On December 11th 2009 the House passed a bill giving the Federal Government even more control of America’s financial institutions and take away state rights to regulate banks and other financial houses by a vote of 223 to 202.
New powers would give the federal government the right to break up what the government decides are big risky companies or for whatever reason they decide. It also would create a consumer agency to police lenders expanding the “Big Brother” form of government.
Democrat leaders were also seeking to revive legislation that would let bankruptcy judges rewrite mortgages to lower homeowners' monthly payments. How totalitarian is this? This is a warning to all businesses. If a business sells an item on credit, and then the buyer is not able to make the payments, will the government reduce the price to a more “affordable” price tag?
The legislation would govern the simplest payday loan and the most complicated high-finance trades. The measure seeks to impose restrictions on every house of finance, from two-teller neighborhood thrifts to huge interconnected conglomerates. This will increase the cost of every financial transaction substantially and will be paid by all taxpayers. It will probably be a hidden tax, such as a “fee” imposed on the financial institution. In any event we all will end up paying more and getting less.
Is there any doubt where the Obama administration and congress under the leadership of Pelosi and Reid is taking this country? We must not allow their plan continue to rob us of our liberties. We have a weapon to fight back, the vote. Replace all those dismantling our constitution. Vet new candidates, select the right ones, and work hard to elect them.
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