You’re absolutely correct this is a horrible bill and congress has transferred it’s powers over to the executive branch. Once again violating the constitution. Congress doesn’t have the power per the constitution to transfer power to other branches of the government give or take. This bill allows the executive branch dictorial powers!

What we need is a range of free market currencies all backed by metals like gold and silver. The competition would reduce volatility and keep prices in check for consumers. Currencies could even partner with retailers to further push down prices. With electronic banking collecting a number of different currencies would be easy and shrewd shoppers could save a bundle. Doing this would restore trust and balance in the market, limit the imperial aspirations of governments, and eliminate inflation. The Free Competition in Currency Act of 2009 is the real reform that is needed legalize the constitution, restore the Republic, investigate 911, end the empire, and create base the economy on the production of great products that raise the standard of living for everyone.

http://allyreport.blogspot.com/2010/03/free-competition-in-currency-act-of.html

They can’t fail, the Credit Default Swaps market was valued at 60 trillion dollars at the end of 2007. Without the adequate protections against counter-party defaults on CDSs, a failure of one massive institution coupled with the failure to close in defaults on the sub-prime mortgage area would of started a cascade of banks defaulting on CDS, and unable to recoup any loses from the sub-prime defaults originally hedged by the CDS.

You missed my point. I did say that we need more regulation on those derivatives. They shouldn’t be traded at all in my humble opinion. If the Clinton Admin didn’t make these firms engage in these bad loans, then it would be completely unnecessary to trade these insane derivatives. The SEC needs to regulate these things, and Fannie and Freddie need to go.

THe current mess was created by federal regulations forcing banks to provide loans to people who could never afford them. Fannie + Freddie? quasi-Government entities.

The government is already subsidizing “clean energy,” which it has no constitutional authority to do. The only authority in this realm is to issue patents to protect inventors.

The Auto, the plane, the lightbulb. How many of the inventions we take for granted today (besides those which were originally military applications) were the result of government mandates?

The government has no Constitutional authority to force people to “start making productive investments.”

Free market. If you don’t like how the banks handle your money, dont give the banks your money. People buy houses they cant really afford. The people were fools for buying the house, especially without reading the fine print and taking a close look at their budget. They weren’t prepared, and that is their fault. There shouldnt have been any regulation to allow for people with less to buy more in the first place. Could have, should have, would have. It doesnt really matter at this point, and whats done is done. We should be focusing on not adding to the damage, and most of the “damage control” we have tried is just creating other issues. The more we change, the more complex it is, and the more difficult it is to control. Let it lie, and it will pan itself out. Economies are meant to expand, but they are also meant to contract. The longer we try to prevent any contraction, the harder said contraction will hit when it does. Just my two cents.

I’m sorry. Could you please make more sense in your comments?

I find it funny how the same people who cry for less government were the most vocal supporters of the bailout. Only to see it go to bonuses. YES! The rich get richer while the poor suffer more. Capitalism, ladies and gents, oh, capitalism.

IMHO the house is a lost cause until there is a better balance of power. I am now focused on the Senate where there is still a prayer of a chance of being heard. Madam speaker leads her group of loyal sheep and they care little for what makes sense and/or the voters want them to do. They are all marching in lock step to grow government with partisan behind closed door meetings and their rush to pass huge bills full of pork mentality. In the 2010 elections we voters need to do a better job of vetting the candidates than we have done in the past. The internet (e.g. this blog) makes following the actions and staying in touch with those who supposedly represent our needs and desires very easy. It is simply a matter of being willing to take the time. I get the sense there are more of us watching, listening, and expressing our feelings than ever before in history. Spread the word to all your friends to do the same!

And Joe Biden voted for it!

Please don’t let fear drive your support of letting the government take care of problems they created. Thats what they want American to experience. If your fearful because people are losing their houses then research and even look at the comments being made. Allowing the government to have more power puts you at greater risk. And if you trust them then you have been in the dark the past 20 years. Only the people can bring the country back to where it needs to be, period.

Yeah, because that’s not exactly who makes up the government.

The two biggest criminals in congress responsible for the Freddy and Fannie scam! They have no clue, Barney cant even handle his own district. These progressives have no idea what they are doing,like the short sell ban in OCT 08, which Bernanke admits he later regretted BECAUSE OF CONSEQUENCES THAT WERNT APARINT TO HIM AT THE TIME!. Why can’t they regulate congress first cut spending and create some jobs. The consequence from their intervention means nothing to them, only the goals of the communist minority! This whole crises was caused by a democratic congress ran by progressives and communist! Wasn’t Oswald( Kennedy’s assassin a progressive communist). We need protection from this fool thats why they have forced him into the basement to pull this trick in the dark.Congress is for the people and I feel sorry for those to ignorant to understand whats going on, but not supprised. These guys have turned income in construction industry from $800-$1000 a week into $7.50 labor.

