Commodity Trading Forum is a presentation of |
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Commodity Trading Discussion Forum
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Tim Geitner's Proposed New Regulations
Posted By: Rick Ratchford
Date: Tuesday, 3 November 2009, at 1:15 p.m.
This is incredible. Unbelievable nonsense.
The Treasury Secretary is pushing for regulations going to vote that would give the Gov unrestricted ability to dish out US taxpayer dollars to any financial institution it so wishes without congressional approval.
"...section 1109 allows the executive branch to loan unlimited amounts of money to any solvent financial institution, while 1604 allows them to make unlimited investments in any insolvent financial institution."
In essence, to bypass congress and simply decide from the Executive level who and how much to divvy up.
It's also said that within the 300+ page proposal, that the Gov will have the power to shut down any company it deems a problem. Huh?
Wow.
-R
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