The Government will Control 60% of the US economy as of 5/26/10.
This bill was set to go in front of the Senate at 5:30 this afternoon, but as of 11:30 it was voted on and passed the Senate.
. And so it is with the financial “reform” bill set for a Senate vote at around 5:30pm Eastern today. In front of the cameras, the Democrats will lambaste the greedy, Wall Street money. Behind the scenes, they’re pocketing Wall Street campaign donations and working out deals.
With the passing of the financial reform bill, along side of the Healthcare law. The Federal Government will control over half of the US economy, 60%. In a corporation, that is better than the controlling interest shareholder.
According to the bill, The Secretary of the Treasury will be allowed to seize privet property for the Federal government.
The bill, in Section 203(b), authorizes the Secretary of the Treasury to order the seizure of any financial firm that he finds is “in danger of default” and whose failure would have “serious adverse effects on financial stability.” This determination is subject to review in the courts only on a “substantial evidence” standard of review, meaning that the seizure must be upheld if the government produces any evidence in favor of its action. This makes reversal extremely difficult.
When this bill passes, (Not If) it will set the system for a ready made Bailout, and will more than likely cause the need for one. The bill sets up a 50 Billion dollar Bailout fund.
You might have heard about the new $50 billion fund that would be used to wind down large financial firms that became insolvent. The fund would come from assessments on Wall Street banks, based on the principle that these “too big to fail” institutions should pre-fund their own bailouts. But you probably didn’t know that these assessments would count as tax-deductible business expenses, meaning that for every dollar the banks would pay into the fund, 35 cents would come out of the Treasury.
For every measure that would cut into Wall Street’s profits, another would subsidize its operations. New regulations governing derivatives would cut into the fees investment banks could charge for structuring these customized products. But the bailout authority awarded to the FDIC and the Federal Reserve would allow the banks to borrow at reduced rates, with their creditors secure in the knowledge that the government would step in if the market tanked.
This is probably a waste of time at this point, but call your rep and tell them you don’t want this bill. If you would like to read this bill for yourself instead of the sites I used, go here
ABA
Climbing From The Rubble 