The Government Plans to Regulate Everything Financial That We Do

We must know our history. We've been down this road before with FDR, Nixon, Bush and now the worst perpetrator of command and control from Washington - Obama. When government goons control our economy people cannot make rational decisions and we stop investing and buying. It's as simple as that. People wake up and demand that Obama stop what he promised during the campaign when he said:

"We are five days away from fundamentally transforming America."

Oh yea...America the beautiful will be transformed alright - into a socialist paradise of poverty, unemployment and decay.

WASHINGTON -- U.S. House lawmakers Friday approved legislation that would make historic changes to the government's oversight of U.S. financial markets and would revolutionize the way businesses and consumers deal with financial products.

A year after a cataclysmic financial crisis threatened to take down world economies, House lawmakers voted 223-202 to pass the largest overhaul of securities laws since the New Deal. The package of regulatory changes would give regulators broad new authority to identify and respond to systemic risks, break up or wind down the riskiest firms, and crack down on abusive lending practices.

The vote is the result of months of debate, negotiations and lobbying and is a legislative victory for the Obama administration, which has made changing the rules for Wall Street a centerpiece of its economic policy agenda. The action now moves to the Senate, where lawmakers are moving a parallel piece of legislation. Capitol Hill aides have said the chance of a bill becoming law in the first half of 2010 appear to have improved just in the last few days.

If enacted, the bill would transform the landscape for everything from the largest mega-banks to the smallest mortgage lenders. Firms that offer credit cards, home loans and other products to consumers would face scrutiny from a new Consumer Financial Protection Agency, while hedge funds and other private pools of capital would for the first time be required to register with the Securities and Exchange Commission...READ AT WSJ