The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Treasury unveils proposed legislation to seize companies. Morris: This is a plan to nationalize the banks.

Posted by iusbvision on March 28, 2009

We covered this story previously in detail HERE  and Ed Morrissey at Hotair.com had commented on the story HERE. Now Geithner has wheeled out his proposed legislation to seize companies. Below is the link:

http://www.ustreas.gov/press/releases/tg70.htm

The potential for abuse in this plan is off the scale. Not to mention the constitutional problems with seizing that may come with it. This is corporatism pretty straight forward. Can anyone imagine government NOT abusing this power if they get it? After viewing this plan can anyone dare say that this is NOT socialism? All of you who made fun of John McCain for saying that Obama is a socialist should be swallowing their words now as this plan demonstrates it beyond reasonable doubt.

Former Clinton Advisor Dick Morris says Obama is trying to get control of the banks. “This is a well thought out plan for bank nationalization”.

Businesses will flee the country even faster if this is passed and we have already seen how policies like this undermine investor confidence and resulted in the crippling of economic growth in socialist Europe.

For more, we covered this story in greater detail HERE.

UPDATE: Judge Napolitano with Sheppard Smith. “They are trying to micromanage the economy…” 

Update II – Dick Morris explains how this plan will lead to the nationalization of the banks –

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