The Feds Want to Monitor Our Bank Accounts

[zephyp]

Under the proposed Restoring American Financial Stability Act of 2010 the feds will have access to information regarding transactions within our individual bank accounts...no joke...

At the link below scroll down to page 1417 Section 1701...read down to the middle of page 1420...this is the current version of the bill on the floor of the senate...

http://frwebgate.access.gpo.gov/cgi-bin ... as.txt.pdf

I would cut/paste here but the pdf wont allow that...

[VBshooter]

Big brother at it's worst...The dipships think they can do anything as long as they hang a tag on it.... ANd of course they want to get their licks in before the election day mercy slaughter...

[Vahunter]

Maybe if they monitor mine they'll feel sorry for me and send me some free gubment cheese.

[zephyp]

Maybe if they monitor mine they'll feel sorry for me and send me some free gubment cheese.

So why dont you jess take yo bad self on down to da welfare office den...dat way all ya got to do is sit on de porch an wait for yo money...

[Vahunter]

Maybe if they monitor mine they'll feel sorry for me and send me some free gubment cheese.

So why dont you jess take yo bad self on down to da welfare office den...dat way all ya got to do is sit on de porch an wait for yo money...

Yep then I could " Let Jesus Lead Me And The Welfare Feed Me "

[OakRidgeStars]

Time to start burying ammo cans in the backyard

[totes6]

Those off shore accounts are sounding better each day. This is going to do the exact opposite of what the people want to happen. Those who like me find the thought of the Federal Government snooping in my bank accounts WITHOUT a warrant down right wrong will take their money elsewhere. Now that means that is money that the US banks can no lend on, because they don't have it. And because they can't lend that money it is going to hurt the small business and individual who now can't get a loan. Last I read most banks lend 10 dollars for every dollar they have on their accounts. This might have changed, but going with the simple math, that means for every 100,000 dollars that we the American people shove off shore is going to mean 1,000,000 dollars cannot be loaned.

[zephyp]

@totes - yes, $10 loaned for every $1 they have...talk about leverage...and to add insult to injury banks run a scheme on the taxpayer...

- they borrow money from the Federal reserve right now at a 0.25% interest on the payback
- then the banks take the money just borrowed from the Fed and buy US Treasury notes
- now the banks are the creditors too only the treasury notes pay a higher interest rate than the banks pay on the original loan

Thats free money to the banks courtesy of anyone who pays taxes...

And then -- for we the people -- the banks treated so good by UNCLE SAM turn that money they borrowed for 0.25% interest and loan to us for anywhere from 5-30% depending on your credit history and what you're gonna use the money for....more free money for the bankers...

AND NOW this administration wants to monitor our bank accounts...

This whole scheme from top to bottom honestly sounds like something that would be an everyday occurrence in places like Venezuela...