The administration is pushing Congress to enable an overarching regulatory authority (such as the Federal Reserve) to take over non-bank financial companies whose failure could topple the entire financial system.
That is nationalization of our financial system.
The real issue here is that the process would be politicized. Whether or not the company was in danger of imminent failure, and whether or not the failure of that company would jeopardize the economy would be come decision made by administration appointees. Once the government controls the financial system of the country, they have control of everything.
Look at the TARP mess. That started as an injection of capital to stabilize the banks. (Some were forced to take the funds, whether or not they wanted them.) That was followed by increased regulation of executive compensation, additional oversight, and more restrictions on those companies. Several of them have notified Treasury they want to pay back the TARP loans, and have not been permitted to do so.
All this, and Obama thought a reporter was joking when he was asked if he's trying to move us toward socialism?
It's real, and it's not a joke!
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