The White House has decided that private companies deemed "too big to fail" need to be policed by a supercop, and the White House is recommending the Federal Reserve play the role.

Last week, Obama's economic advisors had a meeting with representatives from banks, hedge funds and financial groups. These groups had suggested to the president that if the government insisted on regulating industries, that the task should be divided among various regulators. But that doesn't seem to be what the White House is going for. It wants a single independent regulator to monitor system-wide risk, and that one regulator "should be given better visibility into all institutions that pose a risk to the financial system, regardless of what business they are in."

So we aren't just talking the financial industry here. We are talking about any company that the government feels is too big to fail and would pose a risk to the financial system. Who in Congress has been chosen to lead the task for drafting legislation for such a supercop?? None other than slobbering Barney Frank.

This legislation, according to tax cheat Tim Geithner will include an "aggressive" package of reforms for the financial industry. That includes a fundamental overhaul of how the industry pays its senior executives. In other words, those evil bonuses will be a thing of the past.

This is a massive proposed increase in the control privately-owned businesses by government. But I don't have to tell you that, do I? What you may not know, however, is what you call this type of economic system --- a system where business is owned privately but owned by the government. The word would be Fascism.