Guess I picked the wrong day to stop sniffing glue! lol
Posted on 06/24/2008 3:19:08 PM PDT by John Semmens
Connecticut’s Senator Christopher Dodd (D) is sponsoring legislation that would require all merchants that accept credit cards or electronic payment to forward the details of every transaction to federal regulators. Current law only permits the government to have access to a limited number of targeted transactions as part of law enforcement activities and then only with a court order.
Dodd said his 630-page bill is meant to implement Democratic presidential candidate Senator Barack Obama’s proposed crack down on the irresponsible use of credit. “As Senator Obama says, too many people are spending money they don’t have for things they don’t need,” Dodd announced. “The government’s ability to police these activities and rein-in unwarranted waste of the nation’s resources is hampered by lack of access to information on these transactions. This bill corrects that deficiency.”
How the government would use this information was not explicitly spelled out. “Since we don’t know for sure how best to control individuals’ use of credit, the bill authorizes the IRS to take whatever measures it deems necessary and appropriate to solve this problem,” Dodd explained.
In addition to curbing wasteful spending, the bill also aims to snuff out tax evasion. “A lot of people buying over the Internet or phone aren’t paying sales taxes on their purchases,” Dodd pointed out. “State governments are losing their piece of the action on these sales. This bill will provide the government with the ‘muscle’ to ensure that merchants fork over the money the states demand."
(Excerpt) Read more at azconservative.org ...
When was the Fourth Amendment repealed?
ARE YOU KIDDING ME?!?!?!? GTFO! THIS CAN’T BE REAL!
HEY DODD, EAT CRAP!
Topics and Keywords are our friends.
As someone who works in the financial services market place, I hope that the bill included the trillion dollars or so of funding required to build a system simply able to record the transactions.
Oh great, even better, now we’re going to regulate the internets. Nice knowing you folks. Guess this was a safe haven while it lasted, time for the thought police to come our way.
Constitution be damned, it’s not a bunch of toliet paper to these bastages. OH I’M STEAMED ABOUT THIS! I can’t believe this is actually legislation. What’s next “where are your papers?”
Dammit John, don’t give them any more ideas of how to run/ruin America!
Oh gee, words of wisdom from another elected theif who is up to his eyes in a scandal.
To dumb to know that what he was doing was wrong, now wants everybody to trust him with scanning the voters credit card purchases.
I sure am glad that Barak Mugabe Chavez Hussein is going to determine how I should spend my money. That is if I have any left after he gets elected and he taxes me into the poor house.
Is an all cash ecomomy coming?
Wait until these folks discover they can gain unfettered access to your electronic medical records!
The paper is worthless anyways with helicopter ben and gutless paulson manning the presses.
I tell you what, this passes, and I’m cashing out everything for bullion, safe, and a lot of firearms.
You’re right, it isn’t real, it’s satire. Close to reality but satire nevertheless.
My guess is that all of these type of laws have will back doors out built into them. In other words the Chris Dodd’s of the world will not be in the national DNA database registry, their credit card purchases will not be up for review etc.
Oh thank goodness its satire.
Invasion of privacy and taxing the internet.
this guy gets me every time, or at least until im a paragraph into it. i get so heated i have to check the source.
That would explain this.
Quit giving Comrade Juan McNuts ideas! He doesn’t recognize sarcasm or spoof!
I have been mostly cash for about a yr now. The checks go in the bank, I pay all the bills electronically and then pull out whatever is left. I have found that it really helps cut down on my spending when I have to peel off the cash.
Or restricted your purchasing to food and gas.
Or restricted your customers from shopping at your establishment.
Ahhhh, doesn’t appear to be.
http://freedomworks.com/newsroom/press_template.php?press_id=2571
Senate Housing Bill Requires eBay, Amazon, Google, and All Credit Card Companies to Report Transactions to the Government
Broad, invasive provision touches nearly every aspect of American commerce.
