The finance bill just passed through the Senate will give even more power to Obama to seize companies. Now the Federal Government has control of 1/3 of our economy. How much more and we will be completely a socialistic country? Not much more. And the one thing for which the bill was written, to regulate derivatives and make them more transparent isn't even in the bill. Our favorite, Sen.Chris Dodd put pressure on wall street to delete the regulatory provision and set up a commission for two years to study the problem. This powerful bill gives the Secretary of Treasury authority to seize any financial company [including banks] if it is too big to fail or in danger of becoming insolvent. So much power to the president would give him power to pressure for campaign funding, or any abuse to control or manipulate others who do not quite believe as you think they should or do what you think they should do. In other words things are rotten in Washington and it is getting dirtier.
Not only that, if that isn't enough already, the new bill says that any business that extends credit in any form would have to clear the loan instrument through the new consumers protection agency. We'll God knows how long it will take to get a loan through. We all know how quickly the government works. Did I not also mention a few days before this same agency will have your bank account information, savings, bonds, 401K's, any financial equities you have in your name.
The four Republican's that sold out Susan Collins, Olympia Snow, Scott Brown, ans Chuck Grassley.
What can be done now? Continue to keep voting them out. We have the power and your vote is going to count like it has never counted before. Marna
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