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"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it."

Frederic Bastiat

HOW MUCH POWER IS TOO MUCH?

By
Neal Boortz
@ October 12, 2009 8:24 AM Permalink | Comments (20) | TrackBacks (0)

There is yet another battle brewing in Washington over the scope of federal powers. Along with healthcare and climate change, financial reform is another item on the Democrat "to do" list. This week the House Financial Services Committee is set to mark up legislation that would create a new federal Consumer Financial Protection Agency. This would be an agency in charge of regulating products; anything from credit cards to home loans.

The big question on everyone's mind is: how much power should be given to this new agency? To be even more specific: should the new federal agency have the authority to preempt state and local authorities?

As of right now, the legislation sets a minimum federal standard and would allow state officials to pursue stricter regulations. However, lobbyists are advocating allowing federal officials to preempt state laws.

By the way ... what do you call a system of government where the financial sector and the means of production are privately owned, but controlled by government? Look it up. Do your research. If I remember .. and you don't already know ... the answer tomorrow.

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What others are saying

  • I got a call last night............................
    I would rather send my muney to the libbian prince that called me last night than send it to d.c...........

    at least I would never see it again instead of watchin' ACORN fix my broken votin' district..........
    By butt neckid @ 10/12/09 02:03:02 PMreport abuse
  • LOL@MeFein
    That's great! And so true!

    Everyone needs to check out the article MeFein posted, that site in general is terrific.

    http://tinyurl.com/dknab4

    I always forget about tinyurl for my links, looks so much better.
    By Joyce M/Blythe @ 10/12/09 01:53:18 PMreport abuse
  • @ Joyce
    Thanks, Joyce. I tried to find something for everyone -- even 3mbw gets a mention:

    "It is not surprising that these Utopian intellectuals began calling themselves Progressives. What they were proposing was progressive socialism rather than revolutionary socialism."
    By MeFein @ 10/12/09 01:26:12 PMreport abuse
  • MeFein - I like that!
    "To be effective, an epithet must make the target angry. An effective epithet must also have a basis in truth. The best epithet is one that describes a truth that the targets refuse to recognize about themselves and their political positions. By making an angry target deny the truth of the epithet or to try to explain it away, we might finally get a rational, logical discussion going as we explain why the epithet does honestly apply. "

    Especially the part about "basis in truth"!
    By Joyce M/Blythe @ 10/12/09 01:00:08 PMreport abuse
  • Power corrupts;
    absolute power corrupts absolutely.

    Lord John Emerich Edward Dalberg Acton
    By Jubilation T Cornpone @ 10/12/09 12:14:37 PMreport abuse
  • The federal government...
    will soon be replaced by a new governing body once the dollar is scrapped. The real power structure will end up in the hands of a small group of elites. Welcome the New World Order. It was a long time coming, but I think they are very pleased with what they have accomplished.
    By Ivan @ 10/12/09 11:54:20 AMreport abuse
  • Canada
    See: "NAFTA"
    By Jason @ 10/12/09 11:51:02 AMreport abuse
  • Fascism Explained
    "Liberal statists don’t want the public to know that when they point the finger of fascism at someone else, they are pointing four fingers at themselves."
    "The Fascist Epithet"
    http://tinyurl.com/dknab4
    By MeFein @ 10/12/09 11:50:46 AMreport abuse
  • Another brick in the wall of national socialism
    I see little to no difference between Team Obama and Team Hitler on many economic issues.

    As posted by someone else today, this will not end well.
    By $mooth Operator @ 10/12/09 11:30:28 AMreport abuse
  • that would be....
    Fascist... privately owned but under the control of the government.
    By James @ 10/12/09 11:14:32 AMreport abuse
  • This one's gonna be ugly.
    If the Fed starts preempting state laws on this, what's to stop them from just running slipshod over the 10th Amendment? They're already ignoring it to an unprecedented point. Will the states put up with it?

    This will not end well.
    By I. Moyer @ 10/12/09 10:43:56 AMreport abuse
  • THE NOBEL Prize
    Does anyone know who nominated Obama for the Nobel Priza?
    By Marie P @ 10/12/09 10:11:31 AMreport abuse
  • Also Mike
    Canada is one (Britain is other) talking about allowing more privatization of insurance in the next few years cause they have realized it is NOT working for them. They also don't have quite the immigration problem we have... YET!
    By Joyce M/Blythe @ 10/12/09 09:48:03 AMreport abuse
  • @FINRA/Fraud.
    Finra is an independent regulator for securities firms in the US. It is not an agency of the federal government.
    FINRA and the SEC dropped the ball on Madoff and Allen Stanford cases, so I don't know of either of them are worthy of regulating the financial industry.
    What we need is strict enforcement of laws against fraud and vigorously go after people who commit fraud in the financial industry. Also we need to back up the enforcement with mandatory 25 year minimums and asset seizures. The FBI could conduct sting operations, and undercover operations to ferret out the fraudsters. It would cost a lot of money, but it would be far cheaper than bailing out welfare queens like AIG, and BofA.
    By Michael @ 10/12/09 09:37:05 AMreport abuse
  • @MIke A curious one
    Mike: If you notice, Canada does generate its own oil... and exports it to the US. There is a lot of revenue there. The US on the other hand... is over a barrel by leftists who won't allow drilling in sovereign US territory. There is a lot of revenue there... that the US can't get to.
    By Libertarian Voter @ 10/12/09 09:31:35 AMreport abuse
  • Mark up legislation!!!! NOOOOOOooooooo
    They are going to write legislation which will not probably go beyond committee meetings and probably not make it in front of the floor of the House for another year. Call the crazy conservatives at the klan rally to start crying about something WAY before anything happens
    By Jimmy Dolan @ 10/12/09 09:26:17 AMreport abuse
  • A curious one
    Canada. A socialist country with universal health care. A country where its government has more power over its citizens than ours. A country where its economy has become stronger and stronger over the past 10 years.
    Maybe Canada is doing something right?
    What ever happened to those dual price labels where the price was listed separately for U.S. and Canadian dollars?
    By MIke @ 10/12/09 09:06:05 AMreport abuse
  • it is what Democrats use as an epithet
    Neal:
    I like the question, "What do you call a system of government where the financial sector and the means of production are privately owned, but controlled by government?"

    The form of this word to describe people who practice this form of economics is currently used as an epithet by Leftists to describe anyone who doesn't buy into their Socialist ways.

    The epithet is "fascist" and the form of economics is "fascism".

    As an additional thought this comparison is too easy. Has anyone who was not government educated or has recovered from their government education noticed one thing? Even though Hitler was called a fascist, his economic policies, which were socialist by the way, are right in line with what the Democrats and leftist want to do in this country?

    It makes one wonder.....
    By Libertarian Voter @ 10/12/09 09:02:46 AMreport abuse
  • Duplication of effort?
    Don't we already have groups to do this? What is FINRA?
    By Joyce M/Blythe @ 10/12/09 08:57:03 AMreport abuse
  • 401(k)
    I have already sold my 401(k) mainly due to the fact that I know that the democrats will succeed in finding a way to raid these accounts before I turn 65. Even if they don't, and the left doesn't cause the collapse of the US in 30 years, income taxes will be far higher than the income tax + penalty for removing them today.

    I figure since these accounts are basically in limbo in the minds of the public it will be easier for the fascists to raid than money people have immediate access to, so that's why I cashed it in.
    By Steve @ 10/12/09 08:52:39 AMreport abuse
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