Pres. Barack Obama and Tres. Timothy Geithner Asking For More Power

Whenever the most powerful person in the whole world asks for more power you should be very VERY scared. Of course Pres. Obama nor Mr. Geithner are stating that they will misuse and abuse it but in the end they all do. What is really frightening is that all they need is Congressional approval to get it. I didn't know that our system of checks and balances could kicked off to the side on Congress' say so.

Lets focus more on the power grabbers for a moment. What powers do they want and why? Lets see what they said...

From Bloomberg:

Regulators should be able to safeguard the entire financial system as well as monitor the health of specific institutions, Geithner said. This oversight should cover “all institutions and markets that could pose systemic risk” he said, according to the excerpts.

That is oddly vague. What is the definition of a "systemic risk" and why does the Treasury Department need to safeguard the entire financial system? Is that their job? Lets see what pops up on Wikipedia.

Managing federal finances;
Collecting taxes, duties and monies paid to and due to the U.S. and paying all bills of the U.S.;
Producing all postage stamps, currency, and coinage;
Managing government accounts and the United States public debt;
Supervising national banks and thrift institutions;
Advising on domestic and international financial, monetary, economic, trade and tax policy - fiscal policy being the sum of these, and the ultimate responsibility of Congress.
Enforcing Federal finance and tax laws;
Investigating and prosecuting tax evaders, counterfeiters, forgers, smugglers, illicit spirits distillers, and gun law violators.

Nope, I don't see anything on that list of responsibilities of the Treasury Department that include safguarding the entire financial system. Any powers handed over on such broad and vague wording can be abused on such a large scale. We are supposed to have a limited government here in the US, not an omnipotent one.

You can find the article here.