Obama seeks broad power to regulate risk

The administration is not only seeking power to regulate risk across the board on Wall Street but also the ability to seize [any] companies that, in the opinion of the Treasury Department, represent a risk to the American economy if they fail.

Now, I've been told that I am being hysterical when I point out that the government's ability to break contracts means simply that the "sanctity" of contracts no longer applies in America and that we are moving toward government by diktat. The fact that the government can "seize" (WaPo's word) a company heightens my concern. But don't mind me. I'm just an old fuddy-duddy who believes in stuff like "founding principles" and other outmoded, outdated concepts.

And you can bet that the whole idea of "risk-reward" on Wall Street and elsewhere will be pretty much thrown under the bus. Risky ventures will be a thing of the past. You will have to present a sure thing to venture capitalists in order to get funding - like creating a company that makes Obama dolls or framed portraits of our president. On the other hand, if you want to be the next Google, you will be SOL...

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