Theodore's World: Dick Morris: Wall St. Reform Gives Obama the Power to Seize Any Financial Biz – “Castro Doesn’t Have Those Powers”

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April 01, 2010

Dick Morris: Wall St. Reform Gives Obama the Power to Seize Any Financial Biz – “Castro Doesn’t Have Those Powers”

Morris: Wall St. Reform Gives Obama the Power to Seize Any Financial Biz – “Castro Doesn’t Have Those Powers”

“What I’m concerned about is a provision that is not controversial in the bill, it’s not what they’re talking about that is pure socialism in the United States. It gives the treasury secretary the power, in his sole discretion with no judicial review and no objective standards, the right to seize any financial business he wants. Simply because he thinks it is too big to fail and that it is in danger of failing. Then, the treasury secretary can fire the board of directors, fire the management, sell off the company, and wipe out shareholder equity — Castro doesn’t have those powers.”

Senate Committee Passes Financial Reform Bill

The Senate Banking Committee voted along party lines to approve the financial regulatory reform bill introduced last week by Chairman Christopher Dodd, D-Conn.

Lawmakers voted 13-10 to pass a sweeping Democratic bill that includes new rules for banks, consumer financial products, derivatives and hedge funds.

The 13-10 vote will send the bill to the Senate floor, where it is likely to be heavily debated. Republicans had proposed over 400 amendments to the bill prior to the markup hearing on Monday evening.

Dodd had been working for months with the ranking Republican member on his committee, Richard Shelby, R-Ala., and later a freshman senator, Bob Corker, R-Tenn., on a compromise for the bill, but ultimately decided to introduce his own version of the sweeping legislation last week. Shelby reportedly plans to continue to negotiate with Dodd on the bill, however.

Treasury Secretary Timothy Geithner had urged Dodd not to weaken the bill in a speech he delivered Monday (see Geithner Urges Strong Financial Reform Package). After the bill’s passage by the committee, he expressed support. “This is a good day for the cause of financial reform,” he said. “I would like to commend Chairman Dodd for his leadership over the past year and his committee, which today voted a strong reform bill to the floor. We look forward to working with the full Senate to pass a bill that provides strong protection for consumers, strong constraints on risk-taking by large institutions, and strong tools to protect the economy and taxpayers from future crises.”

The legislation would also create a new Office of National Insurance within the Treasury Department to monitor the insurance industry, and a new Office of Credit Rating Agencies at the SEC to strengthen regulation of credit rating agencies.

It's important to remember that the bill won't exist in this form for long. Senate Majority Leader Reid and Sens. Max Baucus and Chris Dodd along with senior White House aides are merging the Finance and Health Committee legislation into one bill that will be considered on the floor of the Senate. The behind-closed-doors dealings have drawn criticism from Republicans, particularly because President Obama had promised a transparent process and pledged to negotiate the health care bill on C-SPAN.


Wild Thing's comment.........

Obama and the rest of them destroying our country cannot stop, won't stop. They are out of control and no one can stop them.

Posted by Wild Thing at April 1, 2010 07:47 AM


The Congress has just created a self castration bill for obama to sign and then cut them off at the knees. Say good bye to three equal branches in government.

obama is not by passing the Constitution he's shredding it. As we sit idly by and watch.

Posted by: Mark at April 1, 2010 03:43 PM

Mr. Obama´s Nuclear Posture Review (NPR)!!!

"Obama To Rewrite America´s Weapons Policy...," April 1, 2010, at

Obama is treason 24/7/365.

Impeach Obama

Posted by: Anon at April 1, 2010 09:50 PM

With the passing of HC reform, obama got a shot of adrenilin and is accelerating his agenda. Via Executive Orders and with each passing order our Liberty keeps getting stripped away. obama is a dictator, only the congress and half the country does't even realize it yet. Writing this is preaching to the choir, and writing my congressman is talking to a brick wall. We want to take our country back via the constitution as it should be.

But that won't be so easy, not now. I haven't read anywhere if the Hutatree people were read their rights. They were arrested for virtually a free speech issue. They virtually did not break any laws, except get honed in to Incompitano's radar as a Right wing extremist, there only crime. This will be passsed off as a Right wing terrorist 'bust' in order to protect the neighbors. But this is the beginning of more such raids to come and the Terrorists will be downgraded to members of the Tea party.

In his famous speech, Give me liberty of give me death, Patrick Henry said, "The Constitution is not an instrument for government to restrain the people, it is an instrument for the people to restrain the government - lest it come to dominate our lives and interests." Patrick Henry was a Virginian, who didn't turst the Constitution he thought it gave the government to much power and was one of the founders to insisted on the addendum, of the 10 Bill of Rights to the Constitution.

Thomas Jefferson added: When the people fear the government you have Tyranny, when the government fear the people there is Liberty. Obama knows this full well and has taken advantage of whatever leeway the Constitution give him to strip our rights away, as if he has anything to do with our Rights.

We have reached the point where the government has contimpt for the people and do as they damn well please and without regard to what we think.

I don't know what is going to happen the closer we get to November I fear, many nasty things are going to happen, taking back our country by election will a dream that can't be realized for a number of reasons.

The plan now seems to be to make the Tea Partys out to be the bad guy, the revolutionaries, this will be the next act in this scam by obama, then they will start arresting them on trumpt up charges, then the fear of arrest and prosecution or mare aptly Persecution will drive alot of them underground. We don't have a congress to stifle this nor an active supreme court to challange this, we are really all alone. Unless the rest of the country wakes up there won't be time to take back our country. In a year and 2 months we have evolved into a country with one branch of government, with one soutpiel puppet in charge.

Posted by: Mark at April 1, 2010 09:51 PM

Mark, thank you so much for both of your comments and input. That would be awesome in an email to these people.

Posted by: Wild Thing at April 2, 2010 12:17 AM