Tag: News

Justice is Served -Blagojevich, brother and top aides indicted

One again, I have faith in our Nation’s justice system:

Former Gov. Rod Blagojevich, his brother, and a former top fundraiser were among six men indicted today on political corruption charges, the U.S. attorney’s office in Chicago announced.

In addition to Rob Blagojevich, 53, and fundraiser Christopher Kelly, 50, charged were Lon Monk, 50, a lobbyist and former Blagojevich chief of staff; John Harris, 47, also a former chief of staff to Blagojevich; and William Cellini, 74, a Springfield insider for decades.

The sweeping indictment comes four months after Blagojevich was arrested and charged with engaging in pay-to-play politics in a major federal complaint that accused him of trading state jobs, contracts and regulatory favors for campaign contributions.

via Blagojevich, his brother, top aides indicted – Chicago Breaking News.

Let’s hope that this fool gets sent up the river for a long time.

Others: Hot Air

Obama Bows to his Arab Masters

Seriously.

BRITAIN G20 PALACE

The Video:

Hmmmm, Maybe this woman was correct after all, it’s 0:53 into this video:

Disgraceful. President Obama should be impeached on charges of TREASON! For bowing to a foreign leader. The Bastard. 😡

Of course, when your middle name is Hussein and you will not release your original birth certificate, what else can one expect? Maybe he was paying homage to his REAL ethnic heritage? You can prove me wrong, Barry, anytime you like, by releasing the original. But we all know that Barry will not do that. Because he knows what he is hiding. 😡

Update: A kind thank you to Gabe over at Memeorandum for the pull!

Others: Whiskey Fire, Flopping Aces, Fausta’s Blog, The Powers That Be, Jihad Watch, Moonbattery, PoliGazette, Commentary, Michelle Malkin, Hot Air, Creeping Sharia and Gateway Pundit

How to really stop a G20 Protester

It seems that London is having a bit of a G20 Protester problem.

Via Times of London:

Anti-capitalist protesters broke into a branch of the Royal Bank of Scotland in Central London today as police used dogs and truncheons in an increasingly desperate attempt to control rioting on the eve of the G20 summit.

Windows were smashed and a group of demonstrators whose faces were covered by bandanas entered the building near the Bank of England, on the corner of Threadneedle Street and Bartholomew Lane.

As officers pushed protesters back, Scotland Yard said a series of officers entered the RBS building just after 2pm “in support of building security”.

With the standoff continuing, office furniture was being thrown out of the building’s window. Hundreds of protesters cheered as a blue office chair was used to smash one of the blacked-out branch windows.

Here’s how you handle hippy scum like these idiots:

Justice, American Style. It’s too bad that the rest of world cannot be like America.

AK-74’s the only cure for Liberal Hippie Stupidity.

Senator Ted Steven's Conviction Voided

There is a bunch of discussion in the Blogosphere regarding the voiding of the conviction of Alaskan Senator Ted Stevens.  I do have an opinion on this, I will share it after the quote.

Via NPR:

The Justice Department on Wednesday asked a federal judge to drop all charges against former Sen. Ted Stevens of Alaska.

A jury convicted Stevens last fall of seven counts of lying on his Senate disclosure form in order to conceal $250,000 in gifts from an oil industry executive and other friends. Stevens was the longest-serving Republican in the Senate. However, he lost his bid for an eighth full term in office just days after he was convicted. Since then, charges of prosecutorial misconduct have delayed his sentencing and prompted defense motions for a new trial.

In a move first reported by NPR, U.S. Attorney General Eric Holder said he has decided to drop the case against Stevens rather than continue to defend the conviction in the face of persistent problems stemming from the actions of prosecutors.

There have been some very idiotic accusations by those on the far right, that this was a political move and that the Democrats somehow or another wanted this guy out and so on.  There’s only one little problem with that. These charges were not level by the Justice Department under Eric Holder. They were issued by the Justice Department under Michael B. Mukasey, who of course, served at the behest of George W. Bush.  Not to mention that there was some serious misconduct by some of persons involved, like the FBI and the prosecutors.

