It seems Obama, Barney Frank, and their cohorts are determined to take over every aspect of the U.S. economy. Frank is pushing the "too big to fail" proposal. Companies deemed too big to fail could borrow from the government. In return the government would seize the firm's profits. AND they would seek restitution from the entire industry. That means that if your firm operated within its means, you would be required to pony up for the firm that didn't while the government enjoyed the profits. It would give the government power to seize nonbank firms, dismiss their management, and wipe out shareholders.
Admittedly, I don't understand all the ins and outs of big finance; however, Scott Talbott does. He is a lobbyist for the Financial Services Roundtable. He said this plan would "expose the entire industry to paying for an unquantifiable risk and impose upfront additional costs during a recession." Wow! Sounds eerily like the health care plan, doesn't it?
"'Too big to fail' proposal is close." The Dallas Morning News; October 27, 2009; p. 3D.
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