Fingon Posted March 24, 2009 Share Posted March 24, 2009 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. What's next, giving Obama the ability to seize any business he deems a risk to economic security? http://www.washingtonpost.com/wp-dyn/conte...2302830_pf.html Link to comment Share on other sites More sharing options...
Wacka Posted March 24, 2009 Share Posted March 24, 2009 1933 here we come. Link to comment Share on other sites More sharing options...
John Adams Posted March 24, 2009 Share Posted March 24, 2009 1933 here we come. I am going to a talkie tonight. Link to comment Share on other sites More sharing options...
DC Tom Posted March 24, 2009 Share Posted March 24, 2009 What's next, giving Obama the ability to seize any business he deems a risk to economic security? http://www.washingtonpost.com/wp-dyn/conte...2302830_pf.html The interesting thing about that article is that it says "...to initiate the seizure of non-bank financial companies [...] whose collapse would damage the broader economy", NOT "...to initiate the seizure of troubled non-bank financial companies [...] whose collapse would damage the broader economy". I don't know if that's WaPo's oversight or if it accurately reflects how the executive request was written. I DO know that I wouldn't put it past this idiotic Congress to unknowingly pass a bill to allow the seizure of healthy financial companies at the White House's whim. Link to comment Share on other sites More sharing options...
drnykterstein Posted March 24, 2009 Share Posted March 24, 2009 This is interesting. Link to comment Share on other sites More sharing options...
KD in CA Posted March 24, 2009 Share Posted March 24, 2009 1933 here we come. Hugo Chavez era Venezuela here we come. What's next, giving Obama the ability to seize any business he deems a risk to economic security? Why bother when they can simply tax them out of existance? Pretty much just like the mob does -- suck them until they are dry. And without the need for a messy fire at the end. Link to comment Share on other sites More sharing options...
/dev/null Posted March 24, 2009 Share Posted March 24, 2009 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 Like say, Blue Cross/Blue Shield Link to comment Share on other sites More sharing options...
finknottle Posted March 24, 2009 Share Posted March 24, 2009 Hugo Chavez era Venezuela here we come. Why bother when they can simply tax them out of existance? Pretty much just like the mob does -- suck them until they are dry. And without the need for a messy fire at the end. Obama - Ooops, I mean Chavez - is expected to sign a decree next week targeting executive pay in the oil industry. It will clamp down on permissable salaries, bonuses, parties, phones and cars. Link to comment Share on other sites More sharing options...
DC Tom Posted March 24, 2009 Share Posted March 24, 2009 Obama - Ooops, I mean Chavez - is expected to sign a decree next week targeting executive pay in the oil industry. It will clamp down on permissable salaries, bonuses, parties, phones and cars. Now how, exactly, does he expect to tax the sh-- out of the rich when he's working so hard to eliminate them? Link to comment Share on other sites More sharing options...
VABills Posted March 24, 2009 Share Posted March 24, 2009 Now how, exactly, does he expect to tax the sh-- out of the rich when he's working so hard to eliminate them? New York State model. Link to comment Share on other sites More sharing options...
IDBillzFan Posted March 24, 2009 Share Posted March 24, 2009 Now how, exactly, does he expect to tax the sh-- out of the rich when he's working so hard to eliminate them? The key to the left is simple. The way to do away with the poor is not to help the poor prosper, but help the wealthy be poor. When everyone is poor, no one is poor. It's just that simple. Link to comment Share on other sites More sharing options...
swede316 Posted March 25, 2009 Share Posted March 25, 2009 New York State model.Yep..Keep taxing until there's nothing left. Link to comment Share on other sites More sharing options...
KD in CA Posted March 25, 2009 Share Posted March 25, 2009 Yep..Keep taxing until there's nothing left. And it'll happen. There was a good piece in one of the NY papers yesterday about longtime NYC residents who are seriously considering leaving due to the absurd discrimination against them in the tax code. The people interviewed were not evil bankers, just working professionals (one was a dentist) who had the gall to be reasonably successful in a city where a $250k income buys you a 2 BR condo and allows you pay to park your car and eat out once in a while, and are already being murdered not just by: --discriminatory tax rates by the Fed --overbearing property tax --SS taxes that far exceed any benefit they will receive in retirement --exclusion of any direct payments from the stimulus plan --limitations imposed on their ability to save for retirement (you know, cause it's 'discrimination' if you choose to save more for your own retirement than other people) --new federal income tax hikes --new capital gains tax hikes --new restrictions on legal deductions (on top of the already existing limits on deductions) but now, NYS politicians want to rape these people again by pushing a "millionaire's tax" which of course will be call for add'l taxes on people earning.....much, much less than a million. How much can people be expected to take? What is the point in working to build some level of success (and create jobs) if we are living in a society where the government can and will simply take everything from you because they decide they don't like you and/or just want to pander to the ignorant masses? Cue all the people on this board who have been crying about the "shredded constitution" for the last eight years. Oh wait...never mind. This is much less important than whether or not some sub-human POS is getting roughed up at Gitmo. Link to comment Share on other sites More sharing options...
GG Posted March 25, 2009 Share Posted March 25, 2009 The people interviewed were not evil bankers, just working professionals (one was a dentist) who had the gall to be reasonably successful in a city where a $250k income buys you a 2 BR condo and allows you pay to park your car and eat out once in a while, and are already being murdered not just by: Just to put things into perspective of exactly what $250K can buy in NYC, consider: After tax take home pay is $12.5K/mo. Not bad to start, but let's deduct: Mortage (Can't buy a decent 2 BR Apt for under $900K) - $4k/mo Maintenance - $2k/mo Car Pmt - $600/mo Garage - $500/mo Food & Etc - $2.5k/mo Utilities - $500/mo Total Expenses = $10k/mo. Those are the minimum expenses, leaving $2k/mo for rainy day fund. And no, this is not to say that whoever makes $250K in NYC is dirt poor. But it should give an idea that whoever makes $250K in NYC is not filthy rich either. Link to comment Share on other sites More sharing options...
