Tim Geither is appearing before Congress right now to ask for expanded authority that would allow him as Treasury Secretary to seize non-banking financial institutions such as insurance companies if he decides that they pose a systemic risk to the economy. Geithner is arguing that the AIG bailout would have gone smoother if the government also had the option of simply seizing the company and winding down the assets. But this is the classic slippery slope in which the solution to incompetence by the government is yet more government and in this case, ever increasing powers for a Treasury Secretary who hasn’t been able to handle what he has on his plate so far.
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