Contact: Adam Brandon
Phone: 202-942-7612
Email: abrandon@freedomworks.org
Washington, DC - Hidden deep in Senator Christopher Dodd’s 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses. The provision, which was added by the bill’s managers without debate this week, would require the nation’s payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.
http://blogs.courant.com/on_background/2008/06/credit-card-tracking-slipped-i.html
As one of the commenters here at On Background pointed out this morning, Sen. Chris Dodd’s housing bill being debated in the Senate this week has a new provision it didn’t have when it passed through the banking committee last month. The provision calls for the tracking of all credit-card transactions and their reporting to the IRS.
The idea is that this tracking — starting in 2011 — would combat underreporting of income by businesses. According to estimates, it could snag almost $10 billion in new revenue. (In addition to credit-card transactions, it also monitors the third-party payment systems used on popular commerce Web sites, like eBay.)
Time to take your business offshore, or to start the use of some of the electronic digital currencies like Pecunix (not e-gold, it is US based).
Stop it Bill.
http://www.freerepublic.com/focus/f-news/2034989/posts
Need we guess where his vote was on the issue of ATM fees back when that was a topic of voting?
How often does he go to Charlotte to visit with the Bank of America people?
Christopher Bank of America Dud, BOA for short.
Another good name for him here, America's new political superhero, Captain Bank of America.
:-)
Its going to get harder and harder to tell with Obama and his marxist team.
This is already Dodd’s idea.
I’m merely exposing his unspoken motivation.
It’s only semi-satire.
But to clarify for the people, this is already IN THE BILL as it is now ON THE SENATE FLOOR, correct?
Wow! Guess I’m gonna have to stop putting whores on my American Express card, then....
Guess I picked the wrong day to stop sniffing glue! lol
This is the whole reason for the this legislation, any other reason given is pure window dressing.
It’s a lost cause. ;^)
I might be able to support this if and only IF Dodd pulls and releases every CC purchase by every democrap for the past 3 years. I wonder how they would like it if that got published.
Correction
‘Since we know best how to control individuals, the bill authorizes the National Police to take whatever measures it deems necessary and appropriate to solve the problems we invent,’ Dodd explained.
You know, they will bend over backward to trample the civil liberties and rights of American citizens and taxpayers.... God help us if we try to eavesdrop on some terrorists.
Chairman Mao had it figured out.
A Mao suit for everyone so they do not needlessly spend money on fashions.
Chairman Gore will make sure everyone has a bicycle.
Chairman Hillary will make sure everyone has medical care - or she will imprison the doctors.
Chairman Barack will make sure every black person has a white servant and gets their reparations check from them.
Just try opening a banking account off-shore these days. The US government has put the screws to many smaller countries getting them to fall in line with US banking regulations ala the Patriot Act.
Amazing! They don’t want the government to be able to listen to telephone conversations that they suspect might be terror related, but they want to be able to see what every person uses their credit cards for so they can “protect them from themselves?”
Hussein is, at the very least, a thorough Marxist. His education in “classical” or even “mercantile” economics has been solely through the eyes of his Marxist professors. His main law school course was surely “Critical Legal Studies” which is studies in the theory and techniques for the destruction of a society through its own legal system.
I process credit card transactions for co-pays paid by patients seen by psychotherapists; received letter from the branch of my bank that handles merchant accounts saying they MAY have to begin withholding tax from all these transactions and remit tax withheld to the IRS. At this point I don’t think anyone cares about who or what, they just want the tax! I asked who gave them the authority and was told it was a request from IRS and rate would probably be 11-20%, depending on the amount. Asked for a copy of this request and was told that it was unavailable to the consumer. In the back door....
Things are really weird. At the bank where I bank, if I go in with $100.00 and try to buy a money order, the deposit in my checking account then withdraw it claiming they are required by the feds to track every transaction. If I take the same $100.00 and go to a post office, I can buy a money order and they have no idea who I am and no record.
I complained to the bank but they said they have to do it. Fed requirement. Have any of you ever heard of this?
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