Grace & Peace,
PLW
May 27, 2010
May 26, 2010
Making Sure the Masses Aren't 'Misled'
These last few years have been extremely frustrating and volatile from a financial standpoint. Many of my friends and family members have been frustrated with a lack of jobs, declining 401k's, decreasing house values, etc.
And as a result of the extreme volatility of the markets, our federal government has once again 'OVERDONE IT' by instead of addressing the massive problems in front of it (namely entitlement programs which happen to comprise 60% of our government spending), they decide to make laws and create brand new government programs for industries they don't understand.
I present to you the ringleader, Senate Majority Leader Harry Reid (among others) and their Bureau of Consumer Financial Protection. This appears to give (as I read the bill) the government the ability to basically access anything on anyone that uses a financial institution. Am I reading this right?
Senate Majority Leader Harry Reid (D-Nev.).
(CNSNews.com) – Senate Democrats united to pass a financial regulatory bill that allows the government to collect data on any person operating in financial markets at any level, including the collection of personal transaction records from local banks that list customers’ addresses and ATM receipts.
The Senate voted 59-39 on Thursday to pass the bill, the chief aim of which is to more-heavily regulate the financial industry. The bill now goes to a conference committee in the House of Representatives, where differences between the House and Senate versions will be ironed out.
The bill, if it becomes law, would create the Bureau of Consumer Financial Protection and empower it to “gather information and activities of persons operating in consumer financial markets,” including the names and addresses of account holders, ATM and other transaction records, and the amount of money kept in each customer’s account.
The new bureaucracy is then allowed to “use the data on branches and [individual and personal] deposit accounts … for any purpose” and may keep all records on file for at least three years and these can be made publicly available upon request.
Senator Richard Shelby (R-Ala.) said that Democrats who claim this new bureaucracy will protect consumers are misleading the public.
“[T]he American people are being misled,” Shelby said on the Senate floor on Thursday night. “The authors of this bill are telling them that this legislation has been drafted to address the recent financial crisis and that it will ‘tame’ Wall Street. I am afraid that they are going to be disappointed.”
Shelby slammed the new consumer bureaucracy, saying that it was meant not to protect consumers but to “manage” them by monitoring their behavior.
“Mr. President, make no mistake, behind the veil of anti-Wall Street rhetoric is an unrelenting desire to manage every facet of commerce under the guise of consumer protection.
“They may be interested in protecting consumers, but they are more interested in managing them,” Shelby said.
Shelby also criticized the idea that Americans need government to watch over their every financial move, saying that it was better to allow people the freedom to make their own choices and fail than to never allow them the freedom to choose at all.
“Mr. President, I have faith in the American people and their ability to make good choices,” said Shelby. “Granted, we do not always choose well. But I believe that a poor choice freely made is far superior to a good choice made for me.”
Senate Banking Committee Chairman Christopher Dodd, D-Conn., right, and the committee's ranking Republican Sen. Richard Shelby, R-Ala., emerge from a meeting on Capitol Hill in Washington, Monday, April 26, 2010, ahead of a crucial test vote for the financial reform bill. (AP Photo/Charles Dharapak)
“I am afraid that the architects of this bill do not share this sentiment,” he said. “Nor do they share my faith in the American people.”
Shelby further said that the ability of the Federal Reserve to collect such detailed information about the most basic of financial transactions was the beginning of an effort by government to regulate every financial action of every American citizen.
“This new consumer bureaucracy is intended by its architects in the Treasury to begin the process of financial regulation with the intent of changing the behaviors of the American people,” said the senator.
Shelby appears to be correct. The bill allows the bureau to collect any and all information on any person operating in the financial markets.
As it reads: “[T]he Bureau shall have the authority to gather information from time to time regarding the organization, business conduct, markets, and activities of persons operating in consumer financial services markets.”
Grace & Peace
PLW
And as a result of the extreme volatility of the markets, our federal government has once again 'OVERDONE IT' by instead of addressing the massive problems in front of it (namely entitlement programs which happen to comprise 60% of our government spending), they decide to make laws and create brand new government programs for industries they don't understand.
I present to you the ringleader, Senate Majority Leader Harry Reid (among others) and their Bureau of Consumer Financial Protection. This appears to give (as I read the bill) the government the ability to basically access anything on anyone that uses a financial institution. Am I reading this right?
Senate Majority Leader Harry Reid (D-Nev.).
