Thread: ALERT FOLKS!!!!!!!!!!!!!!!!!!SENATE HOUSING BILL REQUIRES

Look out! Big Brother is hell bent and determined to invade every aspect of your life! They are going to make sure you cannot buy ANYTHING without their approval! You better fire up those keyboards and FAST!


SENATE HOUSING BILL REQUIRES EBAY, AMAZON, GOOGLE, AND ALL CREDIT CARD COMPANIES TO REPORT TRANSACTIONS TO THE GOVERNMENT
Broad, invasive provision touches nearly every aspect of American commerce.

Washington, D.C. -- Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America's small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.



FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking."



"Privacy groups like the Center for Democracy and Technology and small business organizations like the National Federation of Independent Business sharply criticized this idea when it first appeared earlier this year. What is the federal government's purpose with this kind of detailed data? How will this database be secured, and who will have access? Many small proprietors use their Social Security number as their tax ID. How will their privacy be protected? What compliance costs will this impose on businesses? Why is Sen. Chris Dodd putting this provision in a housing bailout bill? The bill also includes the creation of a new national fingerprint registry for mortgage brokers.



"At a time when concerns about both identity theft and government spying are paramount, Congress wants to create a new honey pot of private data that includes Social Security numbers. This bill reduces privacy across America's payment processing systems and treats every American small business or eBay power seller like a criminal on parole by requiring an unprecedented level of reporting to the federal government. This outrageous idea is another reason to delay the housing bailout legislation so that Senators and the public at large have time to examine its full implications."



From the Senate Bill Summary:



Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions. Use of an account number or other indicia associated with a payment card will be treated in the sam
e manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations. The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011. This proposal is estimated to raise $9.802 billion over ten years.

This is something I got in an e-mail. I don't think the Amercian tax payers should have to pay for their POOOOOOOOOOOOR fiancial practices. I think we ought to call and e-mail and tell we won't pay their debt.

Wall Street Journal: "On Tuesday, the very day he finally admitted knowing that Countrywide Financial regarded him as a "special" customer, the Connecticut Democrat also announced that he was bringing to the Senate floor a housing bailout sure to help lenders like Countrywide."



"The Senator's plan allows mortgage lenders to dump up to $300 billion of their worst loans on to taxpayers via a new Federal Housing Administration refinancing program,.."



"But a $75,000 reduction in mortgage payments is no small matter for anyone living on a Senate salary of $169,300."



Every four years, Sen. Christopher Dodd announces he is going to run for President. Then raises five to eight million dollars and spends it touring the country, going to New Hampshire, and proving that he is a total dud. A boring speaker and unimpressive personality, he never gets out of the gate.



However, who supports these vanity runs for President? Well, the well-heeled financial brokers who want to be on the right side of the Chairman of the Senate Banking Committee are always willing to chip in a few bucks.



Now generally, Dodd stays as a pretty low profile Senator. He supports his favorite causes, Fidel Castro and bringing mass immigration from Latin America into the United States, but other than that he seems to play by the rules and quietly do the work of Wall Street.



Therefore, what would make him take $75,000 in a questionable transaction that has now exploded in his face. "Cherchez la femme."



Dodd is recently married and has a young child. There were rumors that he might not run in 2010 to take a lucrative job as a Washington lobbyist. It is hard for a man to get along on $169,000 per year. Well, his questionable transaction might speed up his departure.



For those interested in immigration, this can only be good news. Two likely candidates for the job in 2010 would be Republican Alan Schlesinger, who proved himself an able campaigner in a three-way race with Lieberman and Lamont, and Democrat Attorney General Alan Blumenthal, who could not indict a ham sandwich, but is great at suing tobacco companies and avoiding the 75,000 illegals camped out in Connecticut. Alan Schlesinger's great positions on immigration can only encourage those seeking immigration control.



Dodd's departure??? This is only good news for citizens that want the law enforced and a candidate that will represent Connecticut, not Cuba. And aren't there laws about bribing U.S. Senators?



See:

Dodd Tops Lender's Contributions List

Angelo's Angel



Paul Streitz

amfirst@optonline.net

Does this mean that if I had a loan and didn't pay for it I will not have to pay it since they wrote it off. If not, they will get bailout money on top of the money they will collect from me. Do I Have that right. I am not being funny . I am serious about my question.