So, while it might be easy and convenient to blame the Democrats for this, I am quite afraid that those accusations are not founded in the truth. This was another one of the disasters, that was part of the rather sad process that was known as the Bush White House; and once again Obama’s White House is left to clean up the mess.

So, while as much as I dislike the Democratic Party’s Socialist Agenda; which is being implemented by the Obama Administration. I cannot sit here accuse the Democrats of something, that they had zero to do with.  That would be abject foolishness, of which I want nothing to do with.


Is the Obama Administration letting G.M.'s New C.E.O. do it's dirty work for them?

Full Disclosure: My Father is a Retired General Motors Worker and U.A.W. Member.

——-

It sure as heck looks that way to me here.

The reason I ask this question is because a new report from CNBC that the new C.E.O. of GM is essentially saying that bankruptcy is the only option:

General Motors’s new chief executive told CNBC that filing for Bankruptcy may be the best option for the struggling automaker.

In a taped interview to be aired tonight on NBC Nightly News, Fritz Henderson said that because of greater demands from the Obama administration to restructure, GM is considering the bankruptcy option. The auto giant previously had ruled out such a move, saying it would discourage people from buying GM cars.

Henderson’s comments came after President Obama bluntly rejected turnaround plans by GM and Chrysler and demanded that both companies make fresh concessions in order to get more federal aid.

Henderson, who was GM’s president and chief operating officer, was named the new CEO after the government forced the resignation of CEO Rick Wagoner on Sunday. GM’s board is also being restructured.

Henderson told reporters that the company would still prefer to restructure outside of court, but the level of support Washington is offering would help the company quickly restructure through bankruptcy.

Henderson says GM  needs to work faster and go deeper to get more concessions from bondholders and the United Auto Workers union. President Obama has demanded that GM come up with a better restructuring plan in 60 days in order to qualify for more government aid.

I find it very interesting that President Obama, instead of doing the dirty deed himself, ousted the CEO of G.M. and basically has let the new G.M. head honcho be his fall guy for basically screwing the bond holders and also the unions. This way, Barry comes off clean. It is a strategy that is quite slick, quite risky; but none the less slick.

The Wall Street Journal has more:

Inside a windowless, ornate room Thursday just across from the Oval Office, President Barack Obama and a group of senior economic advisers began the job of remaking the American automobile industry.

The first order of business: Oust General Motors Corp. Chief Executive Rick Wagoner.

It “wasn’t the hardest decision,” said one government official.

Steven Rattner, a former investment banker who is heading the administration’s auto restructuring; chief economic adviser Lawrence Summers; and Treasury Secretary Timothy Geithner were among those gathered around the polished wood table of the Roosevelt Room in the White House’s West Wing. They were there to decide under what conditions the government would continue to prop up once-powerful Detroit car companies GM and Chrysler LLC.

In the post-World War II boom, they were at the pinnacle of a quintessentially American industry. At Thursday’s meeting, once the Obama administration concluded the pair were running out of money, their effective dismantling began.

Beyond seeking Mr. Wagoner’s resignation, the officials also gave failing grades to GM and Chrysler for the restructuring plans they submitted to the government Feb. 17. They also set a deadline — one month for Chrysler, two months for GM — after which the government might force a bankruptcy restructuring of both companies and break up two of America’s business icons.

Many of GM’s problems didn’t start during Mr. Wagoner’s term, and most predate the economic downturn that sent car sales slumping, such as union contracts and the costs of paying for retiree health care. GM made a bad situation worse with huge bets on trucks and SUVs that piled up on dealer lots amid soaring gas prices last year.

