Originally Posted by
alfaromeo
At least get the facts right. It gives the Sec Tres the resolution authority over a company that threatens the stability of the financial system. Resolution authority means a liquidation of the company. Maybe you could call a liquidation a bailout, but that seems a stretch.
“The legislation … gives the Federal Reserve power to regulate any large company in America.,”
writes Gregory Zerzan, former Deputy Assistant Treasury Secretary in the Bush administration, in the Wall Street Journal. “The current proposals for “financial” reform are stalking horses allowing government intervention into virtually every facet of the U.S. economy.”
The 1,336-page
Dodd bill — called the “Restoring American Financial Stability Act” — defines “nonbank financial company” as any business that is “substantially engaged in activities in the United States that are financial in nature.” Note that there is no requirement that these firms actually be affiliated with a depository bank or a broker-dealer.
We can take this discussion off line so ACL won't have to ban us.