(CNSNews.com) – Senate Democrats united to pass a financial regulatory bill that allows the government to collect data on any person operating in financial markets at any level, including the collection of personal transaction records from local banks that list customers’ addresses and ATM receipts.
The Senate voted 59-39 on Thursday to pass the bill, the chief aim of which is to more-heavily regulate the financial industry. The bill now goes to a conference committee in the House of Representatives, where differences between the House and Senate versions will be ironed out.
The bill, if it becomes law, would create the Bureau of Consumer Financial Protection and empower it to “gather information and activities of persons operating in consumer financial markets,” including the names and addresses of account holders, ATM and other transaction records, and the amount of money kept in each customer’s account.
The new bureaucracy is then allowed to “use the data on branches and [individual and personal] deposit accounts … for any purpose” and may keep all records on file for at least three years and these can be made publicly available upon request.
Senator Richard Shelby (R-Ala.) said that Democrats who claim this new bureaucracy will protect consumers are misleading the public.
“[T]he American people are being misled,” Shelby said on the Senate floor on Thursday night. “The authors of this bill are telling them that this legislation has been drafted to address the recent financial crisis and that it will ‘tame’ Wall Street. I am afraid that they are going to be disappointed.”
Shelby slammed the new consumer bureaucracy, saying that it was meant not to protect consumers but to “manage” them by monitoring their behavior.
“Mr. President, make no mistake, behind the veil of anti-Wall Street rhetoric is an unrelenting desire to manage every facet of commerce under the guise of consumer protection.
“They may be interested in protecting consumers, but they are more interested in managing them,” Shelby said.
Shelby also criticized the idea that Americans need government to watch over their every financial move, saying that it was better to allow people the freedom to make their own choices and fail than to never allow them the freedom to choose at all.
“Mr. President, I have faith in the American people and their ability to make good choices,” said Shelby. “Granted, we do not always choose well. But I believe that a poor choice freely made is far superior to a good choice made for me.”
Senate Banking Committee Chairman Christopher Dodd, D-Conn., right, and the committee's ranking Republican Sen. Richard Shelby, R-Ala., emerge from a meeting on Capitol Hill in Washington, Monday, April 26, 2010, ahead of a crucial test vote for the financial reform bill. (AP Photo/Charles Dharapak)
“I am afraid that the architects of this bill do not share this sentiment,” he said. “Nor do they share my faith in the American people.”
Shelby further said that the ability of the Federal Reserve to collect such detailed information about the most basic of financial transactions was the beginning of an effort by government to regulate every financial action of every American citizen.
“This new consumer bureaucracy is intended by its architects in the Treasury to begin the process of financial regulation with the intent of changing the behaviors of the American people,” said the senator.
Shelby appears to be correct. The bill allows the bureau to collect any and all information on any person operating in the financial markets.
As it reads: “[T]he Bureau shall have the authority to gather information from time to time regarding the organization, business conduct, markets, and activities of persons operating in consumer financial services markets.”
Grace & Peace
PLW
May 13, 2010
Big Apple
My first night in New York last night was a massive success. After checking into the hotel, we met a friend of Kip's and headed out to dinner.
We dined at the famous Nobu sushi restaurant (made famous by DeNiro) and it did not disappoint. Excellent Sashimi and very tasty. The jalepeno shrimp rolls were fantastic. Make sure you try the chocolate desert too...mighty fine.
After dinner (which ended promptly at 11:45pm), we headed over to exclusive Club Macanudo for cigars (one of a very few places in New York where you can smoke inside). Even though I did not imbibe in a cigar due to an extremely full stomach from the sushi we listened to live Cuban music and had a very relaxing evening.
Got home at 2:00am and fell into bed.
Bible verse of the day - 2 Cor. 2:14-17 (speaking of aroma)...'But thanks be to God, who always leads us in triumphal procession in Christ and through us spreads everywhere the fragrance of the knowledge of him. 15For we are to God the aroma of Christ among those who are being saved and those who are perishing. 16To the one we are the smell of death; to the other, the fragrance of life. And who is equal to such a task? 17Unlike so many, we do not peddle the word of God for profit. On the contrary, in Christ we speak before God with sincerity, like men sent from God'
Grace & Peace
PLW
We dined at the famous Nobu sushi restaurant (made famous by DeNiro) and it did not disappoint. Excellent Sashimi and very tasty. The jalepeno shrimp rolls were fantastic. Make sure you try the chocolate desert too...mighty fine.
