Is this Obama’s attempt to take over the private sector?

The Post & Email ^ | Apr. 24, 2010 | by Sharon Rondeau

[USALiberty]

A bill which would impose new federal regulations on the private sector quietly passed the House of Representatives on December 11, 2009 and has been referred to the Senate Committee on Banking, Housing and Urban Affairs.

HR4173, also known as the “Financial Stability Improvement Act,” is 1,705 pages long and would consolidate the banking, insurance, and mortgage industries by the Secretary of the Treasury. It includes the creation of the Consumer Financial Protection Agency (CFPA) which, according to SourceWatch, “is at the center of the Obama administration’s overall plans to overhaul financial regulations. This Agency would take certain consumer regulatory responsibility of financial products from seven other agencies and centralize it in one office. It would have the authority and accountability to supervise, examine, and enforce consumer financial protection laws. It will be empowered to make rules, examine balance sheets and issue subpoenas. Any institution that provides consumer financial products such as mortgages, credit cards, student loans, auto loans, payday loans, and other consumer products, including payday lenders and mortgage brokers, will fall under the agency’s jurisdiction. The agency would ban deceptive practices and oversee new consumer financial products.”

[USALiberty]

How is this different (except superficially) than Soviet-style communist control? I assert to this day that the biggest problem with the financial sector has been TOO MUCH regulation. And no the Marxists want MORE control? NO WAY!

HANDS OFF THE BANKS!

[Kenny]

I haven’t heard that much opposition to this by Rush, Hannity, Sarah, Tea Party or others. I’ve heard it discussed a couple of times but doesn’t this deserve the same level of opposition as healthcare? If we don’t stop this takeover, healthcare will be the least of our problems.

[phockthis]

sfl

[Patsygirl]

In a word—YES! Every sign points to the fact that he plans to STAY right where he is now. Wake up America—don’t let us lose our Country!!!

[Attention Surplus Disorder]

It's all a dog and pony show. Just like with guns. There is no enforcement of any of the existing laws. So the enactment of new laws which typically leaves the carcasses of the old laws in place just shows the authorities aren't interested in prosecuting law violations. Which in turn encourages the next round of lawbreaking. New laws need not be created nor enacted. All we have to do is to re-impose Glass-Steagall which worked fine from 1932 to 2002. The SEC had Bernie Madoff delivered to them by Markopolis, on a silver platter, with incontrovertible proof that Madoff was a fraud, as early as 1991. Did they act? No. They were watching porn on the internet. I wonder what they were doing *before* you could get net porn?

The FDIC seizes between 1 and four banks every Friday. Most of these banks end up requiring miullions of dollars in cash infusions for the take-over banks to be able to take them over. This is indicative of control fraud by the former operators of the failed banks. Where is the first indictment of an officer of an FDIC-seized bank? The first one?

Jefferson County, AL, had their sewer project end up costing 12 times their original estimate because one or more of their financial staff was bribed by Goldman Sachs to engage in CDS games. The guys from Jefferson County are in jail. I thought bribery was a two-sided crime, in other words, where is the jail sentence for the banker who bribed the guys from Jeff County? Anyone? Anyone? Bueller?

[OneWingedShark]

>I thought bribery was a two-sided crime, in other words, where is the jail sentence for the banker who bribed the guys from Jeff County? Anyone? Anyone? Bueller?

Good point; it’s also one that comes to life in the story of Jesus and the Woman Caught in Adultery... where was the man?

[USALiberty]

Huh?

[seawolf101]

First take over the banking system then take over the private sector. Are you pondering what I'm pondering.

[Jack Hammer]

Financial Stability Improvement Act... isn’t that what Lenin called HIS revolution...?

[GOP Poet]

bookmark

[TLI]

“Financial Stability Improvement Act,” is 1,705 pages long and would consolidate the banking, insurance, and mortgage industries by the Secretary of the Treasury. It includes the creation of the Consumer Financial Protection Agency (CFPA) which, according to SourceWatch, “is at the center of the Obama administration’s overall plans to overhaul financial regulations. This Agency would take certain consumer regulatory responsibility of financial products from seven other agencies and centralize it in one office. It would have the authority and accountability to supervise, examine, and enforce consumer financial protection laws. It will be empowered to make rules, examine balance sheets and issue subpoenas.

NØVEMBER



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[LibLieSlayer]

IF ONE HAS TO EVEN ASK THE QUESTION IN THE TITLE... THEN ONE IS PART OF THE PROBLEM TO BEGIN WITH!

LLS

[TigersEye]

Is this Obama’s attempt to take over the private sector?

What was HCR? The title makes it sound like 0bummer has been doing something OTHER than take over the private sector since he was sworn in.

[phockthis]

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