Monday, May 10, 2010

The Jigsaw Puzzle: 1099's and FDIC "Protection"

Sometimes you have to look 'across the boundaries' to get the bigger picture.

For obvious reasons, the hard Left (which is to say, the Executive Branch and the Congressional majority) does not want to put all their Statist programs in one basket.

That's why Dave Obey buried the Death Panel funding in the annual budget rather than put it front-and-center in ObamaCare.

And that's why the Statists buried their "report ALL payments you made to ANYONE on a 1099" language in ObamaCare, while placing BigBrother consumer monitoring in the "Bank Reform" bill.

The parts fit together into a whole, folks.

Senator Dodd’s “Wall Street Bailout” bill, S. 3217 the Restoring American Financial Stability Act of 2010, seeks to establish a Bureau of Consumer Financial Protection (BCFP). This Bureau violates consumer privacy, monitors personal bank transactions, and uses personal financial data to regulate consumer choice.

Section 1022 on page 1028 gives the BCFP authority to monitor consumer financial patterns and, “implement and, where applicable, enforce Federal consumer financial law.” Specifically, Subsection C gives this agency authority to “gather information and activities of persons operating in consumer financial markets.”

Further, Section 1071 allows the BCFP to “use the data on branches and [individual and personal] deposit accounts…for any purpose.” Never before has the federal government actively sought to aggregate data on every single personal and business financial transaction in the U.S. until now.

The BCFP will use data collected by their agency as outlined above, and the Office of Financial Research established in Title 1, to monitor and track all consumer purchases and share this data with whomever they wish.

Obviously, reporting paper-clip purchases at Sam's Club has NOTHING to do with healthcare.

And data-gathering on every single personal and business financial transaction has NOTHING to do with "Bank reform."

But they have a lot in common if one is a Statist.

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