Rather than eliminate bailouts of companies that are "too big to fail," the current bill being debated in the Senate gives vast new powers to the government to regulate whatever companies it chooses to regulate; to determine how to regulate those companies; to determine what companies to give bailouts to; to determine what companies to close down entirely; to determine what creditors to pay; and, to determine how to pay the favored creditors. Talk about power! Talk about control! With the proposed, new Consumer Financial Protection Bureau, the government also would essentially gain control over credit allocation across the economy. In effect, the government would control the terms and conditions of financial products and services. It could also decide certain practices were "abusive" and shut them down. That's tremendous control. That's incredible power over companies and consumers! [more...]
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