While I will be the first to tell you, that General Motors has had its own share of issues. What Barack Obama did to G.M. and by proxy to the Union members and Employees of the company; was just flat out cowardly. Instead of forcing General Motors into bankruptcy himself.  Obama is allowing the new head honcho of the company and his Auto Czar; do it for him. This way Obama does not burn through his political capital as quickly and more or less comes out looking like the hero. Of course, President TelePrompter will say that he inherited this mess, and by rights he did. But to pass off the basic executing of a company and it’s people to someone else, is quite the cowardly move in my book.

Hey Barry, If you ever happen to read this; Grow some freaking Gonads,will ya? I mean, come on. If you going to screw the American worker; why not do it yourself? Instead of letting your damned patsies do it for you. Just a thought.

President Barack Obama asks G.M. CEO Rick Wagoner to resign

Full disclosure: My Father is a Retired G.M. Employee and a member of the United Auto Workers.

I have known about this for a while. I’ve just been waiting for as much info as I could get, before doing a post on it.

Originally Via the Politico:

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.

The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason.

General Motors issued a vague statement Sunday night that did not officially confirm Wagoner’s departure.

“We are anticipating an announcement soon from the Administration regarding the restructuring of the U.S. auto industry. We continue to work closely with members of the Task Force and it would not be appropriate for us to speculate on the content of any announcement,” the company said.

The surprise announcement about the classically iconic American corporation is perhaps the most vivid sign yet of the tectonic change in the relationship between business and government in this era of subsidies and bailouts.

Reaction from the Conservative Blogsophere has been predictable negative. Also I have observed via the local media, that some auto workers are not happy about the President asking a C.E.O. to resign.

I have an opinion on this. It is simply this. I want to wait and see what happens. I do not want to pass judgment upon this until I see what is going to happen. This could be a bad thing and then again, it could be a very good thing. I shall, like many from this God-Forsaken part of the Country are playing the wait and see game.

Reaction to this from the Editorial board of the The Detroit Free Press is not a good one:

The risk was there from the start.

The federal money flowing to Detroit to help struggling automakers was always going to come with strings.

But there’s a fine line between holding General Motors Corp. and Chrysler LLC accountable for a pile of taxpayer cash and inappropriate government efforts to actually run the companies.

President Barack Obama’s Auto Task Force may have crossed that line over the weekend when it reportedly asked for GM Chairman Rick Wagoner’s resignation as part of a plan to get more aid to the struggling automaker.

It’s hard to see how canning the chief executive is far shy of actually running the company. And if that’s the case, if GM’s federal overseers are stepping up their efforts to actually manage GM through its restructuring, this sets an awful precedent, both on general principle and in this particular instance.

The principle at stake says government shouldn’t manage private businesses. GM has a board of directors that, no matter its many mistakes, is accountable for the company’s fate. The government should ensure the board doesn’t squander taxpayer funds, but that doesn’t include selecting the company’s leadership.

It didn’t for banks, mortgage companies or insurance outfits like AIG. Why should GM be treated differently?

Something tells me that there is going to be a huge blow back from this and it might just cost Obama a reelection, should be try and run in 2012.

Additional Coverage:

Blogs:

Follow up! Guest Voice – Chuck Baldwin: MISSOURI SCRAPS M.I.A.C. REPORT

Please note: The Opinions expressed in this column do not necessarily reflect the political or personal opinions of owner of this Blog.

However, I am very pleased by the news presented in this piece.

—–

Well, there is still hope for liberty after all! After multiple thousands of phone calls, emails, faxes, and other communications from outraged citizens, the State of Missouri has rescinded its controversial “militia” report. This proves the point I made in this column recently that the most effective way to fight an ever-encroaching federal leviathan is to focus on our individual states.

Let me review the events of the last few weeks so as to help readers familiarize themselves with this historic–and I do mean historic–episode.

