(IF YOU ARE NOT LIVIDLY BESIDE YOURSELF, YOU ARE NOT PAYING ATTENTION!)
Yet another compact with the darkside made in the District of Criminals.
Blanche Lincoln has made a deal lessening the impact of derivative rules (you know, those pesky trades that put us in this fix) so that the financial regulation reform bill could be passed by the Senate and sent onto to Barry’s desk.
This is the bill that creates two new federal agencies, one of which gathers financial intelligence on what appears to be every single person who has a financial transaction in America and compiles it in a single database. Also, according to the bills passed previously in the House and Senate, it allows the Office of Financial Research whose job it is to report to Congress about the health of financial institutions that effect the economy TO USE APPROPRIATED FUNDS TO INVEST. Conflict of interest? It also gives our beloved federal government the ability to seize and breakup any financial company they feel (arbitrarily) is failing. Sounds like tyranny to me.
AND this is the bill where they track every single financial transaction you make including the balances on all of your accounts ranging from checking to retirement to the stock market.
How’s that for regulating Wall Street?
This POS bill MUST be repealed as soon as we flip the Congress in November, (are you listening Sen. DeMint?), and re-written with some common sense, principled values instead of being written to look like they are regulating Wall Street when they are tracking you and allowing ‘Too Big To Fail’ to become a permanent addition to the toolbox that an ever growing Big Government has to strong arm you and your wallet.
If you want more information about how you are about to be completely screwed, go here.
Lawmakers closed in on a final Wall Street reform bill early Friday after Sen. Blanche Lincoln (D-Ark.) agreed to a compromise with moderate House Democrats on her derivatives regulation bill – clearing the way for the broadest rewrite of the nation’s financial regulations since the Great Depression.
A House-Senate conference committee prepared to complete work on a final deal on the bill – which would send it back to both chambers on its way to President Barack Obama’s desk.
The agreement would come after almost 24 straight hours of work in the conference committee, a marathon session that tested the negotiating skills, patience and endurance of several dozen lawmakers tasked with reconciling two competing approaches to reining in Wall Street.
The final piece of the deal fell into place around 3:30 a.m., as Lincoln agreed to limit the reach of new derivatives rules to only the riskiest investments, a move to mollify New York lawmakers and moderate Democrats who feared the original plan would cripple Wall Street.