VABills Posted March 25, 2009 Share Posted March 25, 2009 Just to put things into perspective of exactly what $250K can buy in NYC, consider: After tax take home pay is $12.5K/mo. Not bad to start, but let's deduct: Mortage (Can't buy a decent 2 BR Apt for under $900K) - $4k/mo Maintenance - $2k/mo Car Pmt - $600/mo Garage - $500/mo Food & Etc - $2.5k/mo Utilities - $500/mo Total Expenses = $10k/mo. Those are the minimum expenses, leaving $2k/mo for rainy day fund. And no, this is not to say that whoever makes $250K in NYC is dirt poor. But it should give an idea that whoever makes $250K in NYC is not filthy rich either. 2K - hell that's more than the illegal immigrant makes, picking your tomatoes and illegal voting for the socialist of the day. Something isn't right in the world if this guy can have 2k in disposable income while too mnay people in this country don't even have that for their basic needs. Link to comment Share on other sites More sharing options...
drnykterstein Posted March 25, 2009 Share Posted March 25, 2009 Well, he commented on this directly in his PC last night. Seems reasonable why he wanted this. Link to comment Share on other sites More sharing options...
Joe Miner Posted March 25, 2009 Share Posted March 25, 2009 Just to put things into perspective of exactly what $250K can buy in NYC, consider: After tax take home pay is $12.5K/mo. Not bad to start, but let's deduct: Mortage (Can't buy a decent 2 BR Apt for under $900K) - $4k/mo Maintenance - $2k/mo Car Pmt - $600/mo Garage - $500/mo Food & Etc - $2.5k/mo Utilities - $500/mo Total Expenses = $10k/mo. Those are the minimum expenses, leaving $2k/mo for rainy day fund. And no, this is not to say that whoever makes $250K in NYC is dirt poor. But it should give an idea that whoever makes $250K in NYC is not filthy rich either. Here's a comparison for some of us Midwestern Folk. In Oklahoma Not sure what the take home pay is after taxes (I'd also assume -6% for 401k), but let's stick with $12.5k/month Mortage - Brand New House 2700sf 4 bed/2.75 bath/DR/Game Room/2 car garage - $1500/month (includes mortgage payment, pmi, home insurance, property taxes) Maintenance - $100/mo? Maybe less, this is a brand new house Car Pmt - 2 Cars (small car and a crossover) - $600/month Car Insurance for the above cars - $120/month Gas for above cars - $150/month (about a tank every 10 days) Garage - $0 Groceries - For a couple - $400/month Utilities (elec/gas/TV/Internet/Phone/Water/Trash)- $600/mo Top Infant Day Care in the City - $1000/month/child Donations - $2500/month (~12% of $250,000) Entertainment - From 0 - $1000/month (I personally couldn't see spending $1000/month, but maybe if you dropped $250 every weekend going out) Toll Roads - $40/month Season tickets to the Thunder (2 floor sets @ $150/ticket, about the best they offer) - $1025/month Total Expenses - $9035/month...I'm running out of extra crap to fluff up my numbers. That leaves about $3500/month for a rainy day fund. But I don't know what else you could buy. I don't know what people consider rich (I still wouldn't call this person rich), but they certainly don't have to worry about money at all. Link to comment Share on other sites More sharing options...
StupidNation Posted March 28, 2009 Share Posted March 28, 2009 The key to the left is simple. The way to do away with the poor is not to help the poor prosper, but help the wealthy be poor. When everyone is poor, no one is poor. It's just that simple. The only problem with that model, and you know this, is that eventually someone is going to have to pay the bill. The poor just won't be poor, but decimated, starving, and dying. By helping the "poor" the whole system will end up killing them off. Link to comment Share on other sites More sharing options...
blzrul Posted March 28, 2009 Share Posted March 28, 2009 Here's a comparison for some of us Midwestern Folk. In Oklahoma Not sure what the take home pay is after taxes (I'd also assume -6% for 401k), but let's stick with $12.5k/month Mortage - Brand New House 2700sf 4 bed/2.75 bath/DR/Game Room/2 car garage - $1500/month (includes mortgage payment, pmi, home insurance, property taxes) Maintenance - $100/mo? Maybe less, this is a brand new house Car Pmt - 2 Cars (small car and a crossover) - $600/month Car Insurance for the above cars - $120/month Gas for above cars - $150/month (about a tank every 10 days) Garage - $0 Groceries - For a couple - $400/month Utilities (elec/gas/TV/Internet/Phone/Water/Trash)- $600/mo Top Infant Day Care in the City - $1000/month/child Donations - $2500/month (~12% of $250,000) Entertainment - From 0 - $1000/month (I personally couldn't see spending $1000/month, but maybe if you dropped $250 every weekend going out) Toll Roads - $40/month Season tickets to the Thunder (2 floor sets @ $150/ticket, about the best they offer) - $1025/month Total Expenses - $9035/month...I'm running out of extra crap to fluff up my numbers. That leaves about $3500/month for a rainy day fund. But I don't know what else you could buy. I don't know what people consider rich (I still wouldn't call this person rich), but they certainly don't have to worry about money at all. Yeah, but they're living on Okla-freaking-homa. Link to comment Share on other sites More sharing options...
Nanker Posted March 28, 2009 Share Posted March 28, 2009 Just what we need. More sweeping powers for the oversightful Secretary TurboTaxCheat. Link to comment Share on other sites More sharing options...
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