PERMANENT TARP BILL IS BAD IDEA

Jeez, I can't believe they are trying to give the Fed this much power. Namely, the ability to do TARP over and over again indefinitely. And the ability for the FED to, at it's own choosing, no asking congress first, take over any company.

If I remember correctly, you agreed that giving the FED power is tantamount to opening up the possibility of tyranny down the road. Remember, this bill will go on forever, and there WILL be another Republican administration, somday. Think about that, right?

Senate Trying to Ram Through Another Bad Bill . . . Surprised?
Here's What You Need to Know

Dear Fellow Tea Party Patriots,

 

This Friday Senate Bill 3217, also known as the Restoring American Financial Stability Act of 2010, introduced by Democrat Senator Chris Dodd of Connecticut, is scheduled to hit the floor of the US Senate where it must wait 72 hours before it comes up for a full vote. CLICK HERE to read the actual 1,421 page bill.

 

The vast majority of Tea Party Patriots' Local Coordinators from all over the country agreed on our most recent weekly conference call that this is a bad bill and we oppose it. 

 

In short it grants permanent, unlimited bailout authority to the Federal Reserve.  It's like TARP forever without the nasty, unpopular debates and votes in Congress.  Beyond that it gives the Fed the power to takeover vaguely defined "nonbank financial companies".  And the Fed has the power to decide what constitutes a "nonbank financial company" on a case by case basis.

 

Here are some links to a few articles that give a bit more insight into this very, very bad piece of legislation which must be stopped:

 

How To Create Bailouts Forever

 

Hidden Danger in Dodd Financial "Reform" Bill

 

Dodd Bill Creates Permanent TARP and You Can Quote That

 

Connecting the Dots: Does Wall St. Want Dodd Bill?

 

Obama: Read My Lips, No More Bailouts (But Let's Keep $50 Billion Around Just in Case)