BUSINESS TAKEOER - USA

Democratic leaders have committed to enacting by the end of the year the biggest regulatory revision to the U.S. financial system since the 1930s—an undertaking so ambitious it has some lawmakers worried about missteps

Obama wants to empower the Federal Reserve to oversee the largest and most influential financial firms. He also wants to create a council of federal regulators, chaired by the treasury secretary, to monitor risk across the broader market.

The proposal was well-received among Democrats on Capitol Hill, who said it would prevent another round of bank bailouts and protect consumers from predatory lending practices.

Here we go, Tim Geithner and the Federal Reserve in charge of everything business.

And congress can't wait to pass this monster of over reaching legislation. Still, it doesn't seem to bother any of them that we already have regulators for this. But it does consolidate power more to the government, and the FED, which is not part of the government.

And you have all the same folks writing this, that steered the course of the country into the financial meltdown.

According to the Progressive way of looking at things, more government is good. Government should control business, and the workers should share in it's running. Well, that is how GM is set up.

I know, you say that sounds like a Communist / Socialist kind of thing. And Our Dear Leader keeps saying he is not one of those. Yet here we are, on the brink of government run everything.

Yet all I saw on the news was Our Dear Leader swatting a fly. I'm not too impressed, I have swatted hundreds of flies in my life. But if Our Dear Leader swats one, it is National news.

I'm sure a systemic risk argument will be made for the Oil Companies. And the private Insurance companies. And anything else they decide to control.

I know, you heard some banks were paying back the TARP money. See, Our Dear Leader doesn't want to control everything, it was all done to save the economy.

What they are not saying on TV is the government is retaining common stock in these companies. Which gives them voting rights on the boards. What, they didn't mention that on MSBN?

Yes, it would seem the big deal being made about the banks repaying TARP money is all Public Relations for our benefit. While the government keeps control.

Always have to see what the right hand is doing, since the left hand seems to be the one that makes TV appearances.

And, we are watching the Progressive play book unfolding in front of us. Consider that Chriss Dodd is working on this legislation. He helped cause the entire collapse. So naturally he will fix it/

Or make it worse for us.