I know I’m going to sound ignorant here, but what is the basis of the Republican Party’s objections to the bill as it is constituted? I have no idea what is included in the bill, so I’m trying to find out what to be prepared for in the near future.
When has more government control EVER made something better?
“what is the basis of the Republican Party’s objections to the bill as it is constituted?”
Simply put, it’s an executive branch power grab. It will give the government the authority to oversee banks and the credit industry. All records (including our individual records) will be open and under the supervision of the government.
It permits the government to do hostile takeovers of any banks it wants, fire management, replace the board of directors, liquidate assets, and select which creditors get paid.
If passed, congress will have no say in what is being done unless they write new legislation. So financial institutions will have to play by Obama’s rules or else. It has been described as turning our financial institutions into public utilities.
Do a search under keyword ‘chrisdodd’ for previous articles about this legislation. It’s been around for several months.
It’s supposed to be about too big to fail but its about everything else but. Among problems with it is big brother-like visibility into personal financial matters. Perhaps worst of all is putting an ACORN-like fifth column inside the FRB. They call it the CFPA but it really is the financial luddite Christmas tree. Amongst its lunacy is they want to “approve” products before financial businesses release them to consumers. There will be more innovation in the ant hill business now. Egad.