Hail, Emperor Obama & First Lord Geithner

The Obama administration is asking for the power to seize companies and rewrite contracts whenever it feels like it.

“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.”

If contracts mean nothing, we are subjects and not free men.