Fascistic Socialists are back on the March Today.
Timothy Geithner, who could not manage to properly oversee his own taxes, is today briefing Congress on the Obama Administration’s plan for a huge expansion of centralized government oversight and regulation of any company that -- handles money. This proposed plan will prevent risk taking, reduce returns for investors, limit incomes for financial managers, and stymie innovation.
The Obama/Geithner plan is a rejection of capitalism and personal responsibility. It will be hedged in terms like “policing risk” and “restoring faith in the financial system” and “limited only to those very large institutions”, but what it will produce is a massive flight of investment capital offshore, along with a brain drain of financial talent chasing that offshore capital. Make no mistake; the Statists in the Obama administration intend to regulate ALL financial institutions, down to the smallest self-directed investor.
The result will be lackluster returns on all financial instruments, meaning the private investments people make for retirement will no longer be able to satisfy their long term financial needs. The next step would then be a Statist uniform national retirement plan.
In short, this is a plan for the Socialization of US financial markets and personal retirement accounts. No risk, no reward, and vilification of anyone who seeks to take risks and have rewards.
Statism is Fascistic Socialism. Marx, Stalin, and Pol Pot would be proud of Timmah! today.
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