On February 20, 2009, the State of Missouri, via its Department of Public Safety, issued what was called “MIAC Strategic Report: The Modern Militia Movement.” In this report, people who supported Presidential candidates Ron Paul, Bob Barr, and yours truly were referenced as being connected to potentially dangerous “militia members.” But the inference did not stop there. People of conservative ideology were also identified in the State Police report as being potentially dangerous. People who held political opinions opposing abortion, illegal immigration, the New World Order, the North American Union, the Income Tax, the U.N., etc., were profiled in the MIAC report.

Interestingly enough, no left-leaning political ideologies were identified. No Islamic extremists. No environmental extremists. Only people holding “conservative” or “right-wing” philosophies were identified in the MIAC report.

The MIAC report was categorized as “Unclassified/Law Enforcement Sensitive,” meaning the report was intended for law enforcement personnel only. Fortunately, an unidentified (for obvious reasons) Missouri law enforcement officer, who was extremely disturbed by this report, sent a copy to nationally syndicated radio talk show host Alex Jones. Of course, Jones immediately “blew the whistle” on the story. This was on March 11.

On March 14, the Columbia (Missouri) Daily Tribune ran a story on the subject, and on March 17, I wrote my first column about it. From that point, the story went viral.

Internet sites, radio talk show hosts, and bloggers all over America picked up the story, and thousands of outraged citizens began bombarding the appropriate officials in Missouri with protests. Even Fox News Channel talk show host Glenn Beck ran a feature on the story on Friday, March 20, and again on Monday, March 23. The Constitution Party issued a “Travel Advisory” for the State of Missouri, warning tourists and residents about the possibility of being profiled by State Police for such things as having bumper stickers with political statements on their vehicles, etc. All of this commotion was not lost on several Missouri State legislators and executive officers, either.

Missouri Lieutenant Governor Peter Kinder called on Governor Jay Nixon (who had previously stood by and defended the MIAC report) to place Department of Public Safety Director John Britt on administrative leave pending an investigation into the report. In addition, several Missouri State legislators said they would introduce an amendment to the Department of Public Safety’s budget barring the agency from using “state or federal funds for political profiling.”

On March 23, DPS Director John Britt sent an apology letter to Ron Paul, Bob Barr, and me stating, “I have ordered that the offending report be edited so as to excise all reference to Ron Paul, Bob Barr or Chuck Baldwin and to any third-party political organizations.”

While Ron, Bob, and I appreciated the apology and retraction from Mr. Britt, the overriding offense of the report still lingered: namely, the report, with a very broad brush, linked people holding conservative political opinions to dangerous and violence-prone “militias,” which Missouri law enforcement personnel were instructed to be on guard against. Therefore, public outcry against the MIAC report continued, Mr. Britt’s apology notwithstanding.

Then, on Wednesday, March 25, the head of the Missouri State Highway Patrol, Col. James F. Keathley, ordered the Missouri Information Analysis Center (MIAC) to “permanently cease distribution” of this abysmal report. Keathley said that neither he nor Britt had read the report before it was distributed.

Keathley also noted that the report was filled with numerous spelling and grammatical errors and did not cite any sources for its broad statements about “right-wing” militias. He further said that his department would now review how the MIAC distributes intelligence reports to police officers. He said the process “needs improvement.”

Dear readers, please take a bow! Because of tens of thousands of patriotic, freedom-loving Americans–including thousands of courageous Missourians–the long arm of totalitarianism was shortened just a bit.

This sordid story is truly an embarrassment to the Department of Homeland Security (DHS) and the State of Missouri. Governor Nixon, especially, is left with egg on his face for foolishly and stupidly standing behind the report, when he had either never read it, or, if he had, was just as guilty of political profiling as the ones who wrote the report.

Why DHS, you ask? Because the MIAC report is similar to several other reports currently circulating around various State police agencies courtesy of DHS-sponsored “Fusion Centers.” There is another side of this story that is even more sinister, however.

