Geithner Socializing America
Geithner wants sweeping new powers for Treasury over the private sector. The powers he is asking for are unconstitutional. The irony is the root cause of the economic crisis still has not been properly dealt with. These companies were forced to make ninja (no income, no job, and no assets) loans because of the Community Reinvestment Act. In the late 1990’s Congress changed the law so that 50% Fannie Mae’s assets would be these garbage loans. The loans were then packaged up and sold. Companies that did not make these loans were sued. Now Geithner is totally ignoring the root cause of these toxic assets. This way he and the Obama administration can take more control over the private sector. These are socialists using a crisis to further their goals.
