At 10am ET there is a financial services Committee hearing over the AIG "controversy". The Feds will be attempting to be a "savior" of business's that are in trouble. Allowing them "Resolution Authority" Now the naive may feel that this is necessary during our economic "crisis". BUT:
Two very scary/ridiculous things about this.
1. Congress voted on it and approved all of the AIG bonuses... Now they will be grilling the man(Geithner) who orchestrated it, on how this could have happened.
2. "Resolution Authority" will give the federal government complete power when they determine that this business is in trouble. In other words if they want to go into ANY business(banks) they can explain how much of an emergency state that business is in and will have complete power, to buy, sell and or other.
3. This will just be another way for the man to do destroy the little consumer confidence that we have left. I mean why would anyone do business or buy shares in a business that could be ran by the feds at the flip of a switch.
This could be a massive chip off of the "FREE MARKET" that some say exists.
Ill be keeping up through out the day.
Side Note: GO TO HELL BARNIE FRANK!!
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