After dinner (which ended promptly at 11:45pm), we headed over to exclusive Club Macanudo for cigars (one of a very few places in New York where you can smoke inside). Even though I did not imbibe in a cigar due to an extremely full stomach from the sushi we listened to live Cuban music and had a very relaxing evening.
Got home at 2:00am and fell into bed.
Bible verse of the day - 2 Cor. 2:14-17 (speaking of aroma)...'But thanks be to God, who always leads us in triumphal procession in Christ and through us spreads everywhere the fragrance of the knowledge of him. 15For we are to God the aroma of Christ among those who are being saved and those who are perishing. 16To the one we are the smell of death; to the other, the fragrance of life. And who is equal to such a task? 17Unlike so many, we do not peddle the word of God for profit. On the contrary, in Christ we speak before God with sincerity, like men sent from God'
Grace & Peace
PLW
May 12, 2010
Sunday Morning
How does your church conduct worship? What does worship mean? This video is pretty funny but also a reality for some...
Grace & Peace
PLW
"Sunday's Coming" Movie Trailer from North Point Media on Vimeo.
Grace & Peace
PLW
May 11, 2010
Supreme Court Blunder
Typically, hiring someone is done by determining the skill sets required of the job and then matching those skills to a person that best meets those credentials. For example, if you are looking for hiring an accountant, you look for people with a background in accounting, perhaps even seeking some industry credentials like a CPA.
In baseball, if you are a coach looking for a good shortstop, you scour your minor league and developmental camps to see which shortstops are standing out. You also, when looking for said shortstop, don't review pitchers or catchers, for example, because they don't fit the criteria.
This logic seems to not hold true with Obama's recent Supreme Court nomination of Elena Kagan. Here is a quote from CNN today:
What? Did I read that right? She has NEVER been a judge, and we are asking this person to serve on the HIGHEST COURT in the WORLD with NO JUDICIAL EXPERIENCE???
Former Attorney General Ed Meese released the following statement (HT to Conn Caroll):
By the way, in case you are interested, I am hiring for an administrative assistant right now, but I think I will just try to find someone who agrees with my philosophy...they'll do great anyway.
Grace & Peace
PLW
In baseball, if you are a coach looking for a good shortstop, you scour your minor league and developmental camps to see which shortstops are standing out. You also, when looking for said shortstop, don't review pitchers or catchers, for example, because they don't fit the criteria.
This logic seems to not hold true with Obama's recent Supreme Court nomination of Elena Kagan. Here is a quote from CNN today:
'While she is now President Obama's solicitor general, Kagan has never been a judge, raising questions about whether she has the proper experience.'WARNING WARNING WARNING WARNING WARNING WARNING WARNING
What? Did I read that right? She has NEVER been a judge, and we are asking this person to serve on the HIGHEST COURT in the WORLD with NO JUDICIAL EXPERIENCE???
Former Attorney General Ed Meese released the following statement (HT to Conn Caroll):
First and foremost, any nominee to a lifetime appointment to the United States Supreme Court must demonstrate a thorough fidelity to apply the Constitution as it was written, rather than as they would like to re-write it. Given Solicitor General Kagan’s complete lack of judicial experience, and, for that matter, very limited litigation experience, Senators must not be rushed in their deliberative process. Because they have no prior judicial opinions to look to, Senators must conduct a more searching inquiry to determine if Kagan will decide cases based upon what is required by the Constitution as it is actually written, or whether she will rule based upon her own policy preferences.
Though Ms. Kagan has not written extensively on the role of a judge, the little she has written is troubling. In a law review article, she expressed agreement with the idea that the Court primarily exists to look out for the “despised and disadvantaged.” The problem with this view—which sounds remarkably similar to President Obama’s frequent appeals to judges ruling on grounds other than law–is that it allows judges to favor whichever particular client they view as “despised and disadvantaged.” The judiciary is not to favor any one particular group, but to secure justice equally for all through impartial application of the Constitution and laws. Senators should vigorously question Ms. Kagan about such statements to determine whether she is truly committed to the rule of law. Nothing less should be expected from anyone appointed to a life-tenured position as one of the final arbiters of justice in our country
By the way, in case you are interested, I am hiring for an administrative assistant right now, but I think I will just try to find someone who agrees with my philosophy...they'll do great anyway.
Grace & Peace
PLW
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