If we can continue to probe the details of the MIAC report, I am absolutely convinced we will find that this report actually originates with Morris Dees and his ultra-liberal Southern Poverty Law Center. And if my hunch (a very educated hunch, I might add) is correct, it means that the DHS and various State police agencies around the country are allowing a left-wing special interest group to use them to harass, intimidate, and profile people with conservative political opinions.

I would further proffer that those of us who are outraged by this event should not stop with the MIAC report being removed. While this is very good news, the fear and intimidation associated with those referenced in this report has already taken place. Are people opposed to abortion, illegal immigration, the Income Tax, the U.N., etc., now afraid to express their opinions publicly (especially in Missouri)? If so, this seems to me to be the basis for legal action, based on the abridgment of the First Amendment freedom of speech by a State (and perhaps federal) law enforcement agency.

There is yet another chilling question that must be answered: by saying Missouri State Police will “review” how MIAC distributes intelligence reports to police officers, does Col. Keathley mean that the State of Missouri’s law enforcement agencies will continue to promote similar reports, but simply make them “Classified”? In other words, will they (and other State police agencies around the country) simply employ greater secrecy when issuing such reports, but do nothing to change the content of future reports? Hopefully not, but we shall see.

With that said, here are the lessons all of us need to take to heart:

*Every police officer, deputy sheriff, and law enforcement officer in America who believes in constitutional government, individual liberty, and the Bill of Rights needs to be alert for any report that smacks of the MIAC report, and be willing to quickly “blow the whistle” on any such report they see.

*Lovers of freedom should be much encouraged to see what can happen when they are willing to stand up to their State governing officials as they see abridgements to their liberties taking place. I say again, the best way to fight these mushrooming despotic tendencies of government we seem to see everywhere is to focus on our State governments. Do you now see why I say that? Even if DHS was behind the MIAC report, it was the State of Missouri that had to implement it; and it was the State of Missouri that (under pressure) killed it.

See my column on this important subject here.

*Notice, too, that we did not need the major media to achieve this victory. We cut off this one branch of the tyranny tree without the help of ABC, CBS, NBC, CNN, FOX NEWS (with the exception of Glenn Beck), or even the Drudge Report. Victory was achieved with the weapons of talk radio, syndicated Internet columns, Internet blogging, and word of mouth.

You see, folks, we can achieve victory without the major media. But we must stay focused and actively involved in our respective State governments. “We the people” are still the power of this country. And don’t let anyone deceive you into believing anything else. Therefore, take heart in knowing that your diligence convinced the State of Missouri to rescind its atrocious MIAC report. Now, don’t let it stop there. Let’s faithfully cut off the tentacles of tyranny wherever we find them. Amen?

Chuck Baldwin’s Website

A.I.G. Executive Quits

Seems that  Jake DeSantis, an executive vice president of the American International Group’s financial products unit has quit and sent his resignation letter to the New York Times.

It is with deep regret that I submit my notice of resignation from A.I.G. Financial Products. I hope you take the time to read this entire letter. Before describing the details of my decision, I want to offer some context:

I am proud of everything I have done for the commodity and equity divisions of A.I.G.-F.P. I was in no way involved in — or responsible for — the credit default swap transactions that have hamstrung A.I.G. Nor were more than a handful of the 400 current employees of A.I.G.-F.P. Most of those responsible have left the company and have conspicuously escaped the public outrage.

After 12 months of hard work dismantling the company — during which A.I.G. reassured us many times we would be rewarded in March 2009 — we in the financial products unit have been betrayed by A.I.G. and are being unfairly persecuted by elected officials. In response to this, I will now leave the company and donate my entire post-tax retention payment to those suffering from the global economic downturn. My intent is to keep none of the money myself.

I take this action after 11 years of dedicated, honorable service to A.I.G. I can no longer effectively perform my duties in this dysfunctional environment, nor am I being paid to do so. Like you, I was asked to work for an annual salary of $1, and I agreed out of a sense of duty to the company and to the public officials who have come to its aid. Having now been let down by both, I can no longer justify spending 10, 12, 14 hours a day away from my family for the benefit of those who have let me down.

