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  1. #1
    Senior Member RonLaws's Avatar
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    Off sub.alert-Financial Reform bill-Americans should oppose

    The Financial reform bill is going to be taken up in the Senate on Wednesday and think they will try to pass before 4th of July. -- The Oil spill is making for a good distraction and Congress is looking to slip stuff by. Americans should call Congress and oppose this bill as again carrying out an agenda of government takeover and control -- much like healthcare. The Federal government would now be able to monitor your financial transactions which goes against the 4th Amendment. A copy of the bill was posted on internet.

    My thoughts:

    Senator Judd Gregg of the Financial Services Committee has stated this financial reform bill (S. 3217, the ‘Restoring American Financial Stability Act of 2010) is a ‘disaster’ because it essentially does not and cannot address the financial movements (crisis) of 2008 and 2009 that occurred because much of the financial movements (crisis) involved conflict of interest lacings with government officials and corporate CEO players. Some Examples are: Chris Dodd - Countrywide mortgage scandal, Kent Conrad - Countrywide mortgage scandal, Henry Paulson - prior board member of Goldman Sachs, Barney Frank - Fannie Mae and Freddie Mac, and there are many others that also include financial non-banks such as AIG, Bear-Stearns, Goldman-Sachs. Also included are the Bank of America and the CFR . Fannie Mae and Freddie Mac are not addressed in this bill and traditional banks are penalized while many non-bank financial institutions who committed transgressions such as AIG, Goldman-Sachs are not and allowed to do business as usual.

    The bill is wrongheaded and designed to carry out another agenda -- that of which is injection of government oversight, and thereby control, of private business (banks) and affairs of Citizens private market business that amounts to a violation of the 4th Amendment Right to privacy. This bill wrongfully is directed at the American People and free market capitalism, that had little to nothing to do with the massive financial movements (crisis), via a full lockdown monitor scanning of businesses and Peoples private financial affairs through an ‘Office of Financial Research’ (pg 59) and an action of ‘data collection’ by “commercial data providersâ€

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    RonLaws …. where do you get this “One Big Bankâ€
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  3. #3
    Senior Member RonLaws's Avatar
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    Justme -- Yes there is abuse going on with the banks credit card actions and Wall Street creating financial instruments of greed that get around existing laws or the SEC not enforcing,falling asleep. No matter what laws you create some will find a way to get around them or by conflict of interest of associated parties get around them where then the laws only hurt the law-abiding Citizen or stifle business.

    That is what I am saying, - this bill in the name of "solving the financial crisis" -called the 'Financial Stability Act of 2010' is being used to interject government control and takeover of the financial industry even to the point of the government going thru your bank accounts and ATM transactions! (going thru meaning monitoring thru mandatory reporting by banks - which adds red tape cost to the small banks). This action essentially violates the 4th Amendment. The Federal Reserve will get yet more centralized power and with just a few big banks running the show they can control the American Economy, hence American Peoples lives a lot easier. It is the Federal Reserve printing money, running up the deficit while devaluing the dollar which is getting to a dangerous level. This is beyond what the Founding Fathers warned against and it is stifling of business, loss of freedom to government control (enslavement).

    While there are some safeguards in the bill that are needed against financial abuse such as derivatives trading and predatory lending. The worse point is that just like healthcare the Obama Admin. along with the Fed have deceptively inserted language in the bill that 'does other things' that has nothing to do with the "financial crisis" and everything to do with Obama's agenda of government "transformation" -- takeover and control that violates the U.S. Constitution.

    As for 'bloated' -- meant as a general term that most Federal Agencies are slow, ineffective, overstaffed and overpaid -- but maybe this one would be different -- unlikely

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