By Adam Bitely –
As we have been saying here all week, the Democrats intend to monitor personal financial transactions if the Chris Dodd Financial Takeover Bill passed. According to CNS News:
If banks don’t comply, they can be subpoenaed by the director of the Financial Stability Council.
Democrats saw no problem with the broad information-collecting powers in their bill. Sen. Jack Reed (D-R.I.) said that there “wasn’t any 4th Amendment issue” in allowing the government to collect any financial data it wants.
The 4th Amendment protects against “unreasonable searches and seizures” by the government. Reed said that the nation “desperately” needs to have the government monitoring the inner workings of the financial industry, arguing that if government couldn’t collect any information it thought it needed, regulators would be “flying in the dark.”
There you have it folks, Senator Jack Reed (D-RI) admits that if they can’t see what you are doing with your debit card, then regulators would be “flying in the dark”. Good. That’s where I want the regulators. In the dark.
There will never be a time that my personal bank account will cause the entire banking system to collapse if not closely monitored by the agents of Dodd. If my financial transactions, and those of hundreds of millions of other Americans could so wreak havoc on our massive banking system, then we would have had a major collapse long before 2008.
The fact is we had a collapse, and the regulators, which previously existed contrary to what politicians tell us, were unable to prevent this. Adding more to the mix and expanding their authority will not prevent future disasters.
Just remember, the very people who have assumed the role of Mary Poppins are the same people that wrecked the ship a while back. They are not seeking the authority to monitor our accounts because they feel it would help prevent a crisis–they just want power.
