Remember the Dodd-Frank Wall Street Reform and Consumer Protection Act? After the financial crisis of 2008, Senators Dodd and Frank went to work to make sure their fellow Americans would never have to bail out the Too Big To Fail banks again. How ie that working out? Well, the TBTF banks are bigger than ever and the derivatives market is anybody’s guess as to how big it has become. I’ve seen figures ranging from 299 trillion dollars to 400 trillion dollars. If that bubble ever breaks there will be no survivors. But, that will be the subject of a future post. Today I want to focus on the Consumer Protect part of the Act.
Included in the Dodd-Frank masterpiece was the creation of the creation of the Consumer Financial Protection Bureau (CFPB). Their mission statement reads:
Our mission is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.
The good Senators wanted the CFPB to be “independent”. So, they set it up to operate without any Congressional oversight. Its head will be a Presidential appointee and the only control Congress will have is the right to approve or dis approve the President’s choice. Congress won’t even have any power over the CFPB budget because Dodd and Frank came up with the brilliant idea to have the Bureau funded by the Federal Reserve. Talk about a loose cannon!
Big Brother has Siblings
I fwe define “Big Brother” as our Big Nanny Government, then he has some brothers and a sist to do his dirty work. The Trayvon Martin member of this family is the thuggish IRS, which loves to intimidate us every chance he gets. And now, thanks to ObamaCare, the IRS will have access to all of you health records. That will be useful so that they can provide the governments Death Panel with the information they need to decide if your mother really deserves that kidney transplant or not. Then, thanks to a young man by the name of Snowdon, we know what we already suspected that another thuggish brother, otherwise known as the NSA, is keeping track of all of our cell phone calls, e-mails and text messages, and probably everything else we do on the internet. Well, it appears that these two thuggish brothers have a brutish sister, the CFPB.
“This bill (creating the CFPB) was supposed to be about regulatingWall Street. Instead, it’s creating a Google Earth on every financial transaction. That’s right: the government will be able to see every detail of your finances. Your permission – not needed,” Sen. Enzi said.
“They can look right down to the tiny details of the time and place where you pulled cash out of an ATM,” Enzi warned. And, there’s nothing you can do about, since Americans don’t have the ability to “opt out” or prohibit the government from collecting their personal financial data, Enzi said: “You can’t tell ‘em to stay out of your records.
Enzi called for greater congressional oversight authority to ensure the CFPB does not abuse its power, but Republican still dropped plans to filibuster the nomination, caving to threats by Senate Majority LeaderHarry Reid (D-Nev.) to change the filibuster rules.
Posted by prophecynewswatch.com
So, Big Brother and his siblings will be tracking you internet activities, your phone calls, your health records and your financial activities. And, if some Congress critters have their way, all cars will have a GPS, so that Big Brother can track all of your movements and how much CO2 you are responsible for producing.
I wonder if Orwell and Huxley were related. Could be,,,
Well, That’s what I’m thinking. What are your thoughts?