If China switches to euro currency, we are all doomed!

Of all people to sponsor this bill,Rep.Barney Frank. That is like having Foxy Loxy in charge of locking up the chicken coop at night. “I’ll make sure the door is locked tight”,said Foxy Loxy to Henny Penny.———> I’ll make sure these big evil bankers don’t make billion dollar bonuses anymore, I’ll just sponsor HR 4173, that will stop that for certain. Fannie and Freddie were doing just fine, isn’t that right Barney?

This bill is nothing more than putting bailouts, funded by the taxpayer, in place and providing loans to those that can not afford them. They say the banks will put money in a fund for bailouts. Where do you think the banks will get the money from? It places the seeds for another recession. Frank was one of the primary reasons for this mess. Where is Freddie and Fannie is this piece of trash. Now 70% of the economy is under the boot of the white house. The average person and small business will find it even more difficult to obtain a loan but those that participated in obtaining loans and could not afford them will now have money thrown at them by the federal government. Can you spell transfer of wealth.

Heather: That is the point. The white house now controls 70% of the private sector. That is the intent of this bill along with throwing money at those that could not normally get loans. Sound familiar? It will be much more difficult for small business and individuals to get loans if that’s possible. I have read some of this bill and it is going to be used to collapse our economy…plain and simple.

Yes the repeal of Glass Steagall by the Clinton administration was the beginning of the end. We need to bring back the regulations and restrictions proposed during the New Deal era. They worked! Bankers and financial services advisers should be seperate as Glass Steagall required. Greedy capitalist will eat their own if we let them….and that means main street too.
MORE REGULATION NOT LESS! STOP MONOPOLIES! REGULATE!

The biggest question is how long the financial crises will be. We are waiting and waiting which started from 2006-2007 and till know we are facing.Who will come forward to solve it?
<a href=“http://www.electroniccigaretteweb.com/”Jack Stone

It’s about time.

The Clinton Administration created this mess. By establishing “quotas” to lend to people that could never afford the home loans, the banks had to give out many subprime mortgages that were destined to fail. This bill will give entirely too much power to Tim Geithner. He’ll have the power to take over any failing firms and run them himself! Where in the Constitution does it give him the power to do so? What we need is to loosen the money supply and let the free market run like we have in the past. A part of the free market system is general ups and downs. In the 20’s, we had a sharp recession brought on by Wilson and subsequent boom due to the policies of Harding and Coolidge. Why can’t we do that again? We do need more regulation than what they had then, but this bill goes over the top and promotes “Crony Capitalism.” We need to let these firms fail, and let those who can actually run a tight ship take over the economy with less regulation and none of these so called “Quotas”

Or rather, it’s way past time for this!

Oh please let this pass….the entire state of Florida is upside down and people are just walking away. Entire neighborhoods are devastated.

Best comment by far. Thanks cclezel, couldn’t be better put!

Or, yeah right here we do again the wolves are in the hen house again supporting the Bansters, as usual, same pile different hill. by the time you goons fix the mess all the banks including the foreign banksters would have terminited the planned plunder, the Judges will not rule on merits of law and the home owner who is the real cash cow would not have a place to live at, or to secure their children’s future

You do realize that the Credit Default Swaps market is still valued at over 30 trillion dollars (down from its peak of 60 trillion in 2007), and because of inadequate protections against counter-party defaults, we cannot simply let a firm “fail” until the sub-prime mortgage problem is solved. Otherwise by letting one firm fail and default on all of its CDS, all the other banks that have purchased CDS from this institution would essentially be losing their insurance against defaults in the sub-prime mortgage market.

Systemic risks from a unregulated market of naked CDS needs to be eliminated, a free-market is worthless without the rules of the trade being enforced.

I don’t think much will change within our society until we can admit what is happening right now stems from a cultural problem.Have SOME banks abused the industry?Yes…cultural problem with the folks running the businesses,in that their moral code allowed them to behave in such a way.However, not all banks accepted bail out funds, not all banks participated in subprime mortgages.There are GOOD community banks still in existence for now, but if this bill passes, all banks will be affected.In turn, so will the consumer. Some consumers needs to accept their responsibility in the problems, as well. A person knows what their monthly income is, and a lot of people do not take the time to balance their checkbook, resulting in numerous overdraft fees monthly.Look at your household expenses…do you need a $500/month car payment, $100/month cable bill?As a society we need to accept the responsibility.Because of the hardships that have occured,others that took care of their finances have hurt

Tax the rich at 75% and help pay for Social Security.

They failed and laid of workers anyway, just let them fail!