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Not Just Banks Anymore

Now Washington wants the power to seize any financial firms (not just banks) that look to be on the verge of 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."

Read more here. 

I'd better go read the Constitution again. Don't remember anything in there about this...
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Comments

  1. melodyMarch 26, 2009 at 2:07 PM

    Blaaaahhh....Everyday there's more and more of this. I thank God my faith is in Him and not in the leaders of this world!

    Thanks so much for keeping us updated so we can stand together!

    ReplyDelete
  2. PamMarch 31, 2009 at 2:53 PM

    Yes! The constitution is mentioned frequently but not followed. Do the powers that be not realize this??? I agree with sewmelody - so thankful my hope is in the Lord!

    ReplyDelete

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