Mar 15,2011 3:59 PM (ET)
New York, NY. (AP) Treasury Secretary Timothy Geithner today announced plans for the Obama administration to temporarily take over the operations of cable news operator Fox News. White House spokesman Robert Gibbs issued a statement declaring "the economic and political opinions being presented as news on Fox present a systemic risk to the system that can no longer be ignored. The fear mongering over deficits and the effects of the health care and financial regulation overhauls have led to reduced consumer spending and stock market uncertainty evidenced in the recent spikes in unemployment and steep drop in stock prices. The continued reporting of misleading and false information is considered a major contributor to the current financial crisis and under the terms of the financial regulation overhaul the Treasury Department can take control of any company that poses a systemic risk." Treasury Secretary Geithner later issued a statement adding that the temporary takeover of Fox News and their sister station Fox Business was deemed necessary as repeated attempts by the White House to convince News Corp chairman Ruppert Murdoch to control his network's content have been stonewalled. Fox News and Fox Business will remain on the air while a panel of examiners closely analyzes the various shows content for information deemed to pose a systemic risk to the economy. Fox News will come out of government receivership once the panel's final recommendations have been successfully implemented.
News Corp chairman Ruppert Murdoch declined to comment.
(This is all perfectly legal under the new financial regulation law recently enacted. Life, liberty and the pursuit of happiness, we have already lost two of the three. The ability to control our life was taken with the health care takeover and our pursuit of happiness is now fully under their control through financial regulation. Our right to speak out, our liberty is all we have left and as this hypothetical argument points out we may have already lost that. When the full effects of the combined 5,000 pages of controls granted to the federal government via health care and financial regulation start to take hold in 2012 people are in mass going to ask "When did this happen?". While you were watching Lost or the next Real Housewives show and updating your Facebook status congress centralized more power in the federal government and the executive branch in the last 18 months than the previous 234 years combined. People always say it could never happen in America, I'm telling you now it already has.)