Not a lot of time for blogging here but my goodness, it seems like the news gets worse by the very minute. After spending close to a trillion dollars, and then pledging another in a public/private plan to save the banking system, our Obamassiah, er. President Chosen One his own self, is asking Congress for the power to take over all financial-based businesses — if his Treasury Secretary good ol’ (Turbo-Tax-Tim) Geithner feels like they might be on the verge of failure — or whatever other reason they dream up I’m sure.

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.

WTF? Confiscatory maybe? Unconstitutional??? You bet! You think this administration cares? Obama is pressing Congress to move quickly to give his administration this new authority. No doubt, he would like to parade these new powers during his G20 summit in London next week. In a LA Times editorial today, Making the world work again, our teleprompter-tongued leader laid out his overall agenda — er, make that his World-Wide agenda. It takes him awhile to get through the political boiler plate, but when he gets to the meat, I smell somethin’ rancid!

While these actions can help get us out of crisis, we cannot settle for a return to the status quo. We must put an end to the reckless speculation and spending beyond our means; to the bad credit, over-leveraged banks and absence of oversight that condemns us to bubbles that inevitably bust. Only coordinated international action can prevent the irresponsible risk-taking that caused this crisis. That is why I am committed to seizing this opportunity to advance comprehensive reforms of our regulatory and supervisory framework.

All of our financial institutions — on Wall Street and around the globe — need strong oversight and common- sense rules. All markets should have standards for stability and a mechanism for disclosure. A strong framework of capital requirements should protect against future crises. We must crack down on offshore tax havens and money laundering. Rigorous transparency and accountability must check abuse, and the days of out-of-control compensation must end. Instead of patchwork efforts that enable a race to the bottom, we must provide the clear incentives for good behavior that foster a race to the top.

I know that America bears its share of responsibility for the mess that we all face. But I also know that we need not choose between a chaotic and unforgiving capitalism and an oppressive government-run economy. That is a false choice that will not serve our people or any people.

This G-20 meeting provides a forum for a new kind of global economic cooperation. Now is the time to work together to restore the sustained growth that can only come from open and stable markets that harness innovation, support entrepreneurship and advance opportunity.

The nations of the world have a stake in one another. The United States is ready to join a global effort on behalf of new jobs and sustainable growth. Together, we can learn the lessons of this crisis and forge a prosperity that is enduring and secure for the 21st century.

Yesterday on air Hugh Hewitt told a caller that he didn’t think Obama was working toward a One-World Order, with a common currency and planet-wide control. Wonder what he thinks after reading this Obama LA Times piece? China is ready to deep-six the greenback and get the world rolling on a common currency, controlled by the IMF, not by markets and governments.

China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.

In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.

Analysts said the proposal was an indication of Beijing’s fears that actions being taken to save the domestic US economy would have a negative impact on China.

China is worried that the US won’t be able to cover all the borrowing that Obama will be doing to pay for his Extreme Makeover of America. He did warn us, you know? Maybe Obama can sell them on the Obamabuck?

George Will rebukes the new President and the Congress for their “recent lawlessness, situational constitutionalism and institutional derangement”. That pretty much sums it all up!

As the Anchoress says, “We are in terrible trouble, you know.” She also has some words about Notre Dame asking King Obama to give the commencement address this year. The uproar of course is Obama’s staunch support for all manner of abortion, even partial-birth abortion, and his refusal while in Illinois to support legislation that would require medical attention for babies born alive during a botched abortion. Watch those videos on her post of folks playin’ “Yes we can” backwards and hearing” Thank you Satan.” Much more convincing than the old “Paul is dead” and “I buried Paul” that got the Boomers all hot and bothered in the early ’70s.

BTW — Hugh Hewitt finds nothing good about Obama being asked to speak at Notre Dame:

In a single gesture, ND has undone much if not all of the work of last fall during which the Roman Catholic hierarchy in America labored mightily to deliver the message that the Church really does mean what it says about protecting the unborn. The public rebukes to Speaker Pelosi and candidate Biden about their distortion of Church teaching on abortion underscored the resolve of the Church’s leadership to deliver a message about the centrality of the Church’s position on life to the Church’s mission in the world.

By inviting President Obama to be honored, Notre Dame’s leadership undermines all of that effort in a stroke, sending a message to the entire culture that those crazy bishops and cardinals don’t speak for Catholicism in America. The country’s preeminent Catholic institution just doesn’t care about abortion, or embryonic stem cell research, or even late term abortion or the Born Alive Infant Protection Act, at least not enough to stand in the way of a good party and a lot of camera time.

Michelle Malkin notes that over 80,000 (now over 87,000!) have signed a petition protesting Obama speaking at Notre Dame. You can sign it here.

Bad things are happening all around us. Over at Cheat-Seeking Missiles, Laer contrasts his school days with today’s in light of Zero Tolerance policies that are illuminating the rank insanity that has overtaken our public school administrators. Over in Safford, AZ, the school system feels it’s appropriate to strip-search a 13 year old girl for bringing prescription-strength ibuprofen (the equivalent of two Advils®) to school. After making her strip to her underwear, well, the girl herself describes the rest:

“[T]hey asked me to pull out my bra and move it from side to side,” she said. “They made me open my legs and pull out my underwear.”

Bottom line — no pills. This school system lost in the insanely liberal Ninth Circuit. Now they are taking it to SCOTUS, and it will be heard this year. Let’s hope that the Rodger’s court will KO this stupid school system and make plain that unreasonable search and seizure is, well — unreasonable. And, unconstitutional!

Ace sends us to this piece by author Jerry Pournelle: SIC SEMPER TYRANNIS

Why should free citizens welcome a master? What is the attraction that tyrants hold?

It is not so difficult to see why nations might turn to a strong leader after a military disaster, or in times of civil war, but that is not the whole of it.

The sad truth is that democracy itself is often unstable. Intellectuals lose faith. Democracy is not flashy. It falls out of fashion. The intelligentsia feel scorned, unappreciated, and turn to new theories.

There are other pressures. Republics stand until the citizens begin to vote themselves largess from the public treasury. When the plunder begins, those plundered feel no loyalty to the nation—and the beneficiaries demand ever more, until few are left unplundered. Eventually everyone plunders everyone, the state serving as little more than an agency for collecting and dispensing largess. The economy falters. Inflation begins. Deficits mount. Something must be done. Strong measures are demanded, but nothing can be agreed to.

In Weimar Germany the price of a postage stamp went to 8 billion marks. In China, Latin America, many of the new African nations, inflation has exceeded 1000%. The middle class is destroyed. The economy collapses. Democratic institutions cannot cope.

Enter the strong man, who will save the state.

Hmmm, sound like anyone? Can we really be so stupid as to elect the agent of our own destruction, hand him the keys to our freedoms and access to our purse and then stand back and watch in utter amazement as over 200 years of history and human progress goes down the toilet, treated like a turd?

Evidently, Yes. We. Can.

Technorati Tags: Geithner, G20 summit, One-World Order, Notre Dame

This entry was posted on Tuesday, March 24th, 2009 at 3:37 pm and is filed under Dem Wit Congress, POTUS Obama, Stimulate This!. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.  |   Print This Post  |   Email This Post

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