Home > Economy, Fraud, News > Barney Frank wants to take over banks he thinks are too large. Socialism is too weak a word for this.

Barney Frank wants to take over banks he thinks are too large. Socialism is too weak a word for this.

Liar_Liar_posterOk.  So Barney wants to take over any bank that s big enough that he considers it a threat.  So that will keep international banking out of the US.  So then I am sure we will lower the bar for what is “too big” until the feds control all the major banks.  This is NOT good, nor Constitutional.

By the way, the fifth amendment mentioned below is “No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation. “

In other words, you can’t convict someone and take their goods without a trial.  This law would allow the feds to seize a bank because Barney thinks its a threat… or just wants it as federal property.

A new bill in Congress to increase financial regulation would allow the federal government to seize institutions deemed “too big to fail” if Treasury saw a large enough risk of collapse.  McClatchy reports that some on Capitol Hill have begun to refer to it as a “death panel” for banks, apparently more as a joke than a concern.  Have any of them actually read the Constitution, especially the Fifth Amendment?

Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, worked over the weekend and throughout Monday to draft the legislation. It would provide the government with first-ever authority to shut down large globally interconnected financial institutions.

Under this authority, jokingly referred to as “Death Panels for Banks,” the Federal Deposit Insurance Corp. would oversee the dismantling of large financial firms much as it does now when it intervenes in commercial banks that are at risk of insolvency.

Decisions about which institutions are so large that they pose a system-wide risk and must be monitored would be made by a Council of Regulators, comprised of leaders from the Fed, the Treasury Department, the FDIC, and other bank-oversight agencies.

Hot Air » Blog Archive » Death panels for banks?

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