Wednesday, March 04, 2009

House caters to the bankers

The White House released guidelines for its foreclosure prevention program this morning, aiming to help about 9 million homeowners lower their mortgage payments. To the extent that I understand these things, it sounds okay but this item, buried at the end of the article, is what caught my eye.
House Democrats yesterday reached an agreement to narrow the impact of the legislation in hopes of winning support from the financial services industry when the bill goes to the House floor, which could happen as early as today.

Banking trade groups and some members of Congress have expressed concerns that the bill will have unintended consequences, such as giving states, in addition to the federal government, power to regulate national banks.
Congress says the language is only meant to apply to non-bank lenders and it appears it mostly beefs up enforcement of the Truth in Lending Act. That doesn't strike me as an alarming development. But I am concerned that Congress feels it must have the financial industry's support in order to pass a bill. Last I looked, lobbyists weren't voting members of the body. Unless one counts campaign contributions as conveying veto rights.

Maybe they missed the memo from the electorate last November. The change we voted for was to end that influence.

[More posts daily at The Detroit News]

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Blogger Jamie Hubbard said...

So, Libby. . . a while ago I watched ZEITGEIST, and in and around the various conspiracy theories, one that caught my eye was the part about the creation of a national bank (since the movie was made in 2007, before the current meltdown), contra the Founders, via financial meltdowns (the Founders are reported to view a Federal bank as a big evil and the source of even more evils). A few (sorta remembered) quotes were a Rothschild saying, "I don't care who makes the laws or what the laws are, as long as i control the money." And, "The Federal Reserve is about as federal as FedEx."

Waddya think? As the federal government takes over more and more of the banking world . . . is it a conspiracy to create a Federal Bank?

10:01:00 PM  
Blogger Libby Spencer said...

Hey Jamie, nobody loves a conspiracy theory more than me. I don't know about the Federal Bank plot. I'm actually pretty convinced that about a dozen rich guys pretty much run the world and we're all just pawns in their power games.

This meltdown is so catastrophic though, that I'm thinking it's more likely they're thinking about gaining control of the international banking system, if they haven't already.

10:08:00 AM  
Blogger Capt. Fogg said...

"about a dozen rich guys pretty much run the world"


2:17:00 PM  

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