O, this is just great, ya gona love this.

Discussion in 'Politics' started by kyfarmer, Apr 28, 2010.

  1. kyfarmer

    kyfarmer Well-Known Member

    Mr. dear leader and his brown nose buddy chris dodd are going to bring ya the CHECK BOOK TAX yep, in beating up those mean ol goldman idiot's. In the new reform a checking account tax is coming to a bank near you if this crap passes. When are people gona wake up. 99% of everyones life has been forced into a bank account, debit card crap. Now they know this new tax will be a money maker cause you will be forced into a bank if you don't have one now. Everyone must play and pay to do it. Ameri who. I miss my country, where is it. :nuts:
  2. *Andi

    *Andi Supporting Member

    :confused: Do you have a link? I did a search but only found blogs and a forum with the same "Checkbook tax" but no other info ... What did I miss today? <sigh>

  3. sewserious

    sewserious Well-Known Member

    The checkbook tax is basically the passing on of all the new costs that financial (and even some nonfinancial) institutions will have under the new financial reform bill if it becomes law. You really don't think those fees will come of the Wall Street brokerage firms and banks pockets do you? I am suspicious of any legislation that is being endorsed by the very folks it is supposed to control (i.e. Goldman-Sachs and Citi have both said they love the new bill). It also exempts Freddie and Fannie from the new rules, and they are the biggest part of the entire problem. Everything that blew up in the housing market can be traced back to them contrary to what the PTB would have you believe. (After all, where did Goldman-Sachs get all those pesky, high-risk mortgages from in the first place?)
  4. Littlebit

    Littlebit Well-Known Member

    :gaah: I can't even come up with word to discribe my feelings on this. I only keep so much in my checking account for bills and closed my savings out. The Banks uses your money for investing and pay little if nothing for that privlage. As far as I am concered I have had enough and stow any extra money away or invest in more Food & bullets.:mad:
  5. UncleJoe

    UncleJoe Well-Known Member

    Ain't that the truth!
    I just received an email from my bank encouraging me to take advantage of their great rates on 11 month CD's; 1.38% or 1.61% on a 19 month. :eek:
    The first passbook savings I ever had paid me 6% and no fees for the privilege of having it.

    I can get a better return at the grocery store. :rolleyes:
  6. UncleJoe

    UncleJoe Well-Known Member

    It took a while but I found this tidbit on the "checkbook tax"
    It's not exactly a tax, more like a monitoring system for personal checking accounts.

    It’s amazing to watch the civil libertarians hide when Democrats propose the most sweeping intrusions of privacy in generations. In addition to the litany of bad policies contained in the Dodd Financial Reform bill is this nugget on pages 1039-1040. In short, it extends government reach to every deposit account of every citizen.

    Subtitle G of the Dodd discussion draft bill requires that records be maintained and reported “for each branch, automated teller machine at which deposits are accepted, and other deposit taking service facility with respect to any financial institution, the financial institution shall maintain a record of the number and dollar amounts of deposit accounts of customers.”

    What’s worse, banks will be required to submit these records to the new super regulatory agency called the Consumer Financial Protection Agency (page 1041). The CFPA will be allowed to use this information for any purpose “as permitted by law” under CFPA rules—rules set by CFPA themselves.

    So, lets get this straight—the law requires banks to snoop on its customers MOST PERSONAL INFORMATION and submit it to another government agency so it can be used anyway the CFPA see’s fit.

    So, if the CFPA Czar see’s fit, information about your deposit account activity could be shared with the IRS, immigration officials, state officials, or any other entity that the Administration and their various Czar’s think beneficial.

    But CFPA will impact your life even before they give away your personal data. Remember that part of the excuse for including this authority is to make policy recommendations. So, be careful not to run your credit limit too high above the amount of money you are depositing in the bank or the CFPA will know you can’t pay your bills and make the appropriate “policy recommendations”.

    This is exactly why conservatives have fought so hard against things like national ID cards—if the government is authorized to collect and utilize data, there is no way to prevent the government as a whole or certain individuals within the government from using the information against the citizens.

    But passage of the CFPA will settle the whole ID card thing once and for all. There will be no need for them because if you have a bank account, you already have a number and the CFPA will have it.

    The breadth of sweeping new powers given to the federal government by these three pages is astonishing. Yet we have heard nary a peep about this provision.

    After capitulation and surrender, Republicans will have a chance to amend the legislation when it comes to the floor of the Senate and protect the private details of your banking account.

    But if they don’t, smile the next time you go to the ATM because Big Brother will be watching.

    » Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds - Big Government