Path to Tyranny

The Obama administration now wants unfettered power to seize assets, abrogate contracts, and take over management of private corporations if it believes their failure would cause systemic damage to the economy.  This is how Robert Gibbs justified it this morning:

“We need resolution authority to go in and be able to change contracts, be able to change the business model, unwind what doesn’t work,” Gibbs said on CNN in one of several morning television interviews aimed at promoting the administration proposal. ” . . . This is the exact type of authority that will allow us to deal with the problems in AIG . . . that will address the systemic risk without having to put [a failing firm] in bankruptcy.”

On its face, this is an assault on free enterprise.  We’re no longer talking about companies coming hat-in-hand to the government begging for a bailout and agreeing to let the government tell them what to do. The Obama administration is now seeking the go-ahead to make these decisions on its own.  This is truly scary — worse than anything we’ve seen out of this crew so far.

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Path to Tyranny

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