Posted on 05/01/2010 1:50:27 PM PDT by ConservativeHideout
In my last post I told people to keep their eye on this financial reform bill. That the recently passed immigration law in Arizona is being used by Democrats as a distraction to avert the public’s attention from what the left hand is doing in Washington DC. Of course I am talking about the financial reform bill that up until today Republicans were engaging in a filibuster to block opening up debate on the Senate floor. They have now decided to end their filibuster and allow debate on the bill to take place. There are many reasons why this bill is bad for not only our free market system but for the taxpayer. So it’s time to get our heads back the game.
Frank Luntz wrote a very good article on Huffington Post about this bill. In the article he stated, “The dirty secret of the Senate financial reform bill is that some of its biggest supporters work on Wall Street. Recipients of taxpayer bailout money have no concerns about the bill — in fact, the CEOs of Citi and Goldman Sachs have publicly endorsed it, and several of the other big banks have expressed support. It keeps the “too big to fail” guarantees in place for another generation of financial services companies.”
Why does Wall Street support this bill? Maybe because it gives them access to a pool of taxpayer money to bail them out when they make bad decisions. It reduces the risks for the company but increases the risk for the taxpayer.
He continued on by saying, “The Democrats supporting the current legislation have assured an anxious electorate that whatever funds are used to create whatever regulatory scheme created will come from the banks, not the taxpayers. Let me emphasize that so that even casual readers will catch it: the Democrats promise that you won’t pay for their legislation, banks will.”
Since when have corporations ever paid taxes, fees or penalties? Employees end up paying in the form of lower salaries and benefits. Customers end up paying in the form of higher costs.
And in this case, every account holder will be forced to pay higher fees on their checking account and savings account. That’s you, my friendly reader. Can you say “checkbook tax“?
Folks this is an indirect tax. For those of you that don’t know what an indirect tax is let me define it: It’s a tax that increases the price of the good, that is passed on to the consumer by the company or in this case the bank.
Lastly Mr. Luntz sums our concerns up with the following words; Sen. Dodd has bragged that his legislation will create a new super-regulatory agency like we have not seen before — and with good reason. Every single financial transaction will now be subject to government regulation — from layaway plans to auto loans. Citibank and Goldman Sachs don’t have to worry about that, but Joe’s furniture store and Jane’s used car dealership do.
The American people are once again hearing the same old song of more taxation, more regulation and more litigation, all because of well intentioned (you read that correctly) but poorly executed legislation.
Read Frank Luntz’s entire article here.
So as you can see, this is another piece of legislation that was written by lobbyist for special interest and when that’s the case the real losers are the American people. This is a big deal folks and we need to mobilize and contact our elected representatives to voice our deep concerns about this bill. Don’t fall for trigger words like “Fat Cats” and “Evil Bankers”. It’s easy to jump on the Marxist economic justice train and yell go get’em. That’s the beauty of appealing to the emotional side of the debate, you don’t have to address the facts. However when those pesky facts do get injected into the debate, we see the other side of the coin.
And unfortunately it’s our coin that’s in our pockets.
Liberty forever, freedom for all!
They have biometric IDs required in it also. Add in access to all bank transactions and you have something without which you can do no commerce. That sounds ominously familiar.
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I guess I will be buying a lot of Money Orders with which to pay bills. I’d rather pay the fee to the MO companies than to the banks.
Something like was tried during the Hoover administration with a financial transaction fee/tax in 1931, I believe. It was another factor in making the Depression Great.
They will also use it to regulate nutritional supplements:
http://www.naturalnews.com/028687_Henry_Waxman_health_freedom.html
Thanks for that link....I made a Thread out of it....it PiXXes me off BIGTIME....they sneak all this stuff into bills.....BAS TURDS
Thanx. I am computer illiterate otherwise I would have given it it’s own thread. The best I can do is link to an article three or four places then hope for the best.
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