You and I have never met or spoken to each other, so I’d like to tell you about myself. I was raised by schoolteachers working multiple jobs in a world of closing steel mills. My hard work earned me acceptance to M.I.T., and the institute’s generous financial aid enabled me to attend. I had fulfilled my American dream.

[….]

The only real motivation that anyone at A.I.G.-F.P. now has is fear. Mr. Cuomo has threatened to “name and shame,” and his counterpart in Connecticut, Richard Blumenthal, has made similar threats — even though attorneys general are supposed to stand for due process, to conduct trials in courts and not the press.

So what am I to do? There’s no easy answer. I know that because of hard work I have benefited more than most during the economic boom and have saved enough that my family is unlikely to suffer devastating losses during the current bust. Some might argue that members of my profession have been overpaid, and I wouldn’t disagree.

That is why I have decided to donate 100 percent of the effective after-tax proceeds of my retention payment directly to organizations that are helping people who are suffering from the global downturn. This is not a tax-deduction gimmick; I simply believe that I at least deserve to dictate how my earnings are spent, and do not want to see them disappear back into the obscurity of A.I.G.’s or the federal government’s budget. Our earnings have caused such a distraction for so many from the more pressing issues our country faces, and I would like to see my share of it benefit those truly in need.

On March 16 I received a payment from A.I.G. amounting to $742,006.40, after taxes. In light of the uncertainty over the ultimate taxation and legal status of this payment, the actual amount I donate may be less — in fact, it may end up being far less if the recent House bill raising the tax on the retention payments to 90 percent stands. Once all the money is donated, you will immediately receive a list of all recipients.

This choice is right for me. I wish others at A.I.G.-F.P. luck finding peace with their difficult decision, and only hope their judgment is not clouded by fear.

Mr. Liddy, I wish you success in your commitment to return the money extended by the American government, and luck with the continued unwinding of the company’s diverse businesses — especially those remaining credit default swaps. I’ll continue over the short term to help make sure no balls are dropped, but after what’s happened this past week I can’t remain much longer — there is too much bad blood. I’m not sure how you will greet my resignation, but at least Attorney General Blumenthal should be relieved that I’ll leave under my own power and will not need to be “shoved out the door.”

Of course, this has generated a good deal of Conservative outrage, which you can sample at the end of this entry. The links marked in red are, for the most part, Conservative. The blue ones, of course are Democrats or liberals. One thing that I must say that I agree with, is this comment from a Blogger who calls himself “The Anonymous Liberal“:

But the reality is this: when companies fail, lots of innocent people get screwed. Lots of promises aren’t kept. That’s why companies declare bankruptcy: because they can’t afford to live up to their promises. Had the government allowed AIG to fail last fall, DeSantis wouldn’t have received anything. He’d be like many other people who woke up one morning to find their lives turned upside down by this recession. On second thought, given that Mr. DeSantis can apparently afford to give his entire $750,000 bonus to charity, I suspect he’d be much better off than most people who have suffered through the failure of their employer.

It’s striking to me that the very same people who are outraged by DeSantis’s treatment showed no sympathy at all for the nation’s autoworkers. In fact, they were angrily demanding that these workers (who make a small fraction of what DeSantis makes) agree to give up their “luxurious” health benefits and agree to salary reductions. These workers too had been promised things by their employers, but their complaints fell on deaf, even hostile ears. If their companies were going to be saved by taxpayer money (at a fraction of the cost of bailing out AIG), well these workers were just going to have to suck it up and take the hit.

The fact that the plight of a millionaire executive (one who actually received his promised bonus) elicits such sympathy from the Right, but the plight of blue collar assembly line workers doesn’t says a lot about the ideological prism through which many conservatives view the world. They simply identify with DeSantis in a way they don’t with many of the other victims of this recession.

I could not have put that any better. I too sat here seething with anger, as I watched Wilsonian Neo-Conservatives screaming at the top of their lungs at the autoworkers; “Screw Them!”, “Let them Fail”, “To hell with Detroit!” and so on. Seeing my own Father is a retired General Motors worker. The only Conservatives who were sticking up for the middle class, was myself and Pat Buchanan.

So, while I am sympathetic towards this guy; I am also aware that there are many others out there, that are hurting and are out of work, or have lost thier jobs, due to the stupidity of this company and others like it.

Others: The Moderate Voice, The Daily Dish, Megan McArdle, Swampland, The Swamp, The New Republic, Michelle Malkin, Salon, Political Machine, Right Pundits, Obsidian Wings, The Anonymous Liberal, Commentary, Gawker, Don Surber, JustOneMinute, Hot Air, Le·gal In·sur·rec· tion, The Foundry, Simply Left Behind, Samizdata.net, AmSpecBlog, Six Meat Buffet, Wizbang and Power Line

Reason #960,987,678,543,343 why I am still single

Back story here

Huh… I didn’t know Michelle Malkin had a crazy sister…  😉 😛 😀

Then Again…

michelle-malkin-fnc

My gawd does she ever have a knack for the funniest screen grabs.

Of course, when you poke a little fun at the Wilsonian Neo-Cons, you’re automatically raciiiiiiiiiist! It’s the only card that they really know how to play. Just ask the John Birch Society, they got played very well.

President Barack Hussein Obama's March Towards Communism

In all honesty….  it is more like a marathon run towards Communism actually.

Thanks to the stupidity of the Carter and Clinton Administrations and the inaction on the Republican controlled 2003 Congress. We are now becoming a Communist Nation. We have no one to blame, but ourselves.

The Communist owned Washington Post reports:

The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.

The government at present has the authority to seize only banks.

Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president’s Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.

The administration plans to send legislation to Capitol Hill this week. Sources cautioned that the details, including the Treasury’s role, are still in flux.

Treasury Secretary Timothy F. Geithner is set to argue for the new powers at a hearing today on Capitol Hill about the furor over bonuses paid to executives at American International Group, which the government has propped up with about $180 billion in federal aid. Administration officials have said that the proposed authority would have allowed them to seize AIG last fall and wind down its operations at less cost to taxpayers.

The administration’s proposal contains two pieces. First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy. The Federal Reserve is widely considered to be the leading candidate for this assignment. But some critics warn that this could conflict with the Fed’s other responsibilities, particularly its control over monetary policy.

The government also would assume the authority to seize such firms if they totter toward failure.

Besides seizing a company outright, the document states, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake. Such authority also would allow the government to break contracts, such as the agreements to pay $165 million in bonuses to employees of AIG’s most troubled unit.

The Treasury secretary could act only after consulting with the president and getting a recommendation from two-thirds of the Federal Reserve Board, according to the plan.

Geithner plans to lay out the administration’s broader strategy for overhauling financial regulation at another hearing on Thursday.

You see folks, this is where it starts. They start seizing businesses, and taking the assets for themselves. Then the Government decides to take YOUR assets; because they happen to think that you are making too much money. What amazes me, is the resounding silence from the Republicans, especially the Neo-Conservatives like Michelle Malkin and over at HotAir.com. Could it be that the Neo-Conservatives secretly approve of such actions? Possibly the Republican Party as well? Could it be that the Republican Party is now infiltrated with Communists to the point of having lost it’s true identity?

You decide.

Others: The Moderate Voice, Reuters, pw,  , The Strata-Sphere,Bloomberg, Washington Monthly, Pajamas Media, Right Wing News, Sweetness & Light, Neptunus Lex, Stop The ACLU, Sister Toldjah, and Fausta’s Blog

(